ServiceNow, Inc. $NOW Holdings Decreased by Trybe Capital Management LP

Key Points

• Trybe Capital Management LP reduced its stake in ServiceNow, Inc. by 24.5%, owning now 32,374 shares valued at approximately $25.77 million, making it the firm's 7th largest holding.
• Several institutional investors, including Vanguard Group and GAMMA Investing, have recently increased their holdings in ServiceNow, highlighting strong institutional interest in the stock.
• ServiceNow reported $4.09 EPS and $3.22 billion in revenue for the last quarter, exceeding analysts' expectations and marking a 22.4% increase in revenue compared to the previous year.

Trybe Capital Management LP reduced its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 24.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,374 shares of the information technology services provider's stock after selling 10,520 shares during the period. ServiceNow comprises about 6.8% of Trybe Capital Management LP's holdings, making the stock its 7th largest holding. Trybe Capital Management LP's holdings in ServiceNow were worth $25,774,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of ServiceNow by 1.6% in the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after purchasing an additional 297,734 shares in the last quarter. GAMMA Investing LLC increased its stake in ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after buying an additional 2,686,291 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in ServiceNow by 3.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock worth $2,814,433,000 after buying an additional 87,876 shares in the last quarter. Nuveen Asset Management LLC lifted its position in ServiceNow by 4.9% in the 4th quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider's stock worth $2,484,752,000 after buying an additional 109,293 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of ServiceNow during the 1st quarter valued at $1,817,535,000. 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 business's stock in a transaction dated 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 completion of the transaction, the chief financial officer owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 shares of the firm's stock in a transaction that occurred on 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,976 shares of company stock worth $17,049,775. Insiders own 0.38% of the company's stock.

ServiceNow Stock Up 1.6%

Shares of ServiceNow stock opened at $913.29 on Friday. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average price of $936.79 and a two-hundred day moving average price of $922.51. The stock has a market capitalization of $189.96 billion, a P/E ratio of 115.02, a PEG ratio of 4.12 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results 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 company 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 company's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter last year, the firm posted $3.13 earnings per share. Equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on the company. JMP Securities reiterated a "market outperform" rating and set a $1,300.00 price objective on shares of ServiceNow in a report on Monday, August 4th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a research note on Thursday, July 24th. Oppenheimer reissued an "outperform" rating and issued a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Needham & Company LLC increased their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, UBS Group reduced their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

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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