Zurcher Kantonalbank Zurich Cantonalbank Sells 20,452 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in ServiceNow, Inc. by 16.2%, selling over 20,000 shares and currently owns stock worth approximately $84.38 million.
• ServiceNow reported a 22.4% increase in revenue year-over-year, achieving $3.22 billion for the last quarter, and an EPS of $4.09, surpassing expectations.
• Analysts maintain a consensus rating of "Moderate Buy" for ServiceNow shares, with an average price target of $1,114.87, indicating optimistic outlooks from multiple investment firms.

Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 16.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 105,985 shares of the information technology services provider's stock after selling 20,452 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.05% of ServiceNow worth $84,379,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its holdings in ServiceNow by 6.8% during the 4th 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 in the last quarter. FMR LLC grew its holdings in ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after buying an additional 272,506 shares in the last quarter. Geode Capital Management LLC grew its holdings in ServiceNow by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider's stock valued at $4,560,890,000 after buying an additional 100,670 shares in the last quarter. GAMMA Investing LLC grew its holdings in 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 buying an additional 2,686,291 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in ServiceNow by 3.4% during the 4th 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 buying an additional 87,876 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 145 shares of ServiceNow stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $147,900.00. Following the completion of the sale, the insider owned 3,027 shares of the company's stock, valued at approximately $3,087,540. This trade represents a 4.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Russell S. Elmer sold 62 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the transaction, the general counsel directly owned 4,332 shares in the company, valued at approximately $4,431,636. The trade was a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,233 shares of company stock valued at $5,297,758. Company insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Raymond James Financial lifted their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Oppenheimer reiterated an "outperform" rating and set a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. TD Securities reiterated a "buy" rating and set a $1,100.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Finally, 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 research report on Thursday, July 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Down 1.2%

Shares of NYSE:NOW traded down $11.50 on Wednesday, hitting $981.70. 390,213 shares of the company traded hands, compared to its average volume of 1,683,125. The stock has a 50 day simple moving average of $998.96 and a 200-day simple moving average of $951.86. 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 market cap of $204.19 billion, a PE ratio of 123.89, a PEG ratio of 4.44 and a beta of 0.94. 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 announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the prior year, the firm posted $3.13 EPS. As a group, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow 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.