Zevenbergen Capital Investments LLC Sells 12,432 Shares of ServiceNow, Inc. $NOW

Key Points

• Zevenbergen Capital Investments LLC reduced its stake in ServiceNow, Inc. by 7.7%, selling 12,432 shares during Q2, which left them with 148,204 shares valued at approximately $152 million.
• Wall Street analysts remain optimistic about ServiceNow, with several raising their price targets, including Bank of America's increase to $1,200.00 and BMO Capital Markets' adjustment to $1,160.00, both maintaining "buy" or "outperform" ratings.
• ServiceNow reported Q2 earnings of $4.09 per share, exceeding estimates, alongside a revenue increase of 22.4% year-over-year to $3.22 billion.

Zevenbergen Capital Investments LLC lessened its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 7.7% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 148,204 shares of the information technology services provider's stock after selling 12,432 shares during the quarter. ServiceNow makes up about 3.0% of Zevenbergen Capital Investments LLC's holdings, making the stock its 11th largest position. Zevenbergen Capital Investments LLC owned approximately 0.07% of ServiceNow worth $152,366,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bogart Wealth LLC increased its stake in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new stake in shares of ServiceNow in the first quarter valued at about $26,000. WASHINGTON TRUST Co grew its holdings in ServiceNow by 620.0% in the first 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 during the period. Dagco Inc. acquired a new stake in ServiceNow in the first quarter valued at $33,000. Finally, Heck Capital Advisors LLC bought a new position in shares of ServiceNow during the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Stock Down 0.9%

NYSE NOW traded down $8.24 during trading on Friday, hitting $930.04. The company's stock had a trading volume of 711,066 shares, compared to its average volume of 1,527,927. The business's 50 day simple moving average is $927.34 and its 200-day simple moving average is $922.34. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. 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 cap of $193.45 billion, a PE ratio of 117.13, a P/E/G ratio of 4.18 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS 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 business had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the prior year, the firm earned $3.13 earnings per share. The business's revenue was up 22.4% compared to the same quarter last year. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 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 value of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. The trade was a 36.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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. In 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 company insiders.

Analyst Ratings Changes

Several equities analysts have commented on NOW shares. DA Davidson increased their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a report on Thursday, July 24th. UBS Group decreased their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research report on Thursday, July 24th. JMP Securities restated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a report on Monday, August 4th. Oppenheimer restated an "outperform" rating and issued a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Finally, Mizuho raised their price target on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

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.