ServiceNow, Inc. $NOW Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in ServiceNow, Inc. by 29.2%, selling 864,337 shares, and currently holds 1.01% of the company worth approximately $1.67 billion.
• ServiceNow reported strong earnings, with $4.09 EPS, surpassing estimates of $3.57, and a revenue increase of 22.4% year-over-year, totaling $3.22 billion.
• Multiple analysts have upgraded their target price for ServiceNow, with Piper Sandler raising it from $1,120 to $1,150, while UBS Group decreased theirs from $1,125 to $1,100.

Wellington Management Group LLP cut its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 29.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,091,279 shares of the information technology services provider's stock after selling 864,337 shares during the period. Wellington Management Group LLP owned 1.01% of ServiceNow worth $1,664,951,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Edgemoor Investment Advisors Inc. grew its position in ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after buying an additional 11 shares during the last quarter. Integrated Investment Consultants LLC raised its holdings in ServiceNow by 2.5% during the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after purchasing an additional 11 shares in the last quarter. one8zero8 LLC raised its holdings in ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after purchasing an additional 11 shares in the last quarter. Capital Investment Advisory Services LLC raised its holdings in ServiceNow by 2.1% during the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after purchasing an additional 12 shares in the last quarter. Finally, Argent Trust Co raised its holdings in ServiceNow by 0.4% during the first quarter. Argent Trust Co now owns 3,363 shares of the information technology services provider's stock worth $2,677,000 after purchasing an additional 12 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Up 1.9%

Shares of NOW opened at $866.89 on Monday. The firm has a market cap of $180.31 billion, a PE ratio of 109.18, a price-to-earnings-growth ratio of 3.91 and a beta of 0.93. The company's fifty day moving average is $967.03 and its two-hundred day moving average is $933.05. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share 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 business earned $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. Analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 2,050 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the transaction, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lawrence Jackson sold 757 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total transaction of $749,808.50. Following the completion of the transaction, the director owned 588 shares in the company, valued at $582,414. The trade was a 56.28% 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 valued at $5,713,973 in the last three months. 0.38% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on NOW. Piper Sandler boosted their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Oppenheimer restated an "outperform" rating and set a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and boosted their target price for the stock from $950.00 to $1,200.00 in a research report on Thursday, May 1st. BMO Capital Markets boosted their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Finally, UBS Group decreased their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research report on Thursday, July 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow 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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