Mediolanum International Funds Ltd Sells 1,338 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Mediolanum International Funds Ltd reduced its stake in ServiceNow by 4.3% in the first quarter, now holding 29,733 shares valued at approximately $23.7 million.
• ServiceNow's stock received multiple upgrades from analysts, with Jefferies Financial Group raising its price target from $1,025 to $1,150 and designating the stock as a "buy."
• During its last earnings report, ServiceNow reported an EPS of $4.09, exceeding estimates and reflecting a 22.4% year-over-year revenue growth.

Mediolanum International Funds Ltd lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,733 shares of the information technology services provider's stock after selling 1,338 shares during the period. Mediolanum International Funds Ltd's holdings in ServiceNow were worth $23,720,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. GAMMA Investing LLC grew its position in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after buying an additional 2,686,291 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its holdings 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 acquiring an additional 877,875 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of 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 valued at $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 stake in shares of 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 valued at $1,940,464,000 after purchasing an additional 491,861 shares during the last quarter. Finally, Sustainable Growth Advisers LP lifted its stake in shares of ServiceNow by 96.7% in the 1st quarter. Sustainable Growth Advisers LP now owns 723,457 shares of the information technology services provider's stock valued at $575,973,000 after purchasing an additional 355,629 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Down 1.0%

Shares of NOW stock traded down $9.59 on Wednesday, hitting $983.62. The stock had a trading volume of 380,956 shares, compared to its average volume of 1,683,125. The stock has a market cap of $204.59 billion, a price-to-earnings ratio of 123.88, a price-to-earnings-growth ratio of 4.44 and a beta of 0.94. The business has a 50 day moving average of $998.96 and a 200 day moving average of $951.86. 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, Inc. has a 12-month low of $678.66 and a 12-month 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 EPS for the quarter, beating 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 business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the firm earned $3.13 earnings per share. The company's revenue was up 22.4% compared to the same quarter last year. As a group, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 2,050 shares of the firm's 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 value of $2,074,620.50. Following the sale, the chief executive officer directly owned 6,614 shares of the company's stock, valued at $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Anita M. Sands sold 239 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the transaction, the director owned 10,404 shares in the company, valued at $10,924,200. The trade was a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,233 shares of company stock valued at $5,297,758. Company insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

NOW has been the subject of a number of research analyst reports. The Goldman Sachs Group reissued a "buy" rating on shares of ServiceNow in a research report on Thursday, April 24th. Needham & Company LLC upped their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Oppenheimer restated an "outperform" rating and issued a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Wall Street Zen upgraded shares of ServiceNow from a "hold" rating to a "buy" rating in a report on Tuesday. Finally, Guggenheim reiterated a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a report on Thursday, July 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, ServiceNow has a consensus 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.