Freedom Investment Management Inc. Trims Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Freedom Investment Management Inc. reduced its stake in ServiceNow, Inc. by 40.7%, now holding 443 shares valued at approximately $353,000.
• Several large investors increased their holdings in ServiceNow, with WASHINGTON TRUST Co experiencing a significant 620.0% growth in its stake during the first quarter.
• ServiceNow reported earnings of $4.09 EPS, surpassing estimates, with a revenue of $3.22 billion for the quarter, reflecting a 22.4% increase year-over-year.

Freedom Investment Management Inc. decreased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 40.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 443 shares of the information technology services provider's stock after selling 304 shares during the quarter. Freedom Investment Management Inc.'s holdings in ServiceNow were worth $353,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Haverford Trust Co grew its stake in ServiceNow by 0.9% in the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock valued at $936,000 after acquiring an additional 10 shares during the period. Edgemoor Investment Advisors Inc. grew its stake in ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after acquiring an additional 11 shares during the period. Integrated Investment Consultants LLC grew its stake in ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after acquiring an additional 11 shares during the period. one8zero8 LLC grew its stake in ServiceNow by 3.2% in the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after acquiring an additional 11 shares during the period. Finally, Capital Investment Advisory Services LLC grew its stake in ServiceNow by 2.1% in the 1st quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after acquiring an additional 12 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. DA Davidson lifted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Morgan Stanley reissued an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Citigroup lifted their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, UBS Group lowered their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 1,585 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $900.00, for a total transaction of $1,426,500.00. Following the completion of the sale, the chief executive officer owned 12,439 shares in the company, valued at $11,195,100. This trade represents a 11.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 shares of the business's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the sale, the insider owned 3,027 shares in the company, valued at approximately $2,622,744.15. This trade represents a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,302 shares of company stock worth $10,956,796. Insiders own 0.38% of the company's stock.

ServiceNow Trading Down 1.1%

Shares of NOW traded down $10.12 during mid-day trading on Friday, reaching $918.49. The stock had a trading volume of 1,881,767 shares, compared to its average volume of 1,914,586. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The business's fifty day moving average is $945.88 and its 200 day moving average is $925.54. The firm has a market cap of $191.04 billion, a price-to-earnings ratio of 115.68, a P/E/G ratio of 4.19 and a beta of 0.93.

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