Panagora Asset Management Inc. Sells 40,288 Shares of ServiceNow, Inc. $NOW

Key Points

• Panagora Asset Management Inc. reduced its stake in ServiceNow by 18.0%, selling 40,288 shares, and now holds 183,806 shares worth approximately $146.3 million, representing 0.7% of its total assets.
• Multiple hedge funds, including GAMMA Investing LLC and Nuveen LLC, significantly increased their holdings in ServiceNow during the same quarter, reflecting stronger institutional interest with 87.18% of the stock owned by institutional investors.
• ServiceNow's stock has shown strong performance, reporting a 22.4% year-over-year revenue increase with a recent EPS of $4.09, surpassing analysts' expectations.

Panagora Asset Management Inc. trimmed its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 18.0% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 183,806 shares of the information technology services provider's stock after selling 40,288 shares during the period. ServiceNow comprises approximately 0.7% of Panagora Asset Management Inc.'s holdings, making the stock its 26th largest holding. Panagora Asset Management Inc. owned about 0.09% of ServiceNow worth $146,335,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of NOW. Stony Point Capital LLC grew its holdings in ServiceNow by 100.7% during the 1st quarter. Stony Point Capital LLC now owns 14,679 shares of the information technology services provider's stock worth $11,687,000 after acquiring an additional 7,366 shares during the period. Vident Advisory LLC grew its holdings in ServiceNow by 45.9% during the 1st quarter. Vident Advisory LLC now owns 20,837 shares of the information technology services provider's stock worth $16,589,000 after acquiring an additional 6,554 shares during the period. The Manufacturers Life Insurance Company grew its holdings in ServiceNow by 20.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 222,593 shares of the information technology services provider's stock worth $177,217,000 after acquiring an additional 37,848 shares during the period. Magnetar Financial LLC acquired a new stake in ServiceNow during the 1st quarter worth $9,385,000. Finally, Gordian Capital Singapore Pte Ltd grew its holdings in ServiceNow by 54.4% during the 1st quarter. Gordian Capital Singapore Pte Ltd now owns 698 shares of the information technology services provider's stock worth $556,000 after acquiring an additional 246 shares during the period. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Down 1.1%

NYSE:NOW traded down $10.12 on Friday, hitting $918.49. 1,881,767 shares of the company's stock were exchanged, compared to its average volume of 1,918,130. The firm has a 50-day moving average price of $945.88 and a 200-day moving average price of $924.70. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. 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 P/E ratio of 115.68, a price-to-earnings-growth ratio of 4.14 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly 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 firm had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the previous year, the firm posted $3.13 EPS. The company's revenue for the quarter was up 22.4% on a year-over-year basis. As a group, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on NOW shares. Royal Bank Of Canada lifted their target price on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Stifel Nicolaus boosted their price target on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Piper Sandler boosted their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Bank of America boosted their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This represents a 28.16% 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, CEO William R. Mcdermott sold 1,585 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $900.00, for a total transaction of $1,426,500.00. Following the completion of the sale, the chief executive officer directly owned 12,439 shares in the company, valued at approximately $11,195,100. The trade was a 11.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,302 shares of company stock worth $10,956,796. 0.38% of the stock is currently owned by company 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.