Polen Capital Management LLC Reduces Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Polen Capital Management LLC reduced its stake in ServiceNow by 41.9%, selling 684,867 shares and now holding 949,728 shares, which represents 2.4% of its portfolio.
• ServiceNow's CEO, William R. Mcdermott, sold 2,050 shares for approximately $2.07 million, reducing his ownership by 23.66%.
• ServiceNow reported a 22.4% increase in quarterly revenue year-over-year, with earnings exceeding analysts' expectations at $4.09 EPS against a consensus estimate of $3.57.

Polen Capital Management LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 41.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 949,728 shares of the information technology services provider's stock after selling 684,867 shares during the period. ServiceNow makes up 2.4% of Polen Capital Management LLC's portfolio, making the stock its 19th biggest position. Polen Capital Management LLC owned about 0.46% of ServiceNow worth $756,116,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of NOW. Brighton Jones LLC lifted its holdings in ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after acquiring an additional 30 shares during the period. FIL Ltd lifted its holdings in ServiceNow by 22.0% in the fourth quarter. FIL Ltd now owns 561 shares of the information technology services provider's stock valued at $595,000 after acquiring an additional 101 shares during the period. Glass Jacobson Investment Advisors llc bought a new position in ServiceNow in the fourth quarter valued at about $172,000. Rockefeller Capital Management L.P. raised its stake in shares of ServiceNow by 9.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 50,622 shares of the information technology services provider's stock worth $53,403,000 after buying an additional 4,264 shares during the period. Finally, Fortis Capital Advisors LLC raised its stake in shares of ServiceNow by 16.8% in the fourth quarter. Fortis Capital Advisors LLC now owns 2,679 shares of the information technology services provider's stock worth $2,840,000 after buying an additional 386 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 2,050 shares of the company's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the transaction, the chief executive officer directly owned 6,614 shares of the company's stock, valued at $6,693,434.14. This represents a 23.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company'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 directly owned 3,000 shares in the company, valued at $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,250 shares of company stock worth $5,318,667. Company insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Guggenheim reaffirmed a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. Royal Bank Of Canada increased their target price on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. DA Davidson increased their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. UBS Group cut their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research report on Thursday, July 24th. Finally, FBN Securities upgraded ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Performance

NOW stock opened at $871.70 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The business has a 50-day moving average price of $982.92 and a 200 day moving average price of $943.49. The company has a market capitalization of $181.31 billion, a P/E ratio of 109.79, a PEG ratio of 3.93 and a beta of 0.93. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released 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. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.13 EPS. As a group, equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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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