ServiceNow, Inc. $NOW Shares Sold 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 holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 27.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,756 shares of the information technology services provider's stock after selling 652 shares during the period. Ferguson Wellman Capital Management Inc.'s holdings in ServiceNow were worth $1,805,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Bogart Wealth LLC raised its stake in ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new position in ServiceNow in the first quarter worth about $26,000. WASHINGTON TRUST Co boosted its holdings in shares of ServiceNow by 620.0% in the 1st 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 in the last quarter. Dagco Inc. purchased a new position in shares of ServiceNow in the 1st quarter worth approximately $33,000. Finally, Heck Capital Advisors LLC purchased a new position in ServiceNow in the fourth quarter worth $37,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Up 1.6%

NYSE NOW traded up $15.47 during trading hours on Friday, hitting $963.21. 2,806,372 shares of the company traded hands, compared to its average volume of 1,416,023. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The stock has a market capitalization of $200.35 billion, a price-to-earnings ratio of 121.31, a P/E/G ratio of 4.33 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The business's 50-day moving average is $922.60 and its 200-day moving average is $923.43.

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

Wall Street Analyst Weigh In

Several research firms have commented on NOW. Jefferies Financial Group upped their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Citigroup lifted their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Raymond James Financial raised their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Bank of America boosted 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. One 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 issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. This trade represents a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of the 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 completion of the transaction, the chief financial officer directly owned 12,228 shares in the company, valued at $10,594,950.60. The trade was a 12.59% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow 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.