ServiceNow, Inc. $NOW Shares Sold by UMB Bank n.a.

Key Points

• UMB Bank n.a. reduced its holdings in ServiceNow, Inc. by 40.3%, selling 5,308 shares in the second quarter, leaving it with 7,866 shares valued at approximately $8.1 million.
• ServiceNow reported a 22.4% year-over-year revenue increase, earning $4.09 EPS in the latest quarter, which surpassed analysts' expectations of $3.57 EPS.
• Analysts have given ServiceNow a consensus rating of "Moderate Buy", with a target price averaging $1,115.20 following several upgrades in July.

UMB Bank n.a. lowered its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 40.3% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 7,866 shares of the information technology services provider's stock after selling 5,308 shares during the period. UMB Bank n.a.'s holdings in ServiceNow were worth $8,087,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bogart Wealth LLC lifted its holdings in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new position in shares of ServiceNow during the 1st quarter worth $26,000. WASHINGTON TRUST Co raised its holdings in shares of ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after acquiring an additional 31 shares during the period. Global X Japan Co. Ltd. purchased a new position in shares of ServiceNow during the 2nd quarter worth $30,000. Finally, Dagco Inc. purchased a new stake in ServiceNow in the 1st quarter valued at about $33,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the transaction, the insider owned 3,000 shares of the company's stock, valued at $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 1,562 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,353,394.90. Following the transaction, the insider directly owned 3,027 shares in the company, valued at $2,622,744.15. This represents a 34.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock valued at $17,049,775 over the last three months. 0.38% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

NOW has been the topic of several research analyst reports. UBS Group reduced their price objective on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a report on Thursday, July 24th. JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research report on Monday, August 4th. Piper Sandler lifted their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Guggenheim reaffirmed a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a research report on Thursday, July 17th. Finally, Bank of America lifted their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Stock Performance

Shares of ServiceNow stock traded up $15.47 during trading hours on Friday, hitting $963.21. 2,806,372 shares of the company were exchanged, compared to its average volume of 1,502,164. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $922.60 and a 200-day moving average of $923.83. The stock has a market capitalization of $200.35 billion, a price-to-earnings ratio of 121.31, a P/E/G ratio of 4.33 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping 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 prior year, the business earned $3.13 earnings per share. The company's quarterly revenue was up 22.4% compared to the same quarter last year. As a group, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.