Riverbridge Partners LLC Lowers Position in ServiceNow, Inc. $NOW

Key Points

• Riverbridge Partners LLC reduced its holdings in ServiceNow, Inc. by 2.7%, owning 102,727 shares after selling 2,856 shares, with a total value of approximately $105.6 million.
• Goldman Sachs Group Inc. significantly increased its position in ServiceNow by 131.4%, owning 1,480,526 shares worth over $1.17 billion after purchasing an additional 840,731 shares.
• ServiceNow's stock received multiple price target upgrades from analysts, with Citigroup raising its price objective from $1,160 to $1,234 and Wells Fargo from $1,150 to $1,225, indicating strong market confidence in the company's performance.

Riverbridge Partners LLC lessened its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 102,727 shares of the information technology services provider's stock after selling 2,856 shares during the period. ServiceNow accounts for approximately 1.7% of Riverbridge Partners LLC's portfolio, making the stock its 19th largest holding. Riverbridge Partners LLC's holdings in ServiceNow were worth $105,612,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Preservation Advisors LLC purchased a new stake in ServiceNow during the first quarter valued at about $382,000. Corient IA LLC purchased a new stake in ServiceNow during the first quarter valued at about $796,000. Parr Mcknight Wealth Management Group LLC purchased a new stake in ServiceNow during the first quarter valued at about $1,820,000. Goldman Sachs Group Inc. raised its position in ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after purchasing an additional 840,731 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. purchased a new stake in ServiceNow during the first quarter valued at about $19,278,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity

In related news, CFO Gina Mastantuono sold 1,762 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares of the company's stock, valued at $10,594,950.60. This trade represents a 12.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock valued at $17,049,775 over the last quarter. Insiders own 0.38% of the company's stock.

ServiceNow Trading Up 0.6%

NYSE:NOW opened at $932.85 on Thursday. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The firm has a fifty day simple moving average of $921.07 and a 200-day simple moving average of $924.60. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $194.03 billion, a P/E ratio of 117.49, a PEG ratio of 4.18 and a beta of 0.91.

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, topping 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 business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm posted $3.13 earnings per share. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Citigroup lifted their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Piper Sandler lifted their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Wells Fargo & Company lifted their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Finally, Raymond James Financial lifted their price objective on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, ServiceNow currently 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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