ServiceNow, Inc. $NOW Shares Sold by SG Americas Securities LLC

Key Points

• SG Americas Securities LLC cut its ServiceNow stake by 62.4% in the first quarter, selling more than 1.1 million shares and leaving it with 679,699 shares valued at about $71.1 million.
• Wall Street remains broadly positive on ServiceNow despite some lowered price targets, with 35 Buy ratings, one Strong Buy, five Holds, and one Sell; the consensus target price is $142.17.
• ServiceNow’s latest results showed Q1 EPS of $0.97, matching expectations, while revenue of $3.77 billion beat estimates and rose 22.1% year over year. The stock was down 2.2% to $92.96 in Tuesday trading.

SG Americas Securities LLC reduced its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 62.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 679,699 shares of the information technology services provider's stock after selling 1,125,768 shares during the quarter. SG Americas Securities LLC owned 0.07% of ServiceNow worth $71,063,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC raised its stake in shares of ServiceNow by 1.1% in the 4th 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 in the last quarter. Sivia Capital Partners LLC increased its holdings in ServiceNow by 4.2% in the second quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider's stock valued at $861,000 after buying an additional 34 shares during the last quarter. United Bank increased its holdings in ServiceNow by 15.5% in the second quarter. United Bank now owns 1,519 shares of the information technology services provider's stock valued at $1,562,000 after buying an additional 204 shares during the last quarter. Riggs Asset Managment Co. Inc. raised its stake in ServiceNow by 2.2% during the second quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider's stock valued at $1,976,000 after buying an additional 42 shares in the last quarter. Finally, Nebula Research & Development LLC raised its stake in ServiceNow by 205.1% during the second quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider's stock valued at $931,000 after buying an additional 609 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on NOW shares. Deutsche Bank Aktiengesellschaft decreased their target price on ServiceNow from $180.00 to $135.00 and set a "buy" rating for the company in a research report on Thursday, April 16th. Cantor Fitzgerald set a $130.00 price target on ServiceNow in a research report on Monday, June 15th. Citic Securities reduced their price objective on ServiceNow from $168.00 to $140.00 and set a "buy" rating on the stock in a research note on Thursday, May 21st. Evercore lifted their price objective on shares of ServiceNow from $140.00 to $150.00 and gave the stock an "outperform" rating in a report on Tuesday, May 5th. Finally, Wolfe Research set a $125.00 target price on shares of ServiceNow in a research note on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $142.17.

ServiceNow Stock Down 2.2%

NOW stock opened at $92.96 on Tuesday. The stock has a market cap of $95.84 billion, a PE ratio of 55.40, a price-to-earnings-growth ratio of 1.58 and a beta of 0.94. The firm's 50-day simple moving average is $99.62 and its 200 day simple moving average is $116.97. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $211.48. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The firm had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.75 billion. During the same period in the previous year, the business posted $0.81 EPS. ServiceNow's revenue was up 22.1% on a year-over-year basis. As a group, sell-side analysts predict that ServiceNow, Inc. will post 2.34 EPS for the current year.

Insiders Place Their Bets

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the business's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the completion of the transaction, the director owned 44,930 shares in the company, valued at approximately $3,919,243.90. The trade was a 3.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jacqueline P. Canney sold 8,927 shares of the stock in a transaction on Friday, April 24th. The stock was sold at an average price of $89.60, for a total value of $799,859.20. Following the completion of the transaction, the insider directly owned 29,531 shares of the company's stock, valued at approximately $2,645,977.60. The trade was a 23.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 28,071 shares of company stock valued at $2,529,956. Corporate insiders own 0.34% of the company's stock.

About ServiceNow

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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