Lyell Wealth Management LP Reduces Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Lyell Wealth Management LP reduced its stake in ServiceNow by 1.1%, now holding 25,748 shares worth approximately $20.5 million, making it the 11th largest holding in its portfolio.
• Insider trading activity included Director Anita M. Sands selling 428 shares, resulting in a 3.78% decrease in her position, while a total of 5,233 shares were sold by insiders over the last three months.
• ServiceNow's stock recently opened at $977.10 and reported strong quarterly earnings, beating expectations with an EPS of $4.09, reflecting a year-over-year revenue growth of 22.4%.

Lyell Wealth Management LP decreased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,748 shares of the information technology services provider's stock after selling 293 shares during the quarter. ServiceNow makes up approximately 1.9% of Lyell Wealth Management LP's portfolio, making the stock its 11th biggest position. Lyell Wealth Management LP's holdings in ServiceNow were worth $20,499,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Bogart Wealth LLC boosted its position in shares of ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new position in ServiceNow in the first quarter valued at about $26,000. Quarry LP bought a new stake in shares of ServiceNow in the fourth quarter valued at $27,000. WASHINGTON TRUST Co lifted its stake in shares of ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after buying an additional 31 shares in the last quarter. Finally, Heck Capital Advisors LLC bought a new stake in shares of ServiceNow during the 4th quarter valued at $37,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have weighed in on NOW shares. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $1,003.00 price target on shares of ServiceNow in a report on Thursday, April 24th. Scotiabank set a $1,100.00 target price on shares of ServiceNow and gave the stock an "outperform" rating in a report on Wednesday, May 7th. The Goldman Sachs Group restated 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 research report on Wednesday, June 11th. Finally, Wells Fargo & Company upped their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Price Performance

Shares of ServiceNow stock traded down $29.09 during trading hours on Friday, hitting $914.03. The company's stock had a trading volume of 1,810,388 shares, compared to its average volume of 1,532,572. The company has a market cap of $190.12 billion, a PE ratio of 115.12, a PEG ratio of 4.12 and a beta of 0.93. The business has a 50 day moving average price of $994.89 and a two-hundred day moving average price of $950.03. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. 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 announced its earnings results 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 firm had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business's revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the company earned $3.13 EPS. Analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity

In other ServiceNow news, Director Anita M. Sands sold 428 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the transaction, the director directly owned 10,891 shares in the company, valued at $11,039,226.51. This trade represents a 3.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 approximately $6,693,434.14. This represents a 23.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,990 shares of company stock worth $6,047,567 in the last 90 days. Company insiders own 0.38% of the company's stock.

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.