ServiceNow, Inc. $NOW Stock Holdings Lessened by Ameriprise Financial Inc.

Key Points

• Ameriprise Financial Inc. reduced its holdings in ServiceNow, Inc. by 8.0%, ending the 1st quarter with approximately $765.98 million worth of shares.
• Multiple analysts have upgraded ServiceNow, raising target prices, with Wells Fargo increasing theirs from $1,150.00 to $1,225.00, and Needham boosting theirs from $1,050.00 to $1,200.00.
• Insider selling has been notable, with Vice Chairman Nicholas Tzitzon and another insider each selling over 1,500 shares recently, indicating a significant decrease in their ownership stakes.

Ameriprise Financial Inc. lessened its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 965,565 shares of the information technology services provider's stock after selling 83,467 shares during the period. Ameriprise Financial Inc. owned about 0.47% of ServiceNow worth $765,975,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Brighton Jones LLC boosted its holdings in ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after acquiring an additional 30 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after purchasing an additional 509,467 shares in the last quarter. Pinebridge Investments L.P. boosted its position in shares of ServiceNow by 15.0% during the fourth quarter. Pinebridge Investments L.P. now owns 86,749 shares of the information technology services provider's stock worth $91,964,000 after purchasing an additional 11,306 shares in the last quarter. Brasada Capital Management LP boosted its position in shares of ServiceNow by 3.4% during the fourth quarter. Brasada Capital Management LP now owns 4,139 shares of the information technology services provider's stock worth $4,204,000 after purchasing an additional 135 shares in the last quarter. Finally, CSM Advisors LLC bought a new position in shares of ServiceNow during the fourth quarter worth $224,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of ServiceNow from a "hold" rating to a "buy" rating in a research note on Tuesday, July 29th. Wells Fargo & Company lifted their target price on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Needham & Company LLC boosted their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Raymond James Financial boosted their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, Oppenheimer restated an "outperform" rating and issued a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Buying and Selling at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction that occurred 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 transaction, the insider directly owned 3,000 shares in the company, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the transaction, the insider owned 3,027 shares of the company's stock, valued at $2,622,744.15. This trade represents a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,361 shares of company stock valued at $10,579,976 in the last three months. 0.38% of the stock is owned by corporate insiders.

ServiceNow Stock Up 0.5%

Shares of NYSE NOW opened at $891.2530 on Thursday. The firm has a market cap of $185.38 billion, a PE ratio of 112.25, a P/E/G ratio of 4.00 and a beta of 0.93. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company's fifty day simple moving average is $959.60 and its 200 day simple moving average is $931.56. 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 released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business's revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.13 earnings per share. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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.

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