QRG Capital Management Inc. Trims Stock Position in ServiceNow, Inc. $NOW

Key Points

• QRG Capital Management Inc. reduced its stake in ServiceNow, Inc. by 14.9% during the 2nd quarter, now holding 11,874 shares worth approximately $12.2 million.
• ServiceNow reported earnings of $4.09 EPS for the last quarter, surpassing analyst expectations of $3.57, and achieved revenue of $3.22 billion, up 22.4% year-over-year.
• Institutional investors currently own 87.18% of ServiceNow's stock, with several recent analysts upgrading their price targets, reflecting a consensus rating of "Moderate Buy".

QRG Capital Management Inc. lessened its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 14.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,874 shares of the information technology services provider's stock after selling 2,071 shares during the period. QRG Capital Management Inc.'s holdings in ServiceNow were worth $12,208,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NOW. Segment Wealth Management LLC boosted its stake in ServiceNow by 2.7% during the second quarter. Segment Wealth Management LLC now owns 946 shares of the information technology services provider's stock worth $973,000 after buying an additional 25 shares during the period. Fortis Capital Advisors LLC lifted its holdings in shares of ServiceNow by 15.1% in the 2nd quarter. Fortis Capital Advisors LLC now owns 2,315 shares of the information technology services provider's stock worth $2,380,000 after acquiring an additional 304 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of ServiceNow by 14.1% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 175,232 shares of the information technology services provider's stock worth $180,153,000 after purchasing an additional 21,664 shares during the period. Jackson Wealth Management LLC acquired a new stake in ServiceNow in the 2nd quarter valued at approximately $488,000. Finally, Franklin Street Advisors Inc. NC purchased a new stake in ServiceNow in the second quarter valued at approximately $297,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Up 0.2%

NOW opened at $911.75 on Friday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market capitalization of $189.64 billion, a P/E ratio of 114.83, a price-to-earnings-growth ratio of 4.11 and a beta of 0.92. The business's 50-day simple moving average is $914.67 and its 200-day simple moving average is $929.93.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The firm 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 business's revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the firm earned $3.13 EPS. Analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Barclays set a $1,210.00 price objective on ServiceNow in a research note on Thursday, July 24th. BMO Capital Markets boosted their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Monday, August 4th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of ServiceNow in a report on Saturday, September 27th. Finally, DA Davidson lifted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and an average target price of $1,122.20.

Insider Buying and Selling at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the transaction, the general counsel directly owned 4,332 shares of the company's stock, valued at $3,830,614.32. The trade was a 28.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Gina Mastantuono sold 1,762 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 $1,526,684.90. Following the sale, the chief financial officer owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. This represents a 12.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is owned by company 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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