OFI Invest Asset Management Sells 3,736 Shares of ServiceNow, Inc. $NOW

Key Points

• OFI Invest Asset Management significantly reduced its stake in ServiceNow, selling 3,736 shares and holding only 128 shares worth $132,000 at the end of Q2.
• ServiceNow's recent earnings report showed an EPS of $4.09, surpassing estimates, with revenue increasing 22.4% year-over-year to $3.22 billion.
• Analysts are optimistic about ServiceNow, with multiple firms issuing bullish ratings and target prices ranging from $1,150 to $1,300 per share.

OFI Invest Asset Management lowered its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 96.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 128 shares of the information technology services provider's stock after selling 3,736 shares during the quarter. OFI Invest Asset Management's holdings in ServiceNow were worth $132,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Global X Japan Co. Ltd. bought a new position in shares of ServiceNow in the second quarter worth $30,000. Bogart Wealth LLC increased its holdings in shares of ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. bought a new position in shares of ServiceNow in the first quarter worth $26,000. Richardson Financial Services Inc. increased its holdings in shares of ServiceNow by 50.0% in the second quarter. Richardson Financial Services Inc. now owns 33 shares of the information technology services provider's stock worth $33,000 after purchasing an additional 11 shares during the period. Finally, WASHINGTON TRUST Co increased its holdings in shares of ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares during the period. Institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NOW. JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a report on Monday, August 4th. Piper Sandler upped their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Weiss Ratings reiterated a "hold (c)" rating on shares of ServiceNow in a research report on Wednesday, October 8th. Oppenheimer reiterated an "outperform" rating and issued a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Citigroup upped their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $1,122.20.

ServiceNow Stock Performance

NYSE NOW opened at $888.63 on Monday. The company has a 50-day simple moving average of $909.21 and a two-hundred day simple moving average of $932.99. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The firm has a market cap of $184.84 billion, a price-to-earnings ratio of 111.92, a PEG ratio of 4.00 and a beta of 0.92.

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

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Paul Fipps sold 1,452 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider directly owned 457 shares in the company, valued at $409,037.85. This represents a 76.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider owned 3,000 shares of the company's stock, valued at approximately $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is currently owned by insiders.

ServiceNow Profile

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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