Davidson Capital Management Inc. Sells 898 Shares of ServiceNow, Inc. (NYSE:NOW)

Davidson Capital Management Inc. cut its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 23.2% in the first quarter, Holdings Channel reports. The fund owned 2,965 shares of the information technology services provider’s stock after selling 898 shares during the period. Davidson Capital Management Inc.’s holdings in ServiceNow were worth $2,361,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in NOW. Janus Henderson Group PLC increased its position in shares of ServiceNow by 1.5% during the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider’s stock worth $874,258,000 after purchasing an additional 12,533 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in shares of ServiceNow during the fourth quarter worth approximately $48,802,000. FMR LLC raised its stake in shares of ServiceNow by 4.9% in the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock valued at $6,232,339,000 after acquiring an additional 272,506 shares during the last quarter. Duncker Streett & Co. Inc. raised its stake in shares of ServiceNow by 4.8% in the fourth quarter. Duncker Streett & Co. Inc. now owns 6,376 shares of the information technology services provider’s stock valued at $6,759,000 after acquiring an additional 290 shares during the last quarter. Finally, Nicholas Investment Partners LP boosted its holdings in shares of ServiceNow by 223.5% in the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider’s stock worth $2,974,000 after acquiring an additional 1,938 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NOW. JPMorgan Chase & Co. dropped their price target on ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Royal Bank Of Canada raised their target price on ServiceNow from $1,060.00 to $1,100.00 and gave the company an “outperform” rating in a research note on Tuesday, May 6th. Redburn Atlantic initiated coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They set a “buy” rating on the stock. Sanford C. Bernstein reissued an “outperform” rating and set a $1,003.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. Finally, Bank of America dropped their target price on shares of ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,062.50.

Insider Buying and Selling

In other news, General Counsel Russell S. Elmer sold 62 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at $4,431,636. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 354 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,435,554.47. The trade was a 10.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is owned by company insiders.

ServiceNow Stock Down 2.4%

ServiceNow stock opened at $980.29 on Thursday. The firm has a market capitalization of $202.90 billion, a price-to-earnings ratio of 133.19, a PEG ratio of 4.63 and a beta of 0.95. The company’s 50 day simple moving average is $956.82 and its 200 day simple moving average is $972.45. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The company had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same period last year, the firm posted $3.41 earnings per share. The business’s quarterly revenue was up 18.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.