William Blair Investment Management LLC Cuts Stake in ServiceNow, Inc. $NOW

Key Points

• William Blair Investment Management LLC decreased its stake in ServiceNow, Inc. by 4.4%, now holding 350,569 shares worth approximately $360 million.
• Several institutional investors have changed their positions, with First National Bank of Hutchinson increasing its holdings by 41.8%.
• ServiceNow's stock has a consensus rating of Moderate Buy and an average target price of $1,121.37, with analysts generally optimistic about its performance despite varied target price estimates.

William Blair Investment Management LLC reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 350,569 shares of the information technology services provider's stock after selling 16,283 shares during the quarter. ServiceNow comprises approximately 1.0% of William Blair Investment Management LLC's holdings, making the stock its 16th largest position. William Blair Investment Management LLC owned about 0.17% of ServiceNow worth $360,413,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. First National Bank of Hutchinson grew its holdings in ServiceNow by 41.8% during the 2nd quarter. First National Bank of Hutchinson now owns 1,263 shares of the information technology services provider's stock valued at $1,298,000 after buying an additional 372 shares in the last quarter. Quotient Wealth Partners LLC grew its holdings in ServiceNow by 2.2% during the 2nd quarter. Quotient Wealth Partners LLC now owns 782 shares of the information technology services provider's stock valued at $804,000 after buying an additional 17 shares in the last quarter. Aspiriant LLC grew its holdings in ServiceNow by 16.3% during the 2nd quarter. Aspiriant LLC now owns 478 shares of the information technology services provider's stock valued at $491,000 after buying an additional 67 shares in the last quarter. Manchester Financial Inc. purchased a new stake in ServiceNow during the 2nd quarter valued at approximately $216,000. Finally, Koshinski Asset Management Inc. grew its holdings in ServiceNow by 11.2% during the 2nd quarter. Koshinski Asset Management Inc. now owns 4,277 shares of the information technology services provider's stock valued at $4,397,000 after buying an additional 431 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NOW has been the subject of a number of recent research reports. Jefferies Financial Group raised their target price 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. JMP Securities reissued a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a report on Monday, August 4th. Guggenheim reissued a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a report on Thursday, July 17th. BMO Capital Markets raised their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, Wells Fargo & Company raised their target price on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and an average target price of $1,121.37.

Insider Activity at ServiceNow

In other news, CFO Gina Mastantuono sold 1,762 shares of the business'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 $1,526,684.90. Following the completion of the sale, the chief financial officer directly owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the business's stock in a transaction 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 sale, the general counsel directly owned 4,332 shares of the company's stock, valued at $3,830,614.32. This represents a 28.16% 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 three months. Corporate insiders own 0.38% of the company's stock.

ServiceNow Stock Up 1.1%

NYSE NOW opened at $904.57 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a fifty day moving average of $910.30 and a two-hundred day moving average of $934.82. The firm has a market capitalization of $188.15 billion, a price-to-earnings ratio of 113.93, a PEG ratio of 4.03 and a beta of 0.92. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09.

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

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