Zevenbergen Capital Investments LLC Cuts Stake in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Zevenbergen Capital Investments LLC has reduced its stake in ServiceNow, Inc. by 2.3%, now owning 160,636 shares valued at approximately $127.9 million.
• Recent insider transactions include Vice Chairman Nicholas Tzitzon selling 1,171 shares, representing a 28.07% decrease in his ownership.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding analysts' expectations and marking a 22.4% increase in revenue year-over-year.

Zevenbergen Capital Investments LLC lessened its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 160,636 shares of the information technology services provider's stock after selling 3,839 shares during the period. ServiceNow accounts for 3.1% of Zevenbergen Capital Investments LLC's investment portfolio, making the stock its 8th biggest position. Zevenbergen Capital Investments LLC owned approximately 0.08% of ServiceNow worth $127,889,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Quarry LP bought a new stake in shares of ServiceNow during the 4th quarter valued at about $27,000. Bogart Wealth LLC boosted its stake in shares of ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow during the 1st quarter valued at about $26,000. Heck Capital Advisors LLC bought a new stake in shares of ServiceNow during the 4th quarter valued at about $37,000. Finally, WASHINGTON TRUST Co boosted its stake in shares of ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company'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 sale, the insider owned 3,000 shares of the company's stock, valued at $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anita M. Sands sold 239 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the sale, the director directly owned 10,404 shares in the company, valued at approximately $10,924,200. The trade was a 2.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,250 shares of company stock valued at $5,318,667 over the last quarter. 0.38% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

NOW has been the topic of several research reports. Wall Street Zen raised shares of ServiceNow from a "hold" rating to a "buy" rating in a research note on Tuesday, July 29th. Cantor Fitzgerald reissued an "overweight" rating and set a $1,200.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. Mizuho boosted their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. 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 research note on Thursday, July 24th. Finally, Jefferies Financial Group boosted their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, ServiceNow presently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $871.70 on Friday. 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 has a fifty day moving average price of $982.92 and a 200 day moving average price of $943.49. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm has a market cap of $181.31 billion, a price-to-earnings ratio of 109.79, a P/E/G ratio of 3.93 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 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 firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business earned $3.13 earnings per share. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. As a group, sell-side analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

About ServiceNow

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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.