Overbrook Management Corp Reduces Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Overbrook Management Corp decreased its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,398 shares of the information technology services provider's stock after selling 256 shares during the quarter. ServiceNow comprises approximately 1.6% of Overbrook Management Corp's portfolio, making the stock its 26th biggest position. Overbrook Management Corp's holdings in ServiceNow were worth $6,686,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NOW. GAMMA Investing LLC lifted its stake in 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 acquiring an additional 2,686,291 shares during the period. Norges Bank purchased a new position in ServiceNow during the fourth quarter valued at $2,603,360,000. Proficio Capital Partners LLC lifted its position in ServiceNow by 154,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock valued at $667,000 after buying an additional 666,383 shares during the period. Price T Rowe Associates Inc. MD lifted its position in 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 buying an additional 509,467 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in ServiceNow by 36.7% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock valued at $1,940,464,000 after buying an additional 491,861 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Trading Up 1.2%

Shares of NYSE:NOW opened at $1,023.56 on Friday. The stock has a market capitalization of $211.86 billion, a price-to-earnings ratio of 139.07, a PEG ratio of 4.65 and a beta of 0.95. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12. The stock's 50-day simple moving average is $985.61 and its two-hundred day simple moving average is $967.23. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The firm had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. During the same period in the previous year, the firm earned $3.41 EPS. The business's quarterly revenue was up 18.6% on a year-over-year basis. Analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Activity

In other news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the transaction, the chief executive officer now directly owns 6,614 shares of the company's stock, valued at $6,693,434.14. The trade was a 23.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business'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 value of $1,194,420.00. Following the completion of the transaction, the insider now directly owns 3,000 shares in the company, valued at approximately $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,716 shares of company stock valued at $6,611,245 in the last ninety days. Corporate insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on NOW shares. William Blair reissued an "outperform" rating on shares of ServiceNow in a research report on Friday, March 7th. DA Davidson started coverage on ServiceNow in a research report on Wednesday. They set a "buy" rating and a $1,150.00 price objective for the company. Citigroup raised their price objective on ServiceNow from $1,128.00 to $1,160.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Oppenheimer restated an "outperform" rating and set a $1,100.00 price target (up from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. Finally, Wall Street Zen upgraded ServiceNow from a "hold" rating to a "buy" rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-one have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $1,065.32.

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.

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