Fox Hill Wealth Management Has $255,000 Stake in ServiceNow, Inc. $NOW

Key Points

• Fox Hill Wealth Management reduced its stake in ServiceNow, Inc. by 54.6%, ending up with 248 shares valued at approximately $255,000 as of the last reporting period.
• ServiceNow reported strong quarterly earnings, with earnings per share of $4.09, exceeding analyst expectations of $3.57, and year-over-year revenue growth of 22.4%.
• Analysts have a consensus rating of "Moderate Buy" for ServiceNow, with projected average price targets ranging from $1,115.20 to $1,234.00 from various firms.

Fox Hill Wealth Management lowered its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 54.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 248 shares of the information technology services provider's stock after selling 298 shares during the period. Fox Hill Wealth Management's holdings in ServiceNow were worth $255,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in NOW. GAMMA Investing LLC increased its holdings in ServiceNow by 87,501.3% in the first 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. Nuveen LLC acquired a new position in ServiceNow in the first quarter worth approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after buying an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after buying an additional 840,731 shares during the last quarter. Finally, Parnassus Investments LLC acquired a new position in ServiceNow in the first quarter worth approximately $519,806,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Performance

Shares of NOW traded down $8.24 during mid-day trading on Friday, hitting $930.04. The company's stock had a trading volume of 711,066 shares, compared to its average volume of 1,527,927. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. 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 has a market capitalization of $193.45 billion, a PE ratio of 117.13, a price-to-earnings-growth ratio of 4.18 and a beta of 0.91. The stock's 50-day moving average is $927.34 and its two-hundred day moving average is $922.34.

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 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 company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the prior year, the business earned $3.13 earnings per share. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analysts Set New Price Targets

NOW has been the topic of a number of research reports. Jefferies Financial Group increased their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. JMP Securities reaffirmed a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a research report on Monday, August 4th. BMO Capital Markets upped their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Mizuho upped their target price 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. Finally, Guggenheim reaffirmed a "sell" rating and set a $724.00 target price on shares of ServiceNow in a research report on Thursday, July 17th. One 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 issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Buying and Selling

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction that occurred 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 sale, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares of the company's stock, valued at $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock valued at $17,049,775 in the last ninety days. Company insiders own 0.38% of the company's stock.

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.