Voleon Capital Management LP Sells 2,747 Shares of ServiceNow, Inc. $NOW

Key Points

• Voleon Capital Management LP has reduced its holdings in ServiceNow, Inc. by 33.5%, selling 2,747 shares and holding 5,445 shares worth $4.33 million at the end of the first quarter.
• Institutional investors own 87.18% of ServiceNow's stock, with Vanguard Group and GAMMA Investing significantly increasing their positions during the same period.
• ServiceNow reported a 22.4% year-over-year revenue increase in its latest earnings, with earnings per share (EPS) of $4.09, beating analyst estimates.

Voleon Capital Management LP decreased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 33.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,445 shares of the information technology services provider's stock after selling 2,747 shares during the quarter. Voleon Capital Management LP's holdings in ServiceNow were worth $4,335,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in ServiceNow by 1.6% during the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after acquiring an additional 297,734 shares in the last quarter. GAMMA Investing LLC raised its holdings in ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of ServiceNow by 3.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock worth $2,814,433,000 after purchasing an additional 87,876 shares during the period. Nuveen Asset Management LLC boosted its position in shares of ServiceNow by 4.9% during the fourth quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider's stock worth $2,484,752,000 after acquiring an additional 109,293 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of ServiceNow during the first quarter worth $1,817,535,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Trading Down 0.5%

NYSE NOW traded down $4.87 during mid-day trading on Tuesday, hitting $934.46. The company's stock had a trading volume of 1,195,902 shares, compared to its average volume of 1,734,947. The firm has a market capitalization of $194.37 billion, a P/E ratio of 117.69, a price-to-earnings-growth ratio of 4.24 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The stock's fifty day simple moving average is $935.00 and its two-hundred day simple moving average is $922.21.

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 (EPS) for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm posted $3.13 earnings per share. The business's quarterly revenue was up 22.4% on a year-over-year basis. Research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Paul Fipps sold 1,452 shares of the business's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the sale, the insider owned 457 shares in the company, valued at approximately $409,037.85. The trade was a 76.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the sale, the chief executive officer directly owned 6,614 shares of the company's stock, valued at $6,062,590.82. The trade was a 46.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock valued at $17,049,775 in the last quarter. 0.38% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Piper Sandler raised their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Cantor Fitzgerald restated an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a report on Thursday, July 24th. Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Finally, 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. 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

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.