Pacer Advisors Inc. Trims Stock Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Pacer Advisors Inc. has reduced its stake in ServiceNow, Inc. by 9.1%, selling 2,370 shares and now holding a total of 23,778 shares worth approximately $18.93 million.
• ServiceNow recently reported strong earnings, with an EPS of $4.09 that exceeded analyst expectations, and revenue growth of 22.4% year-over-year.
• Equities analysts are largely optimistic about ServiceNow, with a consensus rating of "Moderate Buy" and an average price target of $1,114.87.

Pacer Advisors Inc. lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 9.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,778 shares of the information technology services provider's stock after selling 2,370 shares during the quarter. Pacer Advisors Inc.'s holdings in ServiceNow were worth $18,931,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bogart Wealth LLC boosted its position in ServiceNow by 113.3% during 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 valued at approximately $26,000. Quarry LP bought a new position in shares of ServiceNow in the fourth quarter valued at approximately $27,000. WASHINGTON TRUST Co boosted its position 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 valued at $29,000 after acquiring an additional 31 shares during the period. Finally, Heck Capital Advisors LLC bought a new position in shares of ServiceNow in the fourth quarter valued at approximately $37,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Trading Down 1.0%

Shares of NYSE NOW traded down $9.61 during mid-day trading on Wednesday, hitting $983.59. The stock had a trading volume of 258,494 shares, compared to its average volume of 1,682,038. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The business has a 50 day moving average price of $998.96 and a two-hundred day moving average price of $951.86. The firm has a market cap of $204.59 billion, a P/E ratio of 124.36, a price-to-earnings-growth ratio of 4.44 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping 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 company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm earned $3.13 earnings per share. The firm's revenue for the quarter was up 22.4% on a year-over-year basis. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on NOW shares. Raymond James Financial raised their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Citigroup raised their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Wells Fargo & Company raised their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Canaccord Genuity Group cut their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Wall Street Zen upgraded shares of ServiceNow from a "hold" rating to a "buy" rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Buying and Selling

In other ServiceNow news, CFO Gina Mastantuono sold 292 shares of the business's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $985.00, for a total transaction of $287,620.00. Following the transaction, the chief financial officer directly owned 11,198 shares of the company's stock, valued at approximately $11,030,030. The trade was a 2.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the transaction, the insider directly owned 3,000 shares in the company, valued at approximately $3,060,000. The trade was a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,233 shares of company stock valued at $5,297,758 over the last quarter. Company insiders own 0.38% of the company's stock.

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.