Regatta Capital Group LLC Sells 343 Shares of ServiceNow, Inc. $NOW

Key Points

• Regatta Capital Group LLC reduced its stake in ServiceNow, Inc. by 35.6% after selling 343 shares, leaving them with holdings worth $638,000.
• ServiceNow reported $4.09 earnings per share for the quarter, surpassing analysts' expectations of $3.57, along with a year-over-year revenue increase of 22.4%.
• Analysts have varied opinions on ServiceNow's stock, with price targets ranging from $724.00 to $1,250.00, and a consensus rating of "Moderate Buy."

Regatta Capital Group LLC lowered its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 35.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 621 shares of the information technology services provider's stock after selling 343 shares during the quarter. Regatta Capital Group LLC's holdings in ServiceNow were worth $638,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in NOW. Bogart Wealth LLC lifted its holdings in shares of ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. acquired a new position in ServiceNow during the 1st quarter worth about $26,000. WASHINGTON TRUST Co grew its position in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after buying an additional 31 shares during the last quarter. Global X Japan Co. Ltd. acquired a new stake in shares of ServiceNow in the second quarter valued at about $30,000. Finally, Dagco Inc. bought a new position in shares of ServiceNow during the first quarter worth about $33,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Up 0.6%

NOW stock opened at $932.85 on Thursday. 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 fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The stock's 50 day simple moving average is $921.07 and its 200 day simple moving average is $924.60. The company has a market cap of $194.03 billion, a P/E ratio of 117.49, a price-to-earnings-growth ratio of 4.18 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the firm earned $3.13 earnings per share. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 1,097 shares of the business's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the sale, the director directly owned 9,307 shares of the company's stock, valued at $8,516,928.77. This represents a 10.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock worth $17,049,775 over the last ninety days. Insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

NOW has been the topic of several analyst reports. Raymond James Financial upped their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Guggenheim reissued a "sell" rating and set a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. Morgan Stanley raised shares of ServiceNow from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $1,040.00 to $1,250.00 in a research report on Wednesday. Wall Street Zen lowered ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Finally, FBN Securities upgraded ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow presently has an average rating of "Moderate Buy" and a consensus price target of $1,122.20.

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.

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