ServiceNow, Inc. $NOW Holdings Trimmed by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in ServiceNow, Inc. by 4.2% in Q1, now owning 54,464 shares valued at approximately $43.36 million.
• ServiceNow's recent quarterly earnings showed an EPS of $4.09, exceeding estimates by $0.52, with revenue of $3.22 billion, reflecting a 22.4% increase year-over-year.
• Institutional investors control a significant portion of ServiceNow, with 87.18% of the company's stock owned by these investors, signaling strong market confidence.

Corebridge Financial Inc. lowered its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 54,464 shares of the information technology services provider's stock after selling 2,365 shares during the quarter. Corebridge Financial Inc.'s holdings in ServiceNow were worth $43,361,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of NOW. GAMMA Investing LLC boosted its stake in ServiceNow by 87,501.3% during the first 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 in the last quarter. Nuveen LLC bought a new position in ServiceNow during the first quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after buying an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake 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 buying an additional 840,731 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in ServiceNow by 36.7% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock valued at $1,940,464,000 after buying an additional 491,861 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Insider Activity

In other ServiceNow news, insider Paul Fipps sold 1,452 shares of the firm's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider directly owned 457 shares in the company, valued at approximately $409,037.85. This trade represents a 76.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of the firm'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 directly 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 disclosure for this sale can be found here. In the last three months, insiders sold 16,096 shares of company stock worth $14,807,562. Corporate insiders own 0.38% of the company's stock.

ServiceNow Trading Up 1.0%

Shares of NYSE NOW opened at $885.7930 on Monday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The firm has a market capitalization of $184.24 billion, a PE ratio of 111.56, a PEG ratio of 4.00 and a beta of 0.93. 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 business has a 50-day moving average price of $955.00 and a two-hundred day moving average price of $928.38.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS 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 firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the company posted $3.13 EPS. The business's quarterly revenue was up 22.4% compared to the same quarter last year. As a group, analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of recent analyst reports. BMO Capital Markets increased their price target on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Citigroup increased their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and increased their price target for the company from $950.00 to $1,200.00 in a research report on Thursday, May 1st. Finally, Needham & Company LLC increased their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. One 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 assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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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