Ferguson Wellman Capital Management Inc. Sells 652 Shares of ServiceNow, Inc. $NOW

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. trimmed its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 27.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bogart Wealth LLC increased its holdings in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new position in ServiceNow in the first quarter worth approximately $26,000. Heck Capital Advisors LLC bought a new position in shares of ServiceNow in the fourth quarter valued at approximately $37,000. WASHINGTON TRUST Co lifted its holdings in shares of ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares in the last quarter. Finally, Dagco Inc. purchased a new stake in ServiceNow in the first quarter worth $33,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction dated 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 owned 12,228 shares of the company's stock, valued at $10,594,950.60. The trade was a 12.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock worth $17,049,775 in the last quarter. 0.38% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently commented on NOW. Needham & Company LLC boosted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Wall Street Zen cut shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Bank of America raised their target price 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. Piper Sandler increased their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Finally, BMO Capital Markets boosted their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. One equities research 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 given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Stock Performance

ServiceNow stock traded down $16.70 during midday trading on Monday, hitting $944.45. 595,599 shares of the company's stock were exchanged, compared to its average volume of 1,692,506. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The stock has a market cap of $196.45 billion, a price-to-earnings ratio of 118.93, a price-to-earnings-growth 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 firm's 50 day simple moving average is $922.60 and its 200 day simple moving average is $923.83.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.13 EPS. Equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current 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.