Weatherly Asset Management L. P. Trims Holdings in ServiceNow, Inc. $NOW

Key Points

• Weatherly Asset Management L.P. reduced its stake in ServiceNow, Inc. by 3.8%, selling 292 shares during the second quarter, leaving it with 7,439 shares valued at approximately $7.65 million.
• ServiceNow reported an earnings per share of $4.09 for the last quarter, outperforming analysts' expectations of $3.57, with revenue reaching $3.22 billion, up 22.4% year-over-year.
• The stock currently has a market capitalization of $200.35 billion and is predominantly owned by institutional investors, with 87.18% of shares held by them.

Weatherly Asset Management L. P. cut its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,439 shares of the information technology services provider's stock after selling 292 shares during the quarter. Weatherly Asset Management L. P.'s holdings in ServiceNow were worth $7,647,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in shares of ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares during the period. Nuveen LLC purchased a new position in shares of ServiceNow during the 1st quarter valued at $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after acquiring an additional 877,875 shares during the period. Goldman Sachs Group Inc. raised its holdings in 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 valued at $1,178,706,000 after acquiring an additional 840,731 shares during the period. Finally, Parnassus Investments LLC bought a new stake in ServiceNow during the first quarter valued at about $519,806,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Down 2.1%

NOW stock traded down $20.34 during trading on Tuesday, reaching $927.44. 759,186 shares of the company traded hands, compared to its average volume of 1,690,620. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The business has a 50 day simple moving average of $922.33 and a 200 day simple moving average of $924.52. The company has a market capitalization of $192.91 billion, a price-to-earnings ratio of 117.03, a price-to-earnings-growth ratio of 4.33 and a beta of 0.91. 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 (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the company earned $3.13 earnings per share. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. FBN Securities raised ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. BMO Capital Markets upped their price target on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Wall Street Zen downgraded ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Jefferies Financial Group upped their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the sale, the insider owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer directly owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,976 shares of company stock valued at $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.