UNIVEST FINANCIAL Corp Trims Stake in ServiceNow, Inc. (NYSE:NOW)

Key Points

• UNIVEST FINANCIAL Corp reduced its stake in ServiceNow, Inc. by 29.9%, bringing their total holdings to 4,355 shares valued at approximately $3.47 million, according to a recent SEC filing.
• Several hedge funds have increased their stakes in ServiceNow, with 87.18% of the stock now held by institutional investors, indicating growing confidence in the company's performance.
• ServiceNow's recent quarterly earnings report showed a better-than-expected EPS of $4.09, surpassing analysts' estimates, and revenue growth of 22.4% year-over-year.

UNIVEST FINANCIAL Corp lowered its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 29.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,355 shares of the information technology services provider's stock after selling 1,855 shares during the quarter. UNIVEST FINANCIAL Corp's holdings in ServiceNow were worth $3,467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of NOW. Bogart Wealth LLC boosted its position in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow in the 1st quarter worth approximately $26,000. Quarry LP bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $27,000. WASHINGTON TRUST Co boosted its position in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares in the last quarter. Finally, Heck Capital Advisors LLC bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on NOW. Needham & Company LLC increased their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Cantor Fitzgerald reiterated an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a report on Thursday, July 24th. Robert W. Baird increased their price target on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Wells Fargo & Company increased their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Finally, DA Davidson boosted their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Transactions at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the transaction, the insider directly owned 3,000 shares of the company's stock, valued at $3,060,000. This trade represents a 28.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 6,614 shares of the company's stock, valued at $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,990 shares of company stock worth $6,047,567. Insiders own 0.38% of the company's stock.

ServiceNow Trading Down 1.7%

Shares of NYSE:NOW traded down $15.99 during trading hours on Tuesday, hitting $907.02. 855,719 shares of the company's stock traded hands, compared to its average volume of 1,683,309. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The business has a fifty day moving average price of $993.22 and a 200-day moving average price of $948.24. The firm has a market capitalization of $188.66 billion, a P/E ratio of 114.33, 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.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results 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. The business had revenue of $3.22 billion for 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 company's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period last year, the company posted $3.13 earnings per share. Equities analysts expect 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.