Glenview Trust co Has $17.15 Million Stock Position in ServiceNow, Inc. $NOW

Key Points

• Glenview Trust Co significantly increased its stake in ServiceNow, Inc. by 5,407.7%, acquiring 21,144 shares during the 1st quarter, bringing its total holdings to 21,535 shares valued at approximately $17.1 million.
• ServiceNow reported a quarterly earnings per share (EPS) of $4.09, surpassing analysts' estimates of $3.57, with revenues reaching $3.22 billion, reflecting a year-over-year growth of 22.4%.
• Insider selling was notable, with general counsel Russell S. Elmer selling 1,698 shares and Paul Fipps selling 1,452 shares, collectively representing a decrease in their ownership positions by 28.16% and 76.06% respectively.

Glenview Trust co boosted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 5,407.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 21,535 shares of the information technology services provider's stock after purchasing an additional 21,144 shares during the period. Glenview Trust co's holdings in ServiceNow were worth $17,145,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NOW. Vanguard Group Inc. lifted its holdings in ServiceNow by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after buying an additional 297,734 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in ServiceNow by 7.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock worth $2,263,519,000 after buying an additional 188,292 shares during the last quarter. GAMMA Investing LLC lifted its holdings in ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after buying an additional 2,686,291 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in ServiceNow by 3.4% during 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 during the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in ServiceNow by 4.9% during 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 during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Needham & Company LLC increased their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. FBN Securities raised ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. JMP Securities reaffirmed a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a report on Monday, August 4th. Wells Fargo & Company increased their price target on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, Mizuho increased their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. One 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 issued a Sell rating to the company's stock. According to MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Stock Performance

NOW traded down $8.24 during trading hours on Friday, hitting $930.04. The company's stock had a trading volume of 711,066 shares, compared to its average volume of 1,699,172. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week 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 firm has a market capitalization of $193.45 billion, a PE ratio of 117.13, a PEG ratio of 4.17 and a beta of 0.91. The company has a 50-day simple moving average of $929.66 and a 200 day simple moving average of $922.41.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $3.12 billion. During the same period last year, the firm earned $3.13 EPS. The firm's revenue was up 22.4% compared to the same quarter last year. As a group, sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Buying and Selling at ServiceNow

In other news, insider Paul Fipps sold 1,452 shares of the firm's stock in a transaction on 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 of the company's stock, valued at $409,037.85. This trade represents a 76.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the sale, the chief executive officer directly owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is owned by insiders.

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.