Titan Global Capital Management USA LLC Sells 5,815 Shares of ServiceNow, Inc. $NOW

Key Points

• Titan Global Capital Management USA LLC reduced its holdings in ServiceNow by 27.3% in Q1, now owning 15,487 shares valued at $12.3 million.
• Multiple analysts have raised their price targets for ServiceNow, with Bank of America now setting a target of $1,200.00 and Oppenheimer at $1,150.00.
• ServiceNow reported better-than-expected earnings of $4.09 per share for the last quarter, exceeding estimates by $0.52 and achieving a year-over-year revenue growth of 22.4%.

Titan Global Capital Management USA LLC trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 27.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,487 shares of the information technology services provider's stock after selling 5,815 shares during the period. ServiceNow comprises 2.5% of Titan Global Capital Management USA LLC's holdings, making the stock its 17th largest position. Titan Global Capital Management USA LLC's holdings in ServiceNow were worth $12,329,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of NOW. Janus Henderson Group PLC increased its holdings in shares of ServiceNow by 1.5% during the fourth 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. Corient IA LLC bought a new stake in shares of ServiceNow in the first quarter worth $796,000. Parr Mcknight Wealth Management Group LLC acquired a new position in ServiceNow in the first quarter valued at $1,820,000. ASR Vermogensbeheer N.V. acquired a new position in ServiceNow in the first quarter valued at $19,278,000. Finally, Nicholas Investment Partners LP raised its holdings in shares of ServiceNow by 223.5% during 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 purchasing an additional 1,938 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently commented on NOW shares. Oppenheimer reissued an "outperform" rating and set a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Robert W. Baird increased their target price on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Bank of America raised their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Stifel Nicolaus lifted their price objective on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Finally, Morgan Stanley reissued an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Price Performance

Shares of NOW opened at $877.6850 on Friday. The stock has a market cap of $182.56 billion, a PE ratio of 110.54, a price-to-earnings-growth ratio of 4.01 and a beta of 0.93. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm's 50-day simple moving average is $957.04 and its two-hundred day simple moving average is $930.56.

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

Insider Activity at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction on 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 completion of the sale, the general counsel directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the transaction, the insider directly owned 3,027 shares of the company's stock, valued at $2,622,744.15. The trade was a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,096 shares of company stock valued at $14,807,562 over the last quarter. 0.38% of the stock is owned by company insiders.

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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.