ServiceNow, Inc. (NYSE:NOW) Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its stake in ServiceNow, Inc. by 18.6%, selling 55,307 shares in the first quarter.
• ServiceNow reported $4.09 earnings per share, exceeding estimates, with a revenue of $3.22 billion for the quarter, reflecting a 22.4% year-over-year increase.
• Research firms have given ServiceNow an average rating of "Moderate Buy" with a target price around $1,114.87, highlighting strong analyst interest.

TD Asset Management Inc trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 18.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 242,097 shares of the information technology services provider's stock after selling 55,307 shares during the quarter. TD Asset Management Inc owned about 0.12% of ServiceNow worth $192,743,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of NOW. GAMMA Investing LLC lifted its position in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after buying an additional 2,686,291 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of ServiceNow by 1,586.5% during the first 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 during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of ServiceNow by 6.8% during the fourth 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 buying an additional 509,467 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake 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 in the last quarter. Finally, Sustainable Growth Advisers LP boosted its stake in 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 worth $575,973,000 after purchasing an additional 355,629 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Price Performance

ServiceNow stock traded down $9.11 during trading on Wednesday, reaching $984.10. The company had a trading volume of 347,021 shares, compared to its average volume of 1,682,736. The firm's 50-day simple moving average is $998.96 and its 200 day simple moving average is $951.86. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The firm has a market capitalization of $204.69 billion, a PE ratio of 123.94, a price-to-earnings-growth ratio of 4.44 and a beta of 0.94. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

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, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter 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. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. Finally, Piper Sandler raised their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 145 shares of ServiceNow 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 owned 3,027 shares of the company's stock, valued at $3,087,540. The trade was a 4.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction on Friday, May 30th. The stock was 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 directly owned 6,614 shares in the company, valued at approximately $6,693,434.14. This trade represents a 23.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,233 shares of company stock worth $5,297,758 in the last ninety days. Company insiders own 0.38% of the company's stock.

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.