Phoenix Financial Ltd. Sells 5,464 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Phoenix Financial Ltd. significantly reduced its stake in ServiceNow, Inc. by 85.5%, selling 5,464 shares and now holding only 927 shares valued at approximately $738,000.
• Several institutional investors, such as Brighton Jones LLC and Loomis Sayles & Co., have increased their holdings in ServiceNow, with institutional ownership now at 87.18% of the company's stock.
• Analysts remain optimistic about ServiceNow, with a consensus target price of $1,114.87 and the stock holding a rating of "Moderate Buy" despite a recent decrease in its share price.

Phoenix Financial Ltd. trimmed its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 85.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 927 shares of the information technology services provider's stock after selling 5,464 shares during the period. Phoenix Financial Ltd.'s holdings in ServiceNow were worth $738,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Quarry LP purchased a new position in ServiceNow in the fourth quarter valued at $27,000. Bogart Wealth LLC lifted its stake in 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 purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new position in ServiceNow in the 1st quarter worth approximately $26,000. Heck Capital Advisors LLC purchased a new position in ServiceNow during the fourth quarter worth about $37,000. Finally, WASHINGTON TRUST Co raised its stake in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Price Performance

NYSE:NOW traded down $9.11 during trading hours on Wednesday, hitting $984.10. 347,021 shares of the company's stock traded hands, compared to its average volume of 1,682,736. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The business's fifty day simple moving average is $998.96 and its two-hundred day simple moving average is $951.86. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The firm has a market cap of $204.69 billion, a P/E ratio of 123.94, a P/E/G ratio of 4.44 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the company posted $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Anita M. Sands sold 239 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total value of $250,950.00. Following the completion of the sale, the director owned 10,404 shares of the company's stock, valued at approximately $10,924,200. The trade was a 2.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the transaction, the insider owned 3,000 shares in the company, valued at approximately $3,060,000. This represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,233 shares of company stock worth $5,297,758 in the last 90 days. 0.38% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on NOW shares. UBS Group reduced their price target on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Thursday, July 24th. Scotiabank set a $1,100.00 price target on shares of ServiceNow and gave the stock an "outperform" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. lowered their price target on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Royal Bank Of Canada upped their target price on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a report on Tuesday, May 6th. Finally, Oppenheimer restated an "outperform" rating and issued a $1,150.00 target price (up previously from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

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.