Ithaka Group LLC Sells 2,130 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Ithaka Group LLC reduced its stake in ServiceNow, Inc. by 4.9%, holding 41,471 shares valued at $33 million.
• ServiceNow's quarterly earnings report showed an EPS of $4.09, surpassing expectations by $0.52, with revenues reaching $3.22 billion.
• Analysts have issued a consensus rating of "Moderate Buy", with target prices varying from $1,115.20 to $1,300.00.

Ithaka Group LLC cut its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41,471 shares of the information technology services provider's stock after selling 2,130 shares during the quarter. ServiceNow comprises approximately 6.7% of Ithaka Group LLC's investment portfolio, making the stock its 4th biggest position. Ithaka Group LLC's holdings in ServiceNow were worth $33,017,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Quarry LP purchased a new position in ServiceNow during the fourth quarter worth about $27,000. Bogart Wealth LLC increased 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 worth $25,000 after buying an additional 17 shares during the last quarter. Graybill Wealth Management LTD. acquired a new stake in shares of ServiceNow during the 1st quarter worth approximately $26,000. Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow during the 4th quarter valued at approximately $37,000. Finally, WASHINGTON TRUST Co lifted its holdings in ServiceNow by 620.0% in the first 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 during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 239 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director owned 10,404 shares of the company's stock, valued at approximately $10,924,200. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the sale, the insider owned 3,000 shares of the company's stock, valued at $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,990 shares of company stock worth $6,047,567. 0.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NOW. Raymond James Financial raised their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Royal Bank Of Canada raised their price objective on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Citigroup upped their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Robert W. Baird increased their target price on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Trading Up 0.7%

Shares of NOW stock traded up $5.95 during mid-day trading on Wednesday, hitting $911.07. 1,067,691 shares of the company's stock were exchanged, compared to its average volume of 1,630,136. The stock has a market cap of $189.50 billion, a price-to-earnings ratio of 114.74, a PEG ratio of 4.08 and a beta of 0.93. 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, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The stock has a 50-day simple moving average of $990.76 and a two-hundred day simple moving average of $947.93.

ServiceNow (NYSE:NOW - Get Free Report) last announced 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 business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company's revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the firm posted $3.13 EPS. Equities analysts expect that ServiceNow, Inc. will post 8.93 EPS 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.