ServiceNow, Inc. $NOW Position Cut by GFG Capital LLC

Key Points

• GFG Capital LLC has reduced its holdings in ServiceNow, Inc. by 24.6% during the second quarter, now owning 8,981 shares valued at approximately $9.23 million.
• ServiceNow reported earnings of $4.09 EPS, exceeding analysts' expectations of $3.57, alongside a revenue growth of 22.4% year-over-year to $3.22 billion.
• Analysts have adjusted price targets for ServiceNow, with Jefferies increasing its target from $1,025 to $1,150 and several other firms also raising their targets, indicating positive market sentiment.

GFG Capital LLC trimmed its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 24.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,981 shares of the information technology services provider's stock after selling 2,923 shares during the quarter. ServiceNow comprises 2.8% of GFG Capital LLC's portfolio, making the stock its 13th largest holding. GFG Capital LLC's holdings in ServiceNow were worth $9,233,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in NOW. Brighton Jones LLC grew its holdings in ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after buying an additional 30 shares in the last quarter. Daymark Wealth Partners LLC boosted its stake in ServiceNow by 42.9% during the 1st quarter. Daymark Wealth Partners LLC now owns 726 shares of the information technology services provider's stock valued at $578,000 after purchasing an additional 218 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its stake in ServiceNow by 3.7% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 5,756 shares of the information technology services provider's stock valued at $4,583,000 after purchasing an additional 204 shares in the last quarter. GAMMA Investing LLC boosted its stake in ServiceNow by 10.0% during the 1st quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider's stock valued at $2,689,000 after purchasing an additional 308 shares in the last quarter. Finally, Simplicity Wealth LLC boosted its stake in ServiceNow by 294.5% during the 1st quarter. Simplicity Wealth LLC now owns 1,495 shares of the information technology services provider's stock valued at $1,190,000 after purchasing an additional 1,116 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Price Performance

NOW opened at $914.15 on Thursday. The stock has a fifty day moving average of $910.23 and a 200-day moving average of $930.97. The firm has a market capitalization of $190.14 billion, a P/E ratio of 115.13, a PEG ratio of 4.07 and a beta of 0.92. 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.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.13 earnings per share. Equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the sale, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock valued at $16,798,825 in the last quarter. Corporate insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

NOW has been the subject of a number of research reports. Jefferies Financial Group increased their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Raymond James Financial increased their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. UBS Group decreased their price target on 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. DA Davidson increased their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Bank of America increased their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $1,122.20.

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.

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