ABC Arbitrage SA Increases Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• ABC Arbitrage SA increased its holdings in ServiceNow, Inc. by 49.3% in the first quarter, bringing its total assets in ServiceNow to approximately $1.56 million.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding analysts' expectations by $0.52, with a revenue of $3.22 billion, which was also above estimates.
• Insider transactions included Director Anita M. Sands and CEO William R. McDermott selling shares, with McDermott's sale representing a 23.66% decrease in his ownership of the company.

ABC Arbitrage SA increased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 49.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,965 shares of the information technology services provider's stock after purchasing an additional 649 shares during the period. ABC Arbitrage SA's holdings in ServiceNow were worth $1,564,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after buying an additional 30 shares in the last quarter. Smith Moore & CO. bought a new stake in ServiceNow during the 4th quarter worth approximately $209,000. Dynamic Technology Lab Private Ltd purchased a new stake in ServiceNow in the 4th quarter worth approximately $518,000. Titleist Asset Management LLC bought a new position in ServiceNow in the 4th quarter valued at $803,000. Finally, Sepio Capital LP grew its position in shares of ServiceNow by 3.8% during the 4th quarter. Sepio Capital LP now owns 359 shares of the information technology services provider's stock valued at $381,000 after purchasing an additional 13 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Analysts Set New Price Targets

NOW has been the topic of several research analyst reports. Mizuho upped their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Bank of America upped their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Barclays set a $1,210.00 price target on ServiceNow in a research report on Thursday, July 24th. Wells Fargo & Company upped their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, UBS Group lowered 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 note on Thursday, July 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insiders Place Their Bets

In related news, CFO Gina Mastantuono sold 292 shares of ServiceNow stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total transaction of $287,620.00. Following the transaction, the chief financial officer owned 11,198 shares in the company, valued at approximately $11,030,030. This trade represents a 2.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Lawrence Jackson sold 757 shares of the company's stock in a transaction dated 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 directly 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. In the last 90 days, insiders have sold 5,990 shares of company stock valued at $6,047,567. Insiders own 0.38% of the company's stock.

ServiceNow Trading Up 0.7%

Shares of NOW stock traded up $5.95 on Wednesday, reaching $911.07. 1,067,691 shares of the company's stock were exchanged, compared to its average volume of 1,630,136. 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 stock has a market capitalization of $189.50 billion, a PE ratio of 114.74, a P/E/G ratio of 4.08 and a beta of 0.93. The company's fifty day simple moving average is $990.76 and its 200 day simple moving average is $947.93. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the company posted $3.13 EPS. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current 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.