ServiceNow, Inc. $NOW Shares Sold by Insight Holdings Group LLC

Key Points

• Insight Holdings Group LLC reduced its holdings in ServiceNow by 78.3% during the first quarter, selling 24,900 shares and now holding 6,900 shares worth approximately $5.5 million.
• ServiceNow's most recent earnings report revealed an EPS of $4.09, exceeding analyst expectations, and revenue growth of 22.4% year-over-year.
• Several analysts raised their target prices for ServiceNow shares, with Needham & Company increasing its target from $1,050 to $1,200, indicating a strong market outlook.

Insight Holdings Group LLC lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 78.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,900 shares of the information technology services provider's stock after selling 24,900 shares during the quarter. ServiceNow accounts for about 0.4% of Insight Holdings Group LLC's investment portfolio, making the stock its 15th largest holding. Insight Holdings Group LLC's holdings in ServiceNow were worth $5,493,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of NOW. Brighton Jones LLC grew its position in ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after acquiring an additional 30 shares in the last quarter. Cary Street Partners Financial LLC purchased a new position in shares of ServiceNow during the 4th quarter valued at approximately $625,000. Centiva Capital LP boosted its stake in shares of ServiceNow by 1,300.0% during the 4th quarter. Centiva Capital LP now owns 1,680 shares of the information technology services provider's stock valued at $1,781,000 after buying an additional 1,560 shares during the last quarter. Corton Capital Inc. purchased a new position in shares of ServiceNow during the 4th quarter valued at approximately $214,000. Finally, CoreCap Advisors LLC boosted its stake in shares of ServiceNow by 142.0% during the 4th quarter. CoreCap Advisors LLC now owns 1,256 shares of the information technology services provider's stock valued at $1,332,000 after buying an additional 737 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NOW opened at $898.50 on Friday. The firm has a market capitalization of $186.89 billion, a price-to-earnings ratio of 113.16, a price-to-earnings-growth ratio of 4.15 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 one year low of $678.66 and a one year high of $1,198.09. The stock's fifty day moving average is $938.99 and its 200-day moving average is $923.52.

ServiceNow (NYSE:NOW - Get Free Report) last released its 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 firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow's revenue was up 22.4% compared to the same quarter last year. During the same period in the previous year, the company earned $3.13 earnings per share. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on NOW. Needham & Company LLC increased their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Oppenheimer reiterated an "outperform" rating and set a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Barclays set a $1,210.00 target price on ServiceNow in a research note on Thursday, July 24th. BMO Capital Markets raised their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Erste Group Bank restated a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's 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 $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares in the company, valued at approximately $2,599,350. The trade was a 36.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anita M. Sands sold 1,097 shares of the business's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the sale, the director owned 9,307 shares of the company's stock, valued at approximately $8,516,928.77. This trade represents a 10.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,976 shares of company stock worth $17,049,775. Corporate insiders own 0.38% of the company's stock.

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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