Perpetual Ltd Cuts Holdings in ServiceNow, Inc. $NOW

Key Points

• Perpetual Ltd has reduced its holdings in ServiceNow, Inc. by 28.7% in the second quarter, owning 2,776 shares worth approximately $2.85 million after selling 1,119 shares.
• ServiceNow reported $4.09 earnings per share for the last quarter, exceeding analysts' expectations by $0.52, with a year-over-year revenue increase of 22.4%.
• Analysts have varying price targets for ServiceNow, with a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

Perpetual Ltd reduced its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 28.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,776 shares of the information technology services provider's stock after selling 1,119 shares during the quarter. Perpetual Ltd's holdings in ServiceNow were worth $2,854,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Bogart Wealth LLC raised its position in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after buying an additional 17 shares during the period. Graybill Wealth Management LTD. purchased a new position in shares of ServiceNow in the 1st quarter worth $26,000. WASHINGTON TRUST Co raised its position in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after buying an additional 31 shares during the period. Dagco Inc. purchased a new position in shares of ServiceNow in the 1st quarter worth $33,000. Finally, Heck Capital Advisors LLC acquired a new stake in ServiceNow in the 4th quarter valued at $37,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NOW stock opened at $963.21 on Friday. 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 one year low of $678.66 and a one year high of $1,198.09. The company's 50-day simple moving average is $922.60 and its 200-day simple moving average is $923.38. The stock has a market capitalization of $200.35 billion, a price-to-earnings ratio of 121.31, a PEG ratio of 4.27 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 quarter last year, the company posted $3.13 earnings per share. ServiceNow's revenue was up 22.4% on a year-over-year basis. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the firm'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 transaction, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 1,562 shares of the firm's stock in a transaction dated 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 in the company, valued at $2,622,744.15. This represents a 34.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock valued at $17,049,775 over the last ninety days. Insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on NOW shares. Needham & Company LLC increased their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. UBS Group lowered their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research note on Thursday, July 24th. Cantor Fitzgerald restated an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Guggenheim restated a "sell" rating and set a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. Finally, Jefferies Financial Group increased their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research 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 given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

About ServiceNow

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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