Acadian Asset Management LLC Cuts Position in ServiceNow, Inc. $NOW

Key Points

• Acadian Asset Management LLC has reduced its stake in ServiceNow, Inc. by 30.2%, selling 87,189 shares and now holding approximately 0.10% of the company's stock valued at $160.61 million.
• CEO William R. Mcdermott and Director Anita M. Sands have sold significant amounts of ServiceNow stock, with Mcdermott reducing his holding by 46.83% and Sands by 10.54% through their recent transactions.
• Despite some insider selling, ServiceNow has received a range of analyst ratings, with Needham & Company increasing its price target to $1,200 and JMP Securities issuing a target of $1,300.

Acadian Asset Management LLC decreased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 30.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 201,765 shares of the information technology services provider's stock after selling 87,189 shares during the quarter. Acadian Asset Management LLC owned approximately 0.10% of ServiceNow worth $160,610,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of NOW. Bogart Wealth LLC boosted its holdings in shares of ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new stake in shares of ServiceNow during the 1st quarter valued at $26,000. WASHINGTON TRUST Co boosted 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 valued at $29,000 after acquiring an additional 31 shares in the last quarter. Dagco Inc. acquired a new stake in shares of ServiceNow during the 1st quarter valued at $33,000. Finally, Heck Capital Advisors LLC acquired a new position in ServiceNow during the 4th quarter worth about $37,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Insiders Place Their Bets

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares of the company's stock, valued at $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock worth $17,049,775 in the last three months. 0.38% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on NOW shares. Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a report on Thursday, July 24th. Wall Street Zen downgraded ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Wells Fargo & Company lifted their target price on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, Raymond James Financial lifted their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Down 0.9%

Shares of NYSE NOW traded down $8.24 during mid-day trading on Friday, reaching $930.04. 711,066 shares of the company's stock traded hands, compared to its average volume of 1,699,172. 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 business has a 50-day simple moving average of $929.66 and a 200 day simple moving average of $922.41. The stock has a market cap of $193.45 billion, a P/E ratio of 117.13, a PEG ratio of 4.17 and a beta of 0.91. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.13 EPS. On average, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.