Trillium Asset Management LLC Trims Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Trillium Asset Management LLC reduced its stake in ServiceNow, Inc. by 6.4%, holding 76,554 shares valued at approximately $60.9 million.
• Multiple analysts have raised their target prices for ServiceNow, with averages ranging from $1,100 to $1,200, indicating a positive outlook on the stock's performance.
• ServiceNow reported $4.09 EPS for its latest quarter, exceeding analysts' expectations and reflecting a 22.4% increase in revenue year-over-year.

Trillium Asset Management LLC decreased its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 76,554 shares of the information technology services provider's stock after selling 5,201 shares during the quarter. ServiceNow accounts for approximately 1.8% of Trillium Asset Management LLC's investment portfolio, making the stock its 8th biggest holding. Trillium Asset Management LLC's holdings in ServiceNow were worth $60,948,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of ServiceNow by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after buying an additional 297,734 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of ServiceNow by 6.8% during 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. GAMMA Investing LLC increased its stake in shares of ServiceNow by 87,501.3% during 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 during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of ServiceNow by 3.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock worth $2,814,433,000 after purchasing an additional 87,876 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its stake in shares of ServiceNow by 4.9% during the 4th quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider's stock worth $2,484,752,000 after purchasing an additional 109,293 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NOW. UBS Group decreased their price target on shares of 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. Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and raised their price target for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Canaccord Genuity Group decreased their price target on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. FBN Securities raised ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of ServiceNow in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity

In other news, Director Anita M. Sands sold 428 shares of the 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 of the company's stock, valued at $11,039,226.51. This represents a 3.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lawrence Jackson sold 757 shares of ServiceNow stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total transaction of $749,808.50. Following the transaction, the director owned 588 shares in the company, valued at $582,414. This represents a 56.28% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,587 shares of company stock worth $5,584,027. Insiders own 0.38% of the company's stock.

ServiceNow Trading Up 1.1%

Shares of NYSE NOW traded up $9.39 during midday trading on Wednesday, hitting $862.82. 2,453,098 shares of the company traded hands, compared to its average volume of 1,761,136. 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. The stock has a 50-day moving average price of $976.64 and a 200 day moving average price of $939.68. The firm has a market cap of $179.47 billion, a P/E ratio of 108.67, a P/E/G ratio of 3.85 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping 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 for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the prior year, the company earned $3.13 earnings per share. The business'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 earnings per share for the current 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.