RGM Capital LLC Sells 4,500 Shares of ServiceNow, Inc. $NOW

Key Points

• RGM Capital LLC has sold 4,500 shares of ServiceNow, Inc., decreasing its holdings by 4.4% to 96,994 shares, which are valued at approximately $77.2 million.
• Analysts have raised their target prices for ServiceNow, with BMO Capital Markets and Raymond James both increasing their price objectives to $1,160.00 and $1,100.00, respectively, while the consensus target price is now set at $1,115.20.
• CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock for over $2 million, resulting in a 23.66% decrease in his ownership position.

RGM Capital LLC trimmed its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 96,994 shares of the information technology services provider's stock after selling 4,500 shares during the period. ServiceNow accounts for approximately 3.2% of RGM Capital LLC's holdings, making the stock its 17th largest holding. RGM Capital LLC's holdings in ServiceNow were worth $77,221,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of NOW. Haverford Trust Co increased its stake in ServiceNow by 0.9% during the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock valued at $936,000 after purchasing an additional 10 shares during the last quarter. Edgemoor Investment Advisors Inc. lifted its position in shares of ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after buying an additional 11 shares during the last quarter. Integrated Investment Consultants LLC boosted its holdings in shares of ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after buying an additional 11 shares during the period. one8zero8 LLC grew its position 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 valued at $283,000 after buying an additional 11 shares during the last quarter. Finally, Capital Investment Advisory Services LLC raised its stake in ServiceNow by 2.1% during the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after acquiring an additional 12 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Scotiabank set a $1,100.00 target price on ServiceNow and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Barclays set a $1,210.00 price target on ServiceNow in a report on Thursday, July 24th. JMP Securities restated a "market outperform" rating and set a $1,300.00 price objective on shares of ServiceNow in a research note on Monday, August 4th. Wells Fargo & Company increased their target price on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 1,562 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the sale, the insider directly owned 3,027 shares of the company's stock, valued at $2,622,744.15. The trade was a 34.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the sale, the chief financial officer owned 12,228 shares in the company, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,668 shares of company stock valued at $14,373,737 in the last 90 days. 0.38% of the stock is owned by corporate insiders.

ServiceNow Price Performance

Shares of NOW stock traded up $40.82 during midday trading on Thursday, reaching $928.80. 3,042,967 shares of the company were exchanged, compared to its average volume of 1,869,002. The company's 50 day moving average price is $947.94 and its two-hundred day moving average price is $926.80. The company has a market cap of $193.19 billion, a P/E ratio of 103.13, a PEG ratio of 4.01 and a beta of 0.93. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month 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.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts' consensus estimates 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% on a year-over-year basis. During the same quarter last year, the business earned $3.13 earnings per share. On average, sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.