LGT Fund Management Co Ltd. reduced its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 46.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,544 shares of the information technology services provider’s stock after selling 5,693 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in ServiceNow were worth $5,210,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in NOW. Brighton Jones LLC raised its position in shares of ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after acquiring an additional 30 shares in the last quarter. FIL Ltd raised its position in shares of ServiceNow by 22.0% during the 4th quarter. FIL Ltd now owns 561 shares of the information technology services provider’s stock valued at $595,000 after acquiring an additional 101 shares in the last quarter. Sagespring Wealth Partners LLC acquired a new stake in shares of ServiceNow during the 4th quarter valued at approximately $1,357,000. WealthTrust Axiom LLC acquired a new stake in shares of ServiceNow during the 4th quarter valued at approximately $230,000. Finally, Savvy Advisors Inc. raised its position in shares of ServiceNow by 32.1% during the 4th quarter. Savvy Advisors Inc. now owns 543 shares of the information technology services provider’s stock valued at $576,000 after acquiring an additional 132 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at ServiceNow
In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the sale, the insider directly owned 3,000 shares of the company’s stock, valued at $3,060,000. This trade represents a 28.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anita M. Sands sold 239 shares of the firm’s stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total value of $250,950.00. Following the sale, the director directly owned 10,404 shares of the company’s stock, valued at $10,924,200. This trade represents a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,587 shares of company stock worth $5,584,027. 0.38% of the stock is currently owned by corporate insiders.
ServiceNow Trading Down 1.9%
ServiceNow (NYSE:NOW – Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The business’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the prior year, the business earned $3.13 EPS. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.
Analyst Ratings Changes
Several research firms recently issued reports on NOW. Scotiabank set a $1,100.00 price target on ServiceNow and gave the company an “outperform” rating in a research report on Wednesday, May 7th. FBN Securities raised ServiceNow to a “strong-buy” rating in a research report on Wednesday, June 11th. JPMorgan Chase & Co. dropped their target price on ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Jefferies Financial Group increased their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,200.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $1,115.20.
Check Out Our Latest Research Report on NOW
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.
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