ServiceNow, Inc. (NYSE:NOW) Shares Sold by Strategic Advocates LLC

Key Points

• Strategic Advocates LLC reduced its stake in ServiceNow by 11.6%, holding 2,811 shares valued at approximately $2.24 million, which represents about 0.8% of its overall portfolio.
• ServiceNow reported $4.09 earnings per share for the most recent quarter, exceeding analysts' expectations of $3.57, with a year-over-year revenue increase of 22.4% to $3.22 billion.
• Institutional investors own 87.18% of ServiceNow's stock, with major firms like Price T Rowe Associates and FMR LLC significantly increasing their holdings in the latest quarter.

Strategic Advocates LLC trimmed its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 11.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,811 shares of the information technology services provider's stock after selling 368 shares during the quarter. ServiceNow comprises 0.8% of Strategic Advocates LLC's holdings, making the stock its 23rd largest position. Strategic Advocates LLC's holdings in ServiceNow were worth $2,238,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Janus Henderson Group PLC grew its stake in shares of ServiceNow by 1.5% during the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after purchasing an additional 12,533 shares during the period. FMR LLC grew its stake in shares of ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after purchasing an additional 272,506 shares during the period. Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of ServiceNow during the 1st quarter worth approximately $1,820,000. Nicholas Investment Partners LP increased its position 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 valued at $2,974,000 after buying an additional 1,938 shares in the last quarter. Finally, OMNI 360 Wealth Inc. purchased a new stake in shares of ServiceNow in the first quarter valued at approximately $285,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Lawrence Jackson sold 757 shares of the firm's stock in a transaction that occurred 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 trade represents a 56.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Gina Mastantuono sold 292 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $287,620.00. Following the transaction, the chief financial officer owned 11,198 shares in the company, valued at $11,030,030. This represents a 2.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,990 shares of company stock worth $6,047,567 over the last ninety days. 0.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

NOW has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Evercore ISI boosted their price objective on ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Jefferies Financial Group boosted their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company lifted their price target on 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 analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Down 3.1%

Shares of NOW traded down $29.09 during mid-day trading on Friday, reaching $914.03. The company's stock had a trading volume of 1,810,388 shares, compared to its average volume of 1,532,572. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The stock has a market cap of $190.12 billion, a PE ratio of 115.12, a price-to-earnings-growth ratio of 4.12 and a beta of 0.93. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The company's 50 day moving average is $994.89 and its 200 day moving average is $950.03.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The business's revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.13 EPS. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal 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.