ServiceNow, Inc. $NOW Shares Sold by Qtron Investments LLC

Key Points

• Qtron Investments LLC reduced its stake in ServiceNow, Inc. by 29.6%, selling 836 shares and holding 1,992 shares worth approximately $1,586,000 as of the most recent quarter.
• Several analysts recently adjusted their price targets for ServiceNow, with Bank of America increasing their target to $1,200.00, while JPMorgan lowered theirs to $970.00.
• ServiceNow reported $4.09 earnings per share for the last quarter, exceeding analyst estimates of $3.57, with revenue of $3.22 billion, up 22.4% year-over-year.

Qtron Investments LLC lowered its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 29.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,992 shares of the information technology services provider's stock after selling 836 shares during the period. Qtron Investments LLC's holdings in ServiceNow were worth $1,586,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of NOW. Brighton Jones LLC raised its position 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 acquiring an additional 30 shares during the period. Forum Financial Management LP raised its position in shares of ServiceNow by 52.7% in the fourth quarter. Forum Financial Management LP now owns 806 shares of the information technology services provider's stock worth $855,000 after acquiring an additional 278 shares during the period. Dimensional Fund Advisors LP raised its position in shares of ServiceNow by 3.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 287,180 shares of the information technology services provider's stock worth $304,454,000 after acquiring an additional 9,748 shares during the period. Curi RMB Capital LLC raised its position in shares of ServiceNow by 19.1% in the fourth quarter. Curi RMB Capital LLC now owns 1,525 shares of the information technology services provider's stock worth $1,617,000 after acquiring an additional 245 shares during the period. Finally, Coastline Trust Co raised its position in shares of ServiceNow by 286.7% in the fourth quarter. Coastline Trust Co now owns 58 shares of the information technology services provider's stock worth $61,000 after acquiring an additional 43 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on NOW. Raymond James Financial upped their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. UBS Group reduced their price target on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research report on Thursday, July 24th. JPMorgan Chase & Co. reduced their price target on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Bank of America upped their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Scotiabank set a $1,100.00 price target on shares of ServiceNow and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the transaction, the insider owned 3,000 shares of the company's stock, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Gina Mastantuono sold 292 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $878.39, for a total transaction of $256,489.88. Following the transaction, the chief financial officer directly owned 11,551 shares of the company's stock, valued at $10,146,282.89. The trade was a 2.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,738 shares of company stock worth $5,713,973 in the last three months. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Stock Performance

NYSE:NOW opened at $866.89 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market capitalization of $180.31 billion, a P/E ratio of 109.18, a PEG ratio of 3.91 and a beta of 0.93. The company has a 50 day moving average price of $967.03 and a 200 day moving average price of $933.05. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter last year, the company posted $3.13 EPS. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current 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.

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