OMERS ADMINISTRATION Corp Sells 38,353 Shares of ServiceNow, Inc. $NOW

Key Points

• OMERS ADMINISTRATION Corp reduced its stake in ServiceNow, Inc. by 20.8%, owning approximately 0.07% of the company after selling 38,353 shares.
• ServiceNow announced quarterly earnings with an EPS of $4.09, exceeding analyst expectations, and reported revenue of $3.22 billion, up 22.4% year-over-year.
• Overall, institutional investors hold 87.18% of ServiceNow's stock, with several firms recently raising their price targets, reflecting positive market sentiment.

OMERS ADMINISTRATION Corp reduced its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 20.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 145,758 shares of the information technology services provider's stock after selling 38,353 shares during the period. OMERS ADMINISTRATION Corp owned about 0.07% of ServiceNow worth $116,044,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC purchased a new position in ServiceNow in the 1st quarter worth approximately $382,000. Janus Henderson Group PLC raised its stake in ServiceNow by 1.5% during the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after buying an additional 12,533 shares during the last quarter. Corient IA LLC purchased a new stake in ServiceNow during the 1st quarter valued at $796,000. Parr Mcknight Wealth Management Group LLC purchased a new stake in ServiceNow during the 1st quarter valued at $1,820,000. Finally, ASR Vermogensbeheer N.V. purchased a new stake in ServiceNow during the 1st quarter valued at $19,278,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on NOW shares. Barclays set a $1,210.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Bank of America upped their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,200.00 price target on shares of ServiceNow in a report on Thursday, July 24th. Finally, Royal Bank Of Canada increased their price objective on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity

In related news, CEO William R. Mcdermott sold 1,585 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $900.00, for a total value of $1,426,500.00. Following the completion of the transaction, the chief executive officer owned 12,439 shares of the company's stock, valued at $11,195,100. The trade was a 11.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the transaction, the insider directly owned 3,027 shares of the company's stock, valued at $2,622,744.15. This trade represents a 34.04% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,302 shares of company stock valued at $10,956,796. Insiders own 0.38% of the company's stock.

ServiceNow Trading Down 1.1%

Shares of ServiceNow stock traded down $10.12 on Friday, hitting $918.49. 1,881,767 shares of the company traded hands, compared to its average volume of 1,914,586. The stock's 50 day moving average price is $945.88 and its 200-day moving average price is $925.54. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a market cap of $191.04 billion, a PE ratio of 115.68, a PEG ratio of 4.19 and a beta of 0.93.

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 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 firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the previous year, the firm posted $3.13 earnings per share. The company's revenue was up 22.4% on a year-over-year basis. Equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow Company 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.