ServiceNow, Inc. $NOW Shares Sold by Hartline Investment Corp

Key Points

• Hartline Investment Corp reduced its stake in ServiceNow, Inc. by 2.6%, now holding 28,036 shares valued at approximately $28.8 million, making it their 8th largest position.
• Insider sales included Paul Fipps and CEO William R. McDermott, with total shares sold worth nearly $17 million, reflecting significant reductions in their holdings.
• ServiceNow's recent earnings report showed a 22.4% year-over-year increase in revenue, alongside an EPS of $4.09, surpassing analysts' expectations of $3.57.

Hartline Investment Corp trimmed its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,036 shares of the information technology services provider's stock after selling 749 shares during the quarter. ServiceNow comprises approximately 3.3% of Hartline Investment Corp's holdings, making the stock its 8th largest position. Hartline Investment Corp's holdings in ServiceNow were worth $28,823,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of NOW. Brighton Jones LLC lifted its stake in shares of ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after buying an additional 30 shares during the last quarter. GAMMA Investing LLC raised its stake in ServiceNow by 10.0% during the 1st quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider's stock valued at $2,689,000 after purchasing an additional 308 shares during the last quarter. Kingswood Wealth Advisors LLC raised its stake in ServiceNow by 1.2% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 1,258 shares of the information technology services provider's stock valued at $1,004,000 after purchasing an additional 15 shares during the last quarter. Silver Oak Securities Incorporated raised its stake in ServiceNow by 5.6% during the 1st quarter. Silver Oak Securities Incorporated now owns 664 shares of the information technology services provider's stock valued at $530,000 after purchasing an additional 35 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its stake in ServiceNow by 4.5% during the 1st quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 563 shares of the information technology services provider's stock valued at $449,000 after purchasing an additional 24 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Paul Fipps sold 1,452 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the sale, the insider owned 457 shares of the company's stock, valued at approximately $409,037.85. This represents a 76.06% 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, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the sale, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,062,590.82. The trade was a 46.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,737 shares of company stock worth $16,798,825 in the last quarter. 0.38% of the stock is owned by corporate insiders.

ServiceNow Trading Up 1.1%

Shares of ServiceNow stock opened at $904.57 on Friday. The firm has a market capitalization of $188.15 billion, a PE ratio of 113.93, a price-to-earnings-growth ratio of 4.03 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The company's fifty day moving average price is $910.30 and its two-hundred day moving average price is $934.82. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09.

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, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the firm posted $3.13 EPS. The business's revenue for the quarter was up 22.4% on a year-over-year basis. On average, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on NOW shares. Barclays set a $1,210.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Piper Sandler upped their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Guggenheim reiterated a "sell" rating and set a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. Bank of America upped their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of ServiceNow in a report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have issued a Hold rating and one has assigned 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 $1,121.37.

About ServiceNow

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.

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