PNC Financial Services Group Inc. Grows Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• PNC Financial Services Group Inc. increased its holdings in ServiceNow by 2.3% during Q1, owning 182,423 shares valued at approximately $145.2 million.
• Insider sales have occurred as CFO Gina Mastantuono and CEO William R. McDermott sold shares, reducing their respective holdings by 2.54% and 23.66%.
• ServiceNow has shown strong quarterly performance, exceeding analysts' revenue expectations with $3.22 billion, up 22.4% year-over-year.

PNC Financial Services Group Inc. raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 182,423 shares of the information technology services provider's stock after purchasing an additional 4,028 shares during the quarter. PNC Financial Services Group Inc. owned 0.09% of ServiceNow worth $145,235,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Edgemoor Investment Advisors Inc. lifted its holdings in ServiceNow by 2.5% during the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after buying an additional 11 shares in the last quarter. Integrated Investment Consultants LLC increased its position in shares of ServiceNow by 2.5% during the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after acquiring an additional 11 shares during the period. one8zero8 LLC increased its position in shares of ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after acquiring an additional 11 shares during the period. Capital Investment Advisory Services LLC raised its stake in shares of ServiceNow by 2.1% during the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after acquiring an additional 12 shares in the last quarter. Finally, Sepio Capital LP boosted its holdings in shares of ServiceNow by 3.8% in the fourth quarter. Sepio Capital LP now owns 359 shares of the information technology services provider's stock valued at $381,000 after purchasing an additional 13 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 292 shares of ServiceNow stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 11,198 shares in the company, valued at approximately $11,030,030. The trade was a 2.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 2,050 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the sale, the chief executive officer directly owned 6,614 shares in the company, valued at $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,990 shares of company stock valued at $6,047,567. 0.38% of the stock is owned by company insiders.

ServiceNow Trading Down 3.1%

NYSE:NOW opened at $914.03 on Friday. The company has a market capitalization of $190.12 billion, a P/E ratio of 115.12, a PEG ratio of 4.12 and a beta of 0.93. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The firm has a fifty day simple moving average of $994.89 and a 200-day simple moving average of $950.03.

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 analysts' consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm's revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.13 EPS. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have commented on NOW. JMP Securities restated a "market outperform" rating and set a $1,300.00 price objective on shares of ServiceNow in a report on Tuesday, July 22nd. Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Citigroup lifted their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a report on Thursday, July 24th. JPMorgan Chase & Co. lowered their price objective on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Evercore ISI increased their target price on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price 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.

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