ServiceNow, Inc. (NYSE:NOW) Stock Position Cut by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd reduced its stake in ServiceNow, Inc. by 57.4% during the first quarter, resulting in holdings worth approximately $2.05 million.
• Multiple analysts have increased their price targets for ServiceNow, with updates suggesting target prices between $1,100.00 and $1,200.00, while maintaining a consensus rating of "Moderate Buy."
• ServiceNow reported a quarterly earnings per share (EPS) of $4.09, exceeding estimates by $0.52 and demonstrating a 22.4% year-over-year revenue growth.

Harvest Fund Management Co. Ltd reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 57.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,579 shares of the information technology services provider's stock after selling 3,482 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in ServiceNow were worth $2,054,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of NOW. GAMMA Investing LLC increased its stake in 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 grew its stake in shares of ServiceNow by 1,586.5% in 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 buying an additional 877,875 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in ServiceNow by 6.8% in the 4th 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 during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in ServiceNow by 36.7% in 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 purchasing an additional 491,861 shares during the last quarter. Finally, Sustainable Growth Advisers LP lifted its holdings in shares of ServiceNow by 96.7% during the first quarter. Sustainable Growth Advisers LP now owns 723,457 shares of the information technology services provider's stock worth $575,973,000 after buying an additional 355,629 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on NOW. Oppenheimer reiterated an "outperform" rating and set a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. UBS Group cut their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research note on Thursday, July 24th. Wall Street Zen upgraded ServiceNow from a "hold" rating to a "buy" rating in a research note on Tuesday. Robert W. Baird upped their target price on ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Finally, Barclays set a $1,210.00 target price on ServiceNow in a research note on Thursday, July 24th. One research 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, ServiceNow presently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Buying and Selling

In other news, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at $3,060,000. The trade was a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,990 shares of company stock valued at $6,047,567 in the last ninety days. Company insiders own 0.38% of the company's stock.

ServiceNow Stock Performance

Shares of NYSE:NOW traded down $34.65 during midday trading on Thursday, hitting $942.84. The company had a trading volume of 2,122,595 shares, compared to its average volume of 1,486,271. The company has a fifty day moving average of $996.72 and a two-hundred day moving average of $951.56. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a market cap of $196.11 billion, a price-to-earnings ratio of 118.75, a PEG ratio of 4.40 and a beta of 0.94. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data 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 net margin of 13.78% and a return on equity of 18.04%. ServiceNow's revenue was up 22.4% compared to the same quarter last year. During the same period last year, the company posted $3.13 earnings per share. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.