Stevens Capital Management LP Buys 275 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Stevens Capital Management LP increased its holdings in ServiceNow by 95.5%, owning 563 shares worth $448,000 as of its latest filing with the SEC.
• Insider transactions showed significant sales, with Director Jonathan Chadwick selling 770 shares and CEO William R. McDermott selling 2,050 shares, both reducing their stakes in the company.
• ServiceNow's recent quarterly earnings surpassed expectations, reporting earnings of $4.09 per share and $3.22 billion in revenue, which was a 22.4% increase year-over-year.

Stevens Capital Management LP boosted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 95.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 563 shares of the information technology services provider's stock after buying an additional 275 shares during the period. Stevens Capital Management LP's holdings in ServiceNow were worth $448,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in NOW. Janus Henderson Group PLC increased its stake in ServiceNow by 1.5% in the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after purchasing an additional 12,533 shares during the last quarter. FMR LLC boosted its holdings in ServiceNow by 4.9% in the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after purchasing an additional 272,506 shares during the last quarter. Parr Mcknight Wealth Management Group LLC purchased a new position in ServiceNow in the first quarter valued at about $1,820,000. Nicholas Investment Partners LP lifted its holdings in ServiceNow by 223.5% during the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock worth $2,974,000 after buying an additional 1,938 shares during the last quarter. Finally, OMNI 360 Wealth Inc. bought a new position in ServiceNow during the 1st quarter worth approximately $285,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow 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 transaction of $2,074,620.50. Following the sale, the chief executive officer owned 6,614 shares in the company, valued at $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 145 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $147,900.00. Following the sale, the insider directly owned 3,027 shares of the company's stock, valued at approximately $3,087,540. The trade was a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,233 shares of company stock valued at $5,297,758. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Price Performance

Shares of NOW traded down $10.17 during trading hours on Wednesday, reaching $983.04. The company had a trading volume of 313,141 shares, compared to its average volume of 1,682,422. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a 50 day simple moving average of $998.96 and a 200-day simple moving average of $951.86. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a market capitalization of $204.47 billion, a price-to-earnings ratio of 123.81, a PEG ratio of 4.44 and a beta of 0.94.

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, topping the consensus estimate 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 analysts' expectations of $3.12 billion. During the same period last year, the company earned $3.13 EPS. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. Research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and raised their target price for the company from $950.00 to $1,200.00 in a research report on Thursday, May 1st. TD Securities restated a "buy" rating and set a $1,100.00 target price on shares of ServiceNow in a report on Thursday, April 24th. Evercore ISI lifted their target price on ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. FBN Securities upgraded shares of ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Finally, Canaccord Genuity Group dropped their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average 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.