Versor Investments LP Sells 626 Shares of ServiceNow, Inc. $NOW

Key Points

• Versor Investments LP has reduced its holdings in ServiceNow, Inc. by 53.6% in the first quarter, now owning 541 shares valued at approximately $431,000.
• ServiceNow recently reported a quarterly EPS of $4.09, exceeding estimates, with revenue of $3.22 billion, a 22.4% year-on-year increase.
• Institutional investors hold a significant majority, owning 87.18% of ServiceNow's stock, demonstrating strong interest and confidence in the company's performance.

Versor Investments LP lowered its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 53.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 541 shares of the information technology services provider's stock after selling 626 shares during the period. Versor Investments LP's holdings in ServiceNow were worth $431,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Valley Brook Capital Group Inc. increased its holdings in shares of ServiceNow by 27.7% in the first quarter. Valley Brook Capital Group Inc. now owns 586 shares of the information technology services provider's stock valued at $467,000 after purchasing an additional 127 shares in the last quarter. Corient IA LLC acquired a new stake in shares of ServiceNow in the first quarter valued at approximately $796,000. George Kaiser Family Foundation increased its holdings in shares of ServiceNow by 5.4% in the first quarter. George Kaiser Family Foundation now owns 6,074 shares of the information technology services provider's stock valued at $4,836,000 after purchasing an additional 311 shares in the last quarter. Northwest & Ethical Investments L.P. boosted its stake in ServiceNow by 24.4% in the first quarter. Northwest & Ethical Investments L.P. now owns 23,922 shares of the information technology services provider's stock valued at $19,045,000 after acquiring an additional 4,696 shares during the last quarter. Finally, Bowie Capital Management LLC bought a new position in ServiceNow in the first quarter valued at approximately $20,812,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Down 0.7%

NYSE NOW traded down $6.3430 on Monday, reaching $880.4070. The company had a trading volume of 244,125 shares, compared to its average volume of 1,703,461. The firm has a market capitalization of $183.12 billion, a price-to-earnings ratio of 110.94, a price-to-earnings-growth ratio of 4.00 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 1-year low of $678.66 and a 1-year high of $1,198.09. The company's fifty day moving average is $955.00 and its 200-day moving average is $928.38.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The firm 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 company's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the prior year, the business earned $3.13 EPS. On average, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In related news, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the transaction, the chief financial officer directly owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. This represents a 12.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jacqueline P. Canney sold 1,562 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the transaction, the insider directly owned 3,027 shares of the company's stock, valued at approximately $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. In the last 90 days, insiders sold 16,096 shares of company stock worth $14,807,562. Company insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Truist Financial raised shares of ServiceNow from a "hold" rating to a "buy" rating and lifted their target price for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. BMO Capital Markets lifted their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. JMP Securities reaffirmed a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a report on Monday, August 4th. Citigroup lifted their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus 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.