Procyon Advisors LLC Sells 680 Shares of ServiceNow, Inc. $NOW

Key Points

• Procyon Advisors LLC reduced its stake in ServiceNow, Inc. by 30.9%, now holding 1,523 shares valued at approximately $1,566,000 as of the latest SEC disclosure.
• ServiceNow reported $4.09 earnings per share for the last quarter, surpassing analysts' expectations of $3.57, while revenue grew 22.4% year-over-year to $3.22 billion.
• Institutional investors own 87.18% of ServiceNow stock, highlighting significant interest from large investors in the company.

Procyon Advisors LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 30.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,523 shares of the information technology services provider's stock after selling 680 shares during the period. Procyon Advisors LLC's holdings in ServiceNow were worth $1,566,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in NOW. Haverford Trust Co lifted its stake in ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after purchasing an additional 10 shares during the last quarter. Ascent Group LLC increased its stake in shares of ServiceNow by 0.5% during the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock worth $1,628,000 after purchasing an additional 10 shares in the last quarter. Edgemoor Investment Advisors Inc. increased its stake in shares of ServiceNow by 2.5% during the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after purchasing an additional 11 shares in the last quarter. Integrated Investment Consultants LLC increased its stake 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 purchasing an additional 11 shares in the last quarter. Finally, one8zero8 LLC grew its stake in ServiceNow by 3.2% during the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after acquiring an additional 11 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Cantor Fitzgerald restated an "overweight" rating and issued a $1,200.00 price objective on shares of ServiceNow in a report on Thursday, July 24th. BMO Capital Markets upped their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Piper Sandler lifted their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Finally, Morgan Stanley reiterated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Performance

Shares of ServiceNow stock traded down $3.60 during trading on Thursday, hitting $946.77. 1,490,386 shares of the stock were exchanged, compared to its average volume of 1,397,818. The stock's fifty day moving average is $922.08 and its 200 day moving average is $922.99. The stock has a market cap of $196.93 billion, a PE ratio of 119.24, a P/E/G ratio of 4.28 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

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

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This represents a 36.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 shares of the firm'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 $1,353,394.90. Following the completion of the sale, the insider directly owned 3,027 shares in the company, valued at $2,622,744.15. This trade represents a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock valued at $17,049,775 over the last three months. Company insiders own 0.38% of the company's stock.

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.