ServiceNow, Inc. $NOW Shares Sold by Tocqueville Asset Management L.P.

Key Points

• Tocqueville Asset Management L.P. reduced its holdings in ServiceNow by 2.0% to 14,182 shares, valued at approximately $11.29 million as of the end of the first quarter.
• A variety of institutional investors, including Goldman Sachs Group Inc., have significantly adjusted their stakes in ServiceNow, with Goldman Sachs increasing its position by 131.4% to over $1.17 billion.
• ServiceNow reported earnings of $4.09 per share for the latest quarter, surpassing analyst expectations of $3.57 and showcasing a 22.4% year-over-year revenue growth.

Tocqueville Asset Management L.P. lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,182 shares of the information technology services provider's stock after selling 290 shares during the quarter. Tocqueville Asset Management L.P.'s holdings in ServiceNow were worth $11,291,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Nations Financial Group Inc. IA ADV boosted its position in ServiceNow by 35.3% during the 1st quarter. Nations Financial Group Inc. IA ADV now owns 291 shares of the information technology services provider's stock valued at $232,000 after purchasing an additional 76 shares during the period. EverSource Wealth Advisors LLC boosted its position in ServiceNow by 8.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,132 shares of the information technology services provider's stock valued at $901,000 after purchasing an additional 84 shares during the period. Kimelman & Baird LLC boosted its position in ServiceNow by 9,000.0% during the 1st quarter. Kimelman & Baird LLC now owns 91 shares of the information technology services provider's stock valued at $72,000 after purchasing an additional 90 shares during the period. Dimensional Fund Advisors LP boosted its position in ServiceNow by 4.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 300,334 shares of the information technology services provider's stock valued at $239,100,000 after purchasing an additional 13,154 shares during the period. Finally, Horizon Investments LLC boosted its position in ServiceNow by 7.9% during the 1st quarter. Horizon Investments LLC now owns 6,704 shares of the information technology services provider's stock valued at $5,337,000 after purchasing an additional 492 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Buying and Selling

In other news, insider Kevin Thomas Mcbride sold 280 shares of the business's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $851.77, for a total value of $238,495.60. Following the sale, the insider owned 4,654 shares of the company's stock, valued at approximately $3,964,137.58. The trade was a 5.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul Edward Chamberlain sold 300 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $860.00, for a total value of $258,000.00. Following the completion of the sale, the director directly owned 9,886 shares in the company, valued at $8,501,960. This represents a 2.95% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,361 shares of company stock worth $10,579,976. 0.38% of the stock is owned by corporate insiders.

ServiceNow Price Performance

Shares of NOW traded up $3.1750 during midday trading on Wednesday, reaching $889.9550. The stock had a trading volume of 1,209,040 shares, compared to its average volume of 1,715,471. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. 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 firm's 50 day moving average price is $961.85 and its 200-day moving average price is $931.84. The company has a market capitalization of $185.11 billion, a P/E ratio of 112.11, a P/E/G ratio of 4.02 and a beta of 0.93.

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NOW. BMO Capital Markets boosted their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Wells Fargo & Company boosted their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and lifted their target price for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. UBS Group cut their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Thursday, July 24th. Finally, Robert W. Baird lifted their target price on ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

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.