WBI Investments LLC Decreases Position in ServiceNow, Inc. $NOW

Key Points

• WBI Investments LLC significantly reduced its stake in ServiceNow, Inc. by 72.3% in the first quarter, holding 337 shares valued at $268,000 after selling 879 shares.
• Research firms have varied opinions on ServiceNow's stock, with one firm downgrading its rating from "buy" to "hold," while several others boosted price targets to as high as $1,250.00.
• In its last quarterly earnings report, ServiceNow reported $4.09 EPS, surpassing analysts' expectations and showing a 22.4% year-over-year revenue increase.

WBI Investments LLC cut its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 72.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 337 shares of the information technology services provider's stock after selling 879 shares during the period. WBI Investments LLC's holdings in ServiceNow were worth $268,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in NOW. Haverford Trust Co grew its position in ServiceNow by 0.9% during the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock valued at $936,000 after buying an additional 10 shares during the period. Ascent Group LLC boosted its position in shares of ServiceNow by 0.5% in the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock worth $1,628,000 after purchasing an additional 10 shares during the period. Edgemoor Investment Advisors Inc. boosted its position in shares of ServiceNow by 2.5% during the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after acquiring an additional 11 shares during the last quarter. Integrated Investment Consultants LLC boosted its position in shares of ServiceNow by 2.5% during the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after acquiring an additional 11 shares during the last quarter. Finally, one8zero8 LLC boosted its position in shares of ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after acquiring an additional 11 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NOW. Wall Street Zen downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Bank of America upped their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. DA Davidson upped their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Barclays set a $1,210.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Jefferies Financial Group raised their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $940.23 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a 50 day simple moving average of $929.66 and a two-hundred day simple moving average of $922.41. The stock has a market cap of $195.57 billion, a price-to-earnings ratio of 118.42, a PEG ratio of 4.17 and a beta of 0.91.

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

Insider Activity

In other news, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction 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 $10,594,950.60. The trade was a 12.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is currently owned by corporate insiders.

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.

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