SVB Wealth LLC Trims Holdings in ServiceNow, Inc. $NOW

Key Points

• SVB Wealth LLC reduced its holdings in ServiceNow, Inc. by 31.3% in the first quarter, now owning 1,083 shares valued at approximately $862,000.
• Insiders, including CEO William R. Mcdermott and CFO Gina Mastantuono, sold significant portions of their holdings, decreasing their ownership by 23.66% and 12.59%, respectively.
• ServiceNow reported $4.09 EPS for the last quarter, exceeding analyst expectations and reflecting a 22.4% year-over-year revenue growth.

SVB Wealth LLC reduced its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 31.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,083 shares of the information technology services provider's stock after selling 494 shares during the quarter. SVB Wealth LLC's holdings in ServiceNow were worth $862,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in NOW. Brighton Jones LLC lifted its holdings in ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after purchasing an additional 30 shares during the last quarter. Hancock Whitney Corp lifted its holdings in ServiceNow by 1.3% during the 4th quarter. Hancock Whitney Corp now owns 1,486 shares of the information technology services provider's stock worth $1,575,000 after purchasing an additional 19 shares during the last quarter. Kovitz Investment Group Partners LLC lifted its holdings in ServiceNow by 136.3% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 28,944 shares of the information technology services provider's stock worth $30,684,000 after purchasing an additional 16,696 shares during the last quarter. Coldstream Capital Management Inc. lifted its holdings in ServiceNow by 1.7% during the 4th quarter. Coldstream Capital Management Inc. now owns 6,015 shares of the information technology services provider's stock worth $6,377,000 after purchasing an additional 100 shares during the last quarter. Finally, Virtus ETF Advisers LLC lifted its holdings in ServiceNow by 13.8% during the 4th quarter. Virtus ETF Advisers LLC now owns 1,218 shares of the information technology services provider's stock worth $1,291,000 after purchasing an additional 148 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider directly owned 3,000 shares of the company's stock, valued at $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the transaction, the chief financial officer directly owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. This represents a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,668 shares of company stock valued at $14,373,737 over the last quarter. Corporate insiders own 0.38% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on NOW shares. Oppenheimer reaffirmed an "outperform" rating and issued a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Bank of America raised their price objective on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Needham & Company LLC boosted their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Scotiabank set a $1,100.00 price target on ServiceNow and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Finally, Barclays set a $1,210.00 price target on ServiceNow in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Trading Up 2.8%

Shares of NYSE:NOW traded up $24.16 during midday trading on Wednesday, reaching $888.82. The company's stock had a trading volume of 1,194,848 shares, compared to its average volume of 1,709,274. The firm has a 50 day moving average price of $949.76 and a two-hundred day moving average price of $927.07. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week 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 firm has a market capitalization of $184.87 billion, a price-to-earnings ratio of 111.94, a PEG ratio of 3.97 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results 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. 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 firm's revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the prior year, the business earned $3.13 EPS. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.