17 Capital Partners LLC Decreases Stake in ServiceNow, Inc. $NOW

Key Points

• 17 Capital Partners LLC reduced its holdings in ServiceNow, Inc. by 25.1% during the first quarter, now owning 1,061 shares valued at approximately $845,000.
• Several other institutional investors increased their stakes in ServiceNow, with 87.18% of the company's stock currently owned by institutional investors.
• ServiceNow reported a quarterly earnings per share (EPS) of $4.09, exceeding analysts' expectations, while its revenue grew by 22.4% compared to the same period last year.

17 Capital Partners LLC trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 25.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,061 shares of the information technology services provider's stock after selling 355 shares during the period. 17 Capital Partners LLC's holdings in ServiceNow were worth $845,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its stake in shares of ServiceNow by 1.5% in the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after buying an additional 12,533 shares in the last quarter. Parr Mcknight Wealth Management Group LLC purchased a new position in shares of ServiceNow in the first quarter worth about $1,820,000. Corient IA LLC purchased a new position in shares of ServiceNow in the first quarter worth about $796,000. ASR Vermogensbeheer N.V. purchased a new position in shares of ServiceNow in the first quarter worth about $19,278,000. Finally, Nicholas Investment Partners LP lifted its stake in shares of ServiceNow by 223.5% in the fourth quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock worth $2,974,000 after buying an additional 1,938 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Up 0.5%

Shares of NOW traded up $4.4730 during trading on Wednesday, reaching $891.2530. 1,462,154 shares of the company traded hands, compared to its average volume of 1,715,933. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The stock has a market cap of $185.38 billion, a PE ratio of 112.25, a price-to-earnings-growth ratio of 4.02 and a beta of 0.93. The stock has a 50-day simple moving average of $961.85 and a 200-day simple moving average of $931.84. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share 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 business had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period last year, the business earned $3.13 earnings per share. The business's revenue for the quarter was up 22.4% on a year-over-year basis. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 1,762 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the transaction, the chief financial officer directly owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,361 shares of company stock valued at $10,579,976. 0.38% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NOW. Evercore ISI raised their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. DA Davidson raised their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Canaccord Genuity Group cut their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. BMO Capital Markets raised their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Finally, Raymond James Financial raised their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

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.