Northern Trust Corp Cuts Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Northern Trust Corp reduced its stake in ServiceNow, Inc. by 2.7%, selling 60,057 shares, and currently owns approximately 1.06% valued at $1.75 billion as of recent SEC filings.
• Institutional investors have significantly increased their holdings in ServiceNow, with GAMMA Investing LLC ramping up its stake by 87,501.3% in the first quarter.
• ServiceNow reported strong quarterly earnings, with EPS of $4.09 surpassing expectations, and its revenue increased 22.4% year-over-year to $3.22 billion.

Northern Trust Corp lowered its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,199,534 shares of the information technology services provider's stock after selling 60,057 shares during the period. Northern Trust Corp owned approximately 1.06% of ServiceNow worth $1,751,137,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC increased its stake in shares of ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after buying an additional 2,686,291 shares during the period. Nuveen LLC bought a new stake in ServiceNow in the 1st quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after acquiring an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after acquiring an additional 840,731 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after acquiring an additional 509,467 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Oppenheimer restated an "outperform" rating and set a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and boosted their target price for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Evercore ISI raised their price target on ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Buying and Selling at ServiceNow

In related news, CFO Gina Mastantuono sold 84 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $860.57, for a total value of $72,287.88. Following the transaction, the chief financial officer owned 11,572 shares of the company's stock, valued at approximately $9,958,516.04. This trade represents a 0.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the sale, the insider owned 3,000 shares in the company, valued at approximately $3,060,000. The trade was a 28.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,738 shares of company stock worth $5,713,973. 0.38% of the stock is owned by corporate insiders.

ServiceNow Trading Up 1.9%

ServiceNow stock opened at $866.89 on Monday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The business's fifty day moving average is $967.03 and its 200 day moving average is $933.05. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market capitalization of $180.31 billion, a PE ratio of 109.18, a price-to-earnings-growth ratio of 3.91 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business's revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the previous year, the business posted $3.13 earnings per share. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

About ServiceNow

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.

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