Avalon Global Asset Management LLC Has $20.64 Million Stake in ServiceNow, Inc. $NOW

Key Points

• Avalon Global Asset Management LLC has increased its stake in ServiceNow, Inc. by 1.6%, making it the 9th largest position in its portfolio, with holdings worth approximately $20.6 million.
• ServiceNow's CFO, Gina Mastantuono, sold 1,762 shares at an average price of $866.45, reducing her ownership by 12.59%.
• ServiceNow reported earnings of $4.09 per share for the recent quarter, exceeding expectations, with a 22.4% increase in revenue year-over-year.

Avalon Global Asset Management LLC increased its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.6% during the first quarter, according to its most recent filing with the SEC. The fund owned 25,920 shares of the information technology services provider's stock after buying an additional 420 shares during the quarter. ServiceNow accounts for approximately 2.9% of Avalon Global Asset Management LLC's portfolio, making the stock its 9th largest holding. Avalon Global Asset Management LLC's holdings in ServiceNow were worth $20,636,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Brighton Jones LLC lifted its stake in ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after purchasing an additional 30 shares during the last quarter. Quarry LP purchased a new stake in ServiceNow in the fourth quarter worth $27,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of ServiceNow in the fourth quarter valued at $642,000. Insight Holdings Group LLC lifted its position in shares of ServiceNow by 759.5% during the 4th quarter. Insight Holdings Group LLC now owns 31,800 shares of the information technology services provider's stock valued at $33,712,000 after buying an additional 28,100 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of ServiceNow by 3.5% during the 4th quarter. The Manufacturers Life Insurance Company now owns 184,745 shares of the information technology services provider's stock worth $195,860,000 after acquiring an additional 6,232 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NOW. Wells Fargo & Company boosted their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Mizuho upped their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Monday, August 4th. Bank of America increased their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, UBS Group cut their price target on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Activity at ServiceNow

In other news, insider Paul Fipps sold 1,452 shares of the stock in a transaction dated Wednesday, August 20th. The shares were 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 represents a 76.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 1,585 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $900.00, for a total value of $1,426,500.00. Following the transaction, the chief executive officer owned 12,439 shares in the company, valued at approximately $11,195,100. This represents a 11.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,668 shares of company stock worth $14,373,737 over the last ninety days. Insiders own 0.38% of the company's stock.

ServiceNow Price Performance

Shares of NOW traded up $40.82 during midday trading on Thursday, reaching $928.80. The stock had a trading volume of 3,042,967 shares, compared to its average volume of 1,869,002. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. 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's 50-day moving average is $947.94 and its 200 day moving average is $926.80. The company has a market capitalization of $193.19 billion, a price-to-earnings ratio of 103.13, a price-to-earnings-growth ratio of 4.01 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $3.22 billion during 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 quarterly revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the business posted $3.13 EPS. On average, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal 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.