Benjamin Edwards Inc. Cuts Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Benjamin Edwards Inc. reduced its holdings in ServiceNow by 5.6%, owning 9,540 shares valued at approximately $7.6 million after selling 563 shares in Q1.
• The company reported a quarterly EPS of $4.09, exceeding analyst estimates of $3.57, and achieved a revenue of $3.22 billion, up 22.4% year-over-year.
• ServiceNow's stock has a current price of $871.70, with a one-year high of $1,198.09 and a market capitalization of $181.31 billion.

Benjamin Edwards Inc. lowered its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,540 shares of the information technology services provider's stock after selling 563 shares during the quarter. Benjamin Edwards Inc.'s holdings in ServiceNow were worth $7,596,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in NOW. GAMMA Investing LLC lifted its holdings in shares of ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after purchasing an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after purchasing an additional 840,731 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after purchasing an additional 509,467 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of ServiceNow by 36.7% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock worth $1,940,464,000 after acquiring an additional 491,861 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on NOW shares. BMO Capital Markets raised their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Robert W. Baird raised their price objective on ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Raymond James Financial raised their price objective on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Needham & Company LLC raised their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, Wells Fargo & Company raised their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity at ServiceNow

In other news, Director Lawrence Jackson sold 757 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total value of $749,808.50. Following the completion of the sale, the director directly owned 588 shares of the company's stock, valued at $582,414. This trade represents a 56.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Gina Mastantuono sold 292 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $878.39, for a total value of $256,489.88. Following the completion of the sale, the chief financial officer directly owned 11,551 shares of the company's stock, valued at $10,146,282.89. The trade was a 2.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,799 shares of company stock valued at $5,800,903 in the last 90 days. 0.38% of the stock is currently owned by insiders.

ServiceNow Price Performance

Shares of NYSE NOW traded down $16.56 during mid-day trading on Monday, reaching $855.95. The company's stock had a trading volume of 2,368,911 shares, compared to its average volume of 1,652,977. The firm has a market capitalization of $178.04 billion, a PE ratio of 107.80, a P/E/G ratio of 3.93 and a beta of 0.93. 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 stock has a fifty day moving average of $979.82 and a two-hundred day moving average of $940.29. 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 released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion during 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 business's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.13 earnings per share. As a group, sell-side analysts anticipate 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.