Vicus Capital Trims Stock Position in ServiceNow, Inc. $NOW

Key Points

• Vicus Capital significantly reduced its holdings in ServiceNow, Inc. by 41.7% during the second quarter, now owning 430 shares valued at approximately $442,000.
• ServiceNow reported a Q2 revenue of $3.22 billion, surpassing estimates and reflecting a 22.4% increase compared to the previous year.
• Insiders have sold a total of 18,737 shares of ServiceNow stock in the past quarter, with Vice Chairman Nicholas Tzitzon and CEO William R. McDermott notably decreasing their positions by 36.43% and 46.83%, respectively.

Vicus Capital trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 41.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 430 shares of the information technology services provider's stock after selling 307 shares during the period. Vicus Capital's holdings in ServiceNow were worth $442,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Wealth Preservation Advisors LLC acquired a new stake in shares of ServiceNow during the first quarter valued at $382,000. Corient IA LLC purchased a new position in ServiceNow in the 1st quarter valued at about $796,000. Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of ServiceNow during the 1st quarter worth about $1,820,000. Goldman Sachs Group Inc. grew its holdings in shares of ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after buying an additional 840,731 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. acquired a new position in shares of ServiceNow in the first quarter valued at approximately $19,278,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $909.88 on Friday. The business has a 50-day moving average of $915.79 and a two-hundred day moving average of $928.77. The firm has a market capitalization of $189.26 billion, a PE ratio of 114.59, a P/E/G ratio of 4.11 and a beta of 0.92. 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, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

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

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 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 transaction of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This represents a 36.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. This trade represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock valued at $16,798,825 over the last quarter. Company insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NOW. Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Cantor Fitzgerald reissued an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a research note on Thursday, July 24th. Citigroup lifted their price objective on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Jefferies Financial Group increased their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Finally, Raymond James Financial lifted their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $1,122.20.

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.

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