Praesidium Investment Management Company LLC Sells 5,530 Shares of ServiceNow, Inc. $NOW

Key Points

• Praesidium Investment Management Company LLC has reduced its stake in ServiceNow, Inc. by 6.6% in the first quarter, now holding 78,620 shares valued at approximately $62.6 million.
• ServiceNow's CEO, William R. Mcdermott, sold 1,585 shares for about $1.43 million, indicating a 11.30% decrease in his ownership position.
• The stock has received a consensus rating of Moderate Buy from analysts, with an average target price of $1,115.20.

Praesidium Investment Management Company LLC lowered its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 78,620 shares of the information technology services provider's stock after selling 5,530 shares during the period. ServiceNow comprises 11.7% of Praesidium Investment Management Company LLC's portfolio, making the stock its 2nd largest position. Praesidium Investment Management Company LLC's holdings in ServiceNow were worth $62,593,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NOW. Bogart Wealth LLC raised its stake in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new stake in ServiceNow during the first quarter valued at approximately $26,000. Quarry LP acquired a new stake in ServiceNow during the fourth quarter valued at approximately $27,000. WASHINGTON TRUST Co raised its stake in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after buying an additional 31 shares in the last quarter. Finally, Dagco Inc. acquired a new stake in ServiceNow during the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on NOW. Scotiabank set a $1,100.00 price objective on ServiceNow and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Citigroup increased their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Piper Sandler increased their price target on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. DA Davidson increased their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Wall Street Zen lowered ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Buying and Selling

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction 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 completion of the sale, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Fipps sold 1,452 shares of the stock in a transaction on Wednesday, August 20th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is currently owned by company insiders.

ServiceNow Stock Down 2.3%

Shares of NOW traded down $20.88 during mid-day trading on Thursday, reaching $898.50. The company's stock had a trading volume of 1,348,665 shares, compared to its average volume of 1,711,520. The business has a fifty day moving average of $941.28 and a 200 day moving average of $924.12. The company has a market cap of $186.89 billion, a price-to-earnings ratio of 113.16, a price-to-earnings-growth ratio of 4.14 and a beta of 0.91. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

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, beating analysts' consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion during 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%.The company's revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.13 earnings per share. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow 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.