Aberdeen Group plc Decreases Stake in ServiceNow, Inc. $NOW

Aberdeen Group plc lowered its position in ServiceNow, Inc. (NYSE:NOW) by 8.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 264,304 shares of the information technology services provider’s stock after selling 23,237 shares during the quarter. Aberdeen Group plc owned about 0.13% of ServiceNow worth $269,961,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Haverford Trust Co increased its holdings in ServiceNow by 0.9% in the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock worth $936,000 after acquiring an additional 10 shares during the last quarter. Ascent Group LLC grew its holdings in ServiceNow by 0.5% during the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock valued at $1,628,000 after buying an additional 10 shares in the last quarter. Edgemoor Investment Advisors Inc. grew its holdings in ServiceNow by 2.5% during the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $366,000 after buying an additional 11 shares in the last quarter. Integrated Investment Consultants LLC grew its holdings in ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock valued at $358,000 after buying an additional 11 shares in the last quarter. Finally, one8zero8 LLC grew its holdings in ServiceNow by 3.2% during the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock valued at $283,000 after buying an additional 11 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Down 3.2%

Shares of NOW opened at $888.63 on Friday. The firm has a market cap of $184.84 billion, a P/E ratio of 111.92, a P/E/G ratio of 4.13 and a beta of 0.92. The stock has a 50 day simple moving average of $909.21 and a two-hundred day simple moving average of $931.62. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its earnings results 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 business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.13 earnings per share. On average, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was 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 owned 3,000 shares of the company’s stock, valued at $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel owned 4,332 shares of the company’s stock, valued at $3,830,614.32. The trade was a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,737 shares of company stock valued at $16,798,825 over the last 90 days. Company insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NOW shares. Raymond James Financial lifted their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. Morgan Stanley raised ServiceNow from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $1,040.00 to $1,250.00 in a report on Wednesday, September 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ServiceNow in a report on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and set a $1,200.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. Finally, DA Davidson lifted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.