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

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOW. Bogart Wealth LLC increased its stake in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 17 shares during the period. Graybill Wealth Management LTD. acquired a new stake in ServiceNow during the first quarter valued at approximately $26,000. Quarry LP acquired a new stake in ServiceNow during the fourth quarter valued at approximately $27,000. WASHINGTON TRUST Co boosted its holdings in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares in the last quarter. Finally, Heck Capital Advisors LLC acquired a new stake in ServiceNow during the fourth quarter valued at approximately $37,000. 87.18% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NOW has been the topic of a number of recent research reports. Robert W. Baird lifted their price objective on ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $1,003.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and lifted their price objective for the company from $950.00 to $1,200.00 in a report on Thursday, May 1st. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Trading Down 3.1%

Shares of NOW traded down $29.09 during trading hours on Friday, reaching $914.03. The stock had a trading volume of 1,810,388 shares, compared to its average volume of 1,532,572. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The firm has a 50-day moving average of $994.89 and a 200 day moving average of $950.03. The company has a market cap of $190.12 billion, a P/E ratio of 115.12, a P/E/G ratio of 4.12 and a beta of 0.93.

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

Insider Activity

In other ServiceNow news, Director Lawrence Jackson sold 757 shares of the stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total transaction of $749,808.50. Following the completion of the transaction, the director owned 588 shares in the company, valued at approximately $582,414. This represents a 56.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the transaction, the insider owned 3,000 shares of the company's stock, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,990 shares of company stock worth $6,047,567. 0.38% of the stock is currently owned by insiders.

ServiceNow 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.