Y.D. More Investments Ltd Lowers Stock Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Y.D. More Investments Ltd significantly reduced its stake in ServiceNow, Inc. by 75.7%, lowering its holdings to 1,040 shares valued at approximately $828,000.
• Despite the reduction by Y.D. More, other institutional investors like Vanguard Group and GAMMA Investing LLC increased their positions, indicating continued interest in ServiceNow.
• ServiceNow reported earnings of $4.09 per share for the latest quarter, exceeding expectations and showing a 22.4% year-over-year increase in revenue.

Y.D. More Investments Ltd lowered its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 75.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,040 shares of the information technology services provider's stock after selling 3,234 shares during the period. Y.D. More Investments Ltd's holdings in ServiceNow were worth $828,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NOW. Vanguard Group Inc. increased its holdings in shares of ServiceNow by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock valued at $15,522,335,000 after acquiring an additional 297,734 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after buying an additional 509,467 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of ServiceNow by 3.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock valued at $2,814,433,000 after acquiring an additional 87,876 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in ServiceNow by 4.9% during the 4th quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider's stock worth $2,484,752,000 after purchasing an additional 109,293 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Stock Up 0.7%

Shares of ServiceNow stock opened at $911.07 on Thursday. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The business has a 50-day moving average of $988.58 and a 200-day moving average of $947.68. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market capitalization of $189.50 billion, a PE ratio of 114.74, a P/E/G ratio of 4.08 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $3.12 billion. During the same quarter in the prior year, the business posted $3.13 EPS. The company's revenue for the quarter was up 22.4% on a year-over-year basis. As a group, equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the transaction, the insider owned 3,000 shares of the company's stock, valued at approximately $3,060,000. The trade was a 28.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Lawrence Jackson sold 757 shares of ServiceNow stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total value of $749,808.50. Following the sale, the director directly owned 588 shares in the company, valued at $582,414. The trade was a 56.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,250 shares of company stock valued at $5,318,667 over the last 90 days. 0.38% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Barclays set a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research report on Thursday, April 24th. Stifel Nicolaus increased their target price on ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Bank of America lifted their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, JPMorgan Chase & Co. cut their price objective on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $1,115.20.

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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