ServiceNow, Inc. $NOW Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC reduced its holdings in ServiceNow, Inc. by 21.8%, selling 17,060 shares and leaving them with 61,070 shares worth approximately $48.62 million.
• ServiceNow received positive upgrades from multiple analysts, with target prices raised to as high as $1,250.00 and a consensus rating of "Moderate Buy".
• Insiders, including CEO William R. McDermott and Paul Fipps, sold shares recently, indicating a 11.30% and a 76.06% decrease in their respective positions.

Rafferty Asset Management LLC lessened its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 21.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 61,070 shares of the information technology services provider's stock after selling 17,060 shares during the quarter. Rafferty Asset Management LLC's holdings in ServiceNow were worth $48,620,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Brighton Jones LLC boosted its stake in shares of ServiceNow by 1.1% during 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 purchasing an additional 30 shares during the period. Quarry LP bought a new position in ServiceNow during the 4th quarter worth about $27,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in ServiceNow during the 4th quarter valued at about $642,000. Insight Holdings Group LLC raised its stake in ServiceNow by 759.5% in the fourth quarter. Insight Holdings Group LLC now owns 31,800 shares of the information technology services provider's stock worth $33,712,000 after buying an additional 28,100 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of ServiceNow by 3.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 184,745 shares of the information technology services provider's stock worth $195,860,000 after acquiring an additional 6,232 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 1,562 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the transaction, the insider owned 3,027 shares in the company, valued at $2,622,744.15. This represents a 34.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William R. Mcdermott sold 1,585 shares of the firm's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $900.00, for a total transaction of $1,426,500.00. Following the completion of the transaction, the chief executive officer directly owned 12,439 shares in the company, valued at $11,195,100. This represents a 11.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,668 shares of company stock worth $14,373,737 in the last ninety days. Company insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Mizuho lifted their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Raymond James Financial raised their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. DA Davidson upped their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Bank of America increased their price objective on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. One 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 company. Based on data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Stock Performance

NYSE:NOW traded up $40.82 during midday trading on Thursday, hitting $928.80. The company's stock had a trading volume of 3,042,967 shares, compared to its average volume of 1,869,002. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm's 50 day moving average is $947.94 and its 200-day moving average is $926.80. 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 firm has a market cap of $193.19 billion, a P/E ratio of 103.13, a P/E/G ratio of 4.01 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data 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 return on equity of 18.04% and a net margin of 13.78%.The business had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the previous year, the firm posted $3.13 EPS. The company's revenue for the quarter was up 22.4% on a year-over-year basis. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal 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.