ServiceNow, Inc. $NOW Stock Position Decreased by Congress Asset Management Co.

Congress Asset Management Co. cut its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 0.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 176,034 shares of the information technology services provider’s stock after selling 1,125 shares during the period. ServiceNow makes up about 1.2% of Congress Asset Management Co.’s holdings, making the stock its 17th biggest position. Congress Asset Management Co.’s holdings in ServiceNow were worth $180,977,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. GAMMA Investing LLC lifted its stake in ServiceNow by 87,501.3% during the first 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. Nuveen LLC acquired a new stake in shares of ServiceNow during the first quarter valued at approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after acquiring an additional 877,875 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Finally, Parnassus Investments LLC acquired a new position in ServiceNow in the 1st quarter worth approximately $519,806,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the transaction, the insider owned 3,000 shares of the company’s stock, valued at approximately $2,599,350. This represents a 36.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William R. Mcdermott sold 5,825 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer owned 6,614 shares of the company’s stock, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,976 shares of company stock valued at $17,049,775. Insiders own 0.38% of the company’s stock.

ServiceNow Trading Down 1.5%

NYSE:NOW opened at $919.44 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 company has a market capitalization of $191.24 billion, a P/E ratio of 115.80, a P/E/G ratio of 4.20 and a beta of 0.91. The stock’s 50 day moving average price is $920.28 and its 200 day moving average price is $925.55. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow’s quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.13 EPS. On average, research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on NOW shares. DA Davidson boosted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Barclays set a $1,210.00 price target on ServiceNow in a report on Thursday, July 24th. Raymond James Financial increased their price objective on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” rating in a research note on Thursday, July 24th. Cantor Fitzgerald restated an “overweight” rating and set a $1,200.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,122.20.

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.