Stock Yards Bank & Trust Co. Increases Stake in ServiceNow, Inc. $NOW

Key Points

• Stock Yards Bank & Trust Co. boosted its stake in ServiceNow by 2,557.7% in Q4, acquiring an additional 58,827 shares to hold 61,127 shares worth $9.364 million.
• Analysts are mixed but generally positive: MarketBeat shows a consensus rating of “Moderate Buy” with a $188.59 consensus target, though several firms (HSBC, Wells Fargo, Stifel) recently cut their price targets.
• Company insiders have been net sellers recently, disposing of 16,237 shares worth $1.697 million over the past 90 days, leaving insiders with just 0.34% ownership.

Stock Yards Bank & Trust Co. lifted its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 2,557.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 61,127 shares of the information technology services provider's stock after purchasing an additional 58,827 shares during the quarter. Stock Yards Bank & Trust Co.'s holdings in ServiceNow were worth $9,364,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of NOW. Brighton Jones LLC raised its position in shares of ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after purchasing an additional 30 shares during the last quarter. Sivia Capital Partners LLC raised its position in shares of ServiceNow by 4.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider's stock valued at $861,000 after purchasing an additional 34 shares during the last quarter. United Bank raised its position in shares of ServiceNow by 15.5% in the 2nd quarter. United Bank now owns 1,519 shares of the information technology services provider's stock valued at $1,562,000 after purchasing an additional 204 shares during the last quarter. Riggs Asset Managment Co. Inc. raised its position in shares of ServiceNow by 2.2% in the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider's stock valued at $1,976,000 after purchasing an additional 42 shares during the last quarter. Finally, StoneX Group Inc. raised its position in shares of ServiceNow by 4.5% in the 2nd quarter. StoneX Group Inc. now owns 1,433 shares of the information technology services provider's stock valued at $1,473,000 after purchasing an additional 62 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on NOW shares. BTIG Research reiterated a "buy" rating and issued a $200.00 price target on shares of ServiceNow in a report on Thursday, January 29th. HSBC cut their price target on shares of ServiceNow from $266.40 to $226.00 and set a "buy" rating on the stock in a report on Friday, January 30th. Wells Fargo & Company cut their price target on shares of ServiceNow from $225.00 to $185.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Wall Street Zen downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. Finally, Stifel Nicolaus cut their price target on shares of ServiceNow from $180.00 to $135.00 and set a "buy" rating on the stock in a report on Thursday, April 2nd. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and a consensus target price of $188.59.

Insider Transactions at ServiceNow

In other news, insider Paul Fipps sold 3,696 shares of the firm's stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $101.77, for a total transaction of $376,141.92. Following the sale, the insider owned 8,061 shares of the company's stock, valued at $820,367.97. This trade represents a 31.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Paul Edward Chamberlain sold 1,500 shares of the firm's stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $101.17, for a total transaction of $151,755.00. Following the sale, the director directly owned 46,430 shares in the company, valued at $4,697,323.10. The trade was a 3.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 16,237 shares of company stock valued at $1,697,162 in the last 90 days. 0.34% of the stock is currently owned by company insiders.

ServiceNow Price Performance

Shares of NYSE NOW opened at $102.46 on Tuesday. The stock has a market capitalization of $107.17 billion, a price-to-earnings ratio of 61.43, a PEG ratio of 1.71 and a beta of 1.01. ServiceNow, Inc. has a 12 month low of $98.00 and a 12 month high of $211.48. The firm's 50 day simple moving average is $109.76 and its 200-day simple moving average is $146.19. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.00 and a quick ratio of 1.00.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, January 28th. The information technology services provider reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.89 by $0.03. The business had revenue of $3.57 billion for the quarter, compared to analysts' expectations of $3.53 billion. ServiceNow had a net margin of 13.16% and a return on equity of 18.54%. The business's revenue was up 20.7% on a year-over-year basis. During the same quarter last year, the company earned $0.73 EPS. Analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow Company Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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