ServiceNow, Inc. $NOW Holdings Trimmed by Virtus Advisers LLC

Key Points

• Virtus Advisers LLC significantly reduced its position in ServiceNow by 70.4%, selling 858 shares and now holding 360 shares worth approximately $287,000.
• ServiceNow reported impressive quarterly earnings of $4.09 per share, exceeding estimates by $0.52, with revenue rising to $3.22 billion, a 22.4% increase year-over-year.
• Insider selling has been noted, with CEO William R. Mcdermott and CFO Gina Mastantuono both selling shares recently, indicating potential shifts in insider confidence.

Virtus Advisers LLC lessened its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 70.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 360 shares of the information technology services provider's stock after selling 858 shares during the quarter. Virtus Advisers LLC's holdings in ServiceNow were worth $287,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Bogart Wealth LLC raised 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 buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow in the 1st quarter valued at approximately $26,000. Quarry LP acquired a new stake in shares of ServiceNow during the 4th quarter valued at approximately $27,000. WASHINGTON TRUST Co lifted its stake in ServiceNow by 620.0% during the first 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 during the last quarter. Finally, Dagco Inc. acquired a new position in ServiceNow in the first quarter worth $33,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In other news, insider Paul Fipps sold 1,452 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider directly owned 457 shares of the company's stock, valued at $409,037.85. This represents a 76.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the completion of the transaction, the insider owned 3,027 shares of the company's stock, valued at $2,622,744.15. This trade represents a 34.04% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,668 shares of company stock worth $14,373,737. 0.38% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of research reports. Stifel Nicolaus lifted their target price on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Wells Fargo & Company raised their target price on ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. DA Davidson boosted their price target 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. UBS Group dropped their price objective on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a report on Thursday, July 24th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. One investment 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 issued a Sell rating to the company's stock. According to data from MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Price Performance

NYSE NOW traded up $40.82 on Thursday, reaching $928.80. The company's stock had a trading volume of 3,042,155 shares, compared to its average volume of 1,718,440. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm's 50 day moving average is $947.94 and its two-hundred day moving average is $926.80. The stock has a market cap of $193.19 billion, a PE ratio of 116.98, a PEG ratio of 3.90 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last released 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. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm earned $3.13 EPS. The business's revenue for the quarter was up 22.4% on a year-over-year basis. As a group, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.