ServiceNow, Inc. $NOW Shares Sold by 1248 Management LLC

Key Points

• 1248 Management LLC reduced its holdings in ServiceNow, Inc. by 32.5%, now owning 1,338 shares valued at approximately $1,065,000.
• ServiceNow reported impressive quarterly earnings, with EPS of $4.09 exceeding estimates and revenue of $3.22 billion, which is a 22.4% increase year-over-year.
• Wall Street analysts have mixed ratings for ServiceNow, with a consensus rating of "Moderate Buy" and a target price of $1,115.20.

1248 Management LLC decreased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 32.5% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,338 shares of the information technology services provider's stock after selling 645 shares during the period. ServiceNow accounts for approximately 0.6% of 1248 Management LLC's portfolio, making the stock its 28th largest holding. 1248 Management LLC's holdings in ServiceNow were worth $1,065,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Wealth Preservation Advisors LLC acquired a new position in ServiceNow during the 1st quarter worth $382,000. Janus Henderson Group PLC raised its holdings in shares of ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after acquiring an additional 12,533 shares during the period. Corient IA LLC purchased a new position in ServiceNow during the first quarter valued at approximately $796,000. Parr Mcknight Wealth Management Group LLC bought a new stake in ServiceNow in the first quarter worth approximately $1,820,000. Finally, ASR Vermogensbeheer N.V. bought a new stake in ServiceNow in the first quarter worth approximately $19,278,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 1,562 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the transaction, the insider owned 3,027 shares in the company, valued at $2,622,744.15. The trade was a 34.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the business's 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 completion of the transaction, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,976 shares of company stock valued at $17,049,775. Company insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of analyst reports. Bank of America raised their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. FBN Securities upgraded shares of ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. Raymond James Financial upped their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, Stifel Nicolaus upped their price objective on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. 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 company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Price Performance

Shares of NYSE NOW traded up $8.58 during midday trading on Wednesday, hitting $920.00. 1,314,750 shares of the company's stock were exchanged, compared to its average volume of 1,853,854. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The business's fifty day moving average price is $943.00 and its two-hundred day moving average price is $924.15. The company has a market cap of $191.36 billion, a price-to-earnings ratio of 106.56, a PEG ratio of 4.14 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last announced its 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. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the prior year, the company earned $3.13 earnings per share. The firm's revenue for the quarter was up 22.4% on a year-over-year basis. As a group, research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.