Pittenger & Anderson Inc. Cuts Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Pittenger & Anderson Inc. decreased its holdings in ServiceNow, Inc. by 1.0%, owning 31,537 shares valued at approximately $32.42 million, making it the firm's 19th largest position.
• ServiceNow recently beat earnings estimates, reporting an EPS of $4.09 compared to the consensus of $3.57, alongside a year-over-year revenue increase of 22.4%.
• Analysts issued new price targets for ServiceNow, with JPM Securities setting a target of $1,300.00 and several other firms upgrading their ratings, indicating strong future expectations for the stock.

Pittenger & Anderson Inc. lowered its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,537 shares of the information technology services provider's stock after selling 311 shares during the quarter. ServiceNow accounts for 1.2% of Pittenger & Anderson Inc.'s portfolio, making the stock its 19th largest position. Pittenger & Anderson Inc.'s holdings in ServiceNow were worth $32,423,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC purchased a new stake in ServiceNow in the first quarter worth approximately $382,000. Corient IA LLC purchased a new stake in ServiceNow in the first quarter worth approximately $796,000. Parr Mcknight Wealth Management Group LLC purchased a new stake in ServiceNow in the first quarter worth approximately $1,820,000. Goldman Sachs Group Inc. boosted its holdings in ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after purchasing an additional 840,731 shares during the last quarter. Finally, ASR Vermogensbeheer N.V. purchased a new stake in ServiceNow in the first quarter worth approximately $19,278,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Stock Up 1.6%

Shares of NOW stock opened at $918.17 on Tuesday. The company has a market capitalization of $190.98 billion, a price-to-earnings ratio of 115.64, a PEG ratio of 4.07 and a beta of 0.92. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company's fifty day moving average price is $911.55 and its 200-day moving average price is $938.10. 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 (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company's revenue was up 22.4% on a year-over-year basis. During the same period last year, the firm earned $3.13 EPS. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on NOW. JMP Securities restated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a report on Monday, August 4th. Wall Street Zen upgraded shares of ServiceNow from a "hold" rating to a "buy" rating in a research report on Saturday. Needham & Company LLC increased their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Barclays set a $1,210.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average target price of $1,121.37.

Insider Activity

In other news, Director Anita M. Sands sold 1,097 shares of the firm's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the sale, the director directly owned 9,307 shares in the company, valued at $8,516,928.77. This trade represents a 10.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Fipps sold 1,452 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the sale, the insider owned 457 shares in the company, valued at $409,037.85. The trade was a 76.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is currently owned by insiders.

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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