ServiceNow, Inc. $NOW Shares Sold by GKV Capital Management Co. Inc.

Key Points

• GKV Capital Management significantly reduced its stake in ServiceNow, Inc. by 94% in Q1, now holding only 130 shares valued at approximately $103,000.
• ServiceNow reported better-than-expected earnings of $4.09 per share and revenue of $3.22 billion, surpassing analysts' estimates for both metrics during the last quarter.
• Institutional investors now own 87.18% of ServiceNow's stock, reflecting ongoing interest and support from major financial players.

GKV Capital Management Co. Inc. lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 94.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 130 shares of the information technology services provider's stock after selling 2,034 shares during the period. GKV Capital Management Co. Inc.'s holdings in ServiceNow were worth $103,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Haverford Trust Co boosted 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 worth $936,000 after buying an additional 10 shares during the last quarter. Edgemoor Investment Advisors Inc. boosted 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 worth $366,000 after buying an additional 11 shares during the last quarter. Integrated Investment Consultants LLC boosted 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 worth $358,000 after buying an additional 11 shares during the last quarter. one8zero8 LLC boosted 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 worth $283,000 after buying an additional 11 shares during the last quarter. Finally, Capital Investment Advisory Services LLC boosted 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 worth $459,000 after buying an additional 12 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Down 0.8%

Shares of NYSE:NOW traded down $7.75 during mid-day trading on Tuesday, hitting $909.71. 732,722 shares of the company traded hands, compared to its average volume of 1,713,290. The firm has a market cap of $189.22 billion, a P/E ratio of 114.62, a PEG ratio of 4.14 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. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The firm's 50 day simple moving average is $944.66 and its 200 day simple moving average is $924.23.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS 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 business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the business posted $3.13 EPS. The company's revenue was up 22.4% on a year-over-year basis. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Activity at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. The trade was a 28.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the sale, the chief financial officer owned 12,228 shares in the company, valued at $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 12,054 shares of company stock worth $10,706,530 over the last ninety days. Company insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Bank of America raised their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Monday, August 4th. BMO Capital Markets lifted their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Wall Street Zen lowered ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Barclays set a $1,210.00 price objective on ServiceNow in a research note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

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.