TCW Group Inc. Sells 37,422 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• TCW Group Inc. reduced its stake in ServiceNow, Inc. by 8.8%, selling 37,422 shares and owning approximately 0.19% of the company worth $306,909,000 after the sale.
• ServiceNow's stock experienced a decline of 2.8%, with current trading around $968.05, despite reported quarterly earnings exceeding analyst expectations by $0.52.
• Analysts maintain a generally positive outlook on ServiceNow, with a consensus target price of $1,114.87 and numerous upgrades, including a recent price target increase from Oppenheimer to $1,150.00.

TCW Group Inc. lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 8.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 385,496 shares of the information technology services provider's stock after selling 37,422 shares during the period. ServiceNow accounts for 2.7% of TCW Group Inc.'s holdings, making the stock its 6th biggest holding. TCW Group Inc. owned about 0.19% of ServiceNow worth $306,909,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC increased its stake in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its stake in ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after purchasing an additional 877,875 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after purchasing an additional 509,467 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in ServiceNow by 36.7% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock valued at $1,940,464,000 after purchasing an additional 491,861 shares in the last quarter. Finally, Sustainable Growth Advisers LP increased its stake in ServiceNow by 96.7% in the first quarter. Sustainable Growth Advisers LP now owns 723,457 shares of the information technology services provider's stock valued at $575,973,000 after purchasing an additional 355,629 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on NOW. Stifel Nicolaus lifted their price target on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. BMO Capital Markets boosted their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Raymond James Financial raised their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $1,003.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Finally, Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Buying and Selling at ServiceNow

In related news, Director Anita M. Sands sold 239 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total value of $250,950.00. Following the completion of the sale, the director owned 10,404 shares of the company's stock, valued at approximately $10,924,200. This represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO William R. Mcdermott sold 2,050 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the sale, the chief executive officer directly owned 6,614 shares of the company's stock, valued at $6,693,434.14. This represents a 23.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,233 shares of company stock valued at $5,297,758. 0.38% of the stock is owned by company insiders.

ServiceNow Stock Performance

Shares of NYSE:NOW traded down $25.70 during trading on Thursday, hitting $951.78. 1,261,328 shares of the stock traded hands, compared to its average volume of 1,685,007. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market cap of $197.97 billion, a price-to-earnings ratio of 119.75, a P/E/G ratio of 4.48 and a beta of 0.94. The company has a fifty day moving average price of $998.18 and a two-hundred day moving average price of $952.04. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm's revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.13 EPS. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow Company 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.