ServiceNow, Inc. $NOW Stock Position Trimmed by Ferguson Wellman Capital Management Inc.

Key Points

• Ferguson Wellman Capital Management Inc. reduced its stake in ServiceNow by 27.1%, holding 1,756 shares after selling 652 during the second quarter, valued at approximately $1.8 million.
• ServiceNow's shares experienced a price adjustment, with analysts at wells Fargo increasing their target price to $1,225, while Citigroup raised theirs to $1,234, indicating strong growth expectations.
• Insiders including General Counsel and Vice Chairman have sold multiple shares recently, contributing to a decrease in their holdings, with a total of 18,976 shares sold in the last three months.

Ferguson Wellman Capital Management Inc. reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 27.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,756 shares of the information technology services provider's stock after selling 652 shares during the quarter. Ferguson Wellman Capital Management Inc.'s holdings in ServiceNow were worth $1,805,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bogart Wealth LLC lifted its holdings in shares of ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new position in shares of ServiceNow during the first quarter valued at approximately $26,000. WASHINGTON TRUST Co lifted its stake in shares of ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after buying an additional 31 shares during the period. Dagco Inc. purchased a new position in shares of ServiceNow during the first quarter valued at approximately $33,000. Finally, Heck Capital Advisors LLC purchased a new position in shares of ServiceNow during the fourth quarter valued at approximately $37,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Piper Sandler upped their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Guggenheim reissued a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. UBS Group reduced their price objective on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Thursday, July 24th. Mizuho upped their price objective 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. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $1,200.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Up 1.6%

NYSE:NOW traded up $15.47 on Friday, reaching $963.21. The stock had a trading volume of 2,806,372 shares, compared to its average volume of 1,416,023. 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 has a 50-day moving average of $922.60 and a 200 day moving average of $923.43. The stock has a market cap of $200.35 billion, a P/E ratio of 121.31, a price-to-earnings-growth ratio of 4.33 and a beta of 0.91. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share 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 analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm's revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.13 EPS. On average, research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares of the company's stock, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Gina Mastantuono sold 1,762 shares of the firm'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 $1,526,684.90. Following the transaction, the chief financial officer directly owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. This represents a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock worth $17,049,775 over the last 90 days. Company insiders own 0.38% of the company's stock.

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.