Sterling Investment Counsel LLC Cuts Stock Position in ServiceNow, Inc. $NOW

Key Points

• Sterling Investment Counsel LLC has reduced its stake in ServiceNow, Inc. by 81.7% in the second quarter, selling 1,455 shares, leaving them with only 325 shares valued at approximately $334,000.
• Notable insider transactions include General Counsel Russell S. Elmer selling 1,698 shares and Vice Chairman Nicholas Tzitzon selling 1,719 shares, resulting in significant decreases in their ownership percentages.
• ServiceNow's stock has seen a 22% decline from its highs, with mixed signals from analysts who have set varying price targets, averaging around $1,122.20 for the stock.

Sterling Investment Counsel LLC lessened its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 81.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 325 shares of the information technology services provider's stock after selling 1,455 shares during the quarter. Sterling Investment Counsel LLC's holdings in ServiceNow were worth $334,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC purchased a new stake in ServiceNow in the 1st quarter worth $382,000. Corient IA LLC purchased a new stake in ServiceNow in the 1st quarter worth $796,000. Parr Mcknight Wealth Management Group LLC purchased a new stake in ServiceNow in the 1st quarter worth $1,820,000. Goldman Sachs Group Inc. increased its holdings in ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. acquired a new stake in ServiceNow during the 1st quarter worth $19,278,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Buying and Selling

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the transaction, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the transaction, the insider directly owned 3,000 shares in the company, valued at $2,599,350. The trade was a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,737 shares of company stock valued at $16,798,825 over the last three months. Company insiders own 0.38% of the company's stock.

ServiceNow Trading Down 0.3%

Shares of NOW stock opened at $909.88 on Friday. The company's 50-day moving average price is $915.79 and its 200-day moving average price is $928.77. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $189.26 billion, a price-to-earnings ratio of 114.59, a PEG ratio of 4.11 and a beta of 0.92. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09.

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 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 company's revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.13 EPS. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on NOW. Mizuho lifted their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Morgan Stanley raised shares of ServiceNow from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Needham & Company LLC lifted their target price 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. Wells Fargo & Company lifted their target price 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. Finally, UBS Group lowered their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and an average target price of $1,122.20.

About ServiceNow

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.

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