ServiceNow, Inc. $NOW Shares Sold by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD reduced its stake in ServiceNow, Inc. by selling 289,006 shares, bringing its holding to approximately 7.67 million shares, which represents 0.8% of its portfolio.
• Several other institutional investors have recently bought shares, contributing to a total of 87.18% institutional ownership of the company.
• Analysts have set new price targets, with Oppenheimer rating the stock as "outperform" with a target price of $1,150 while Bank of America increased its target to $1,200, indicating strong market confidence in ServiceNow.

Price T Rowe Associates Inc. MD cut its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,666,918 shares of the information technology services provider's stock after selling 289,006 shares during the period. ServiceNow accounts for 0.8% of Price T Rowe Associates Inc. MD's holdings, making the stock its 18th biggest position. Price T Rowe Associates Inc. MD owned about 3.70% of ServiceNow worth $6,103,941,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Edgemoor Investment Advisors Inc. increased its stake in ServiceNow by 2.5% in 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 during the period. Integrated Investment Consultants LLC boosted its position in shares of ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after purchasing an additional 11 shares in the last quarter. one8zero8 LLC grew its stake in shares of ServiceNow by 3.2% during the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after purchasing an additional 11 shares during the period. Capital Investment Advisory Services LLC grew its stake in shares of ServiceNow by 2.1% during the 1st quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after purchasing an additional 12 shares during the period. Finally, Argent Trust Co grew its stake in shares of ServiceNow by 0.4% during the 1st quarter. Argent Trust Co now owns 3,363 shares of the information technology services provider's stock worth $2,677,000 after purchasing an additional 12 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NOW has been the topic of a number of recent analyst reports. JMP Securities reaffirmed a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. Royal Bank Of Canada upped their price target on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Oppenheimer reaffirmed an "outperform" rating and set a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Finally, Mizuho upped their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Buying and Selling

In other ServiceNow news, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer directly owned 12,228 shares in the company, valued at approximately $10,594,950.60. This represents a 12.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,096 shares of company stock worth $14,807,562 in the last 90 days. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Price Performance

Shares of ServiceNow stock traded up $8.8230 on Friday, hitting $885.7930. The company's stock had a trading volume of 1,083,474 shares, compared to its average volume of 1,866,238. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. 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 firm has a fifty day moving average price of $955.00 and a 200-day moving average price of $929.03. The company has a market capitalization of $184.24 billion, a P/E ratio of 111.56, a price-to-earnings-growth ratio of 4.00 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data 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 business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. 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 firm earned $3.13 EPS. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow Company 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.