Victory Capital Management Inc. Trims Stock Position in ServiceNow, Inc. (NYSE:NOW)

Victory Capital Management Inc. lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 2.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 201,815 shares of the information technology services provider’s stock after selling 5,937 shares during the period. Victory Capital Management Inc.’s holdings in ServiceNow were worth $160,673,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Brighton Jones LLC grew 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 during the period. Proficio Capital Partners LLC grew its position in shares of ServiceNow by 45.6% during the 4th quarter. Proficio Capital Partners LLC now owns 629 shares of the information technology services provider’s stock valued at $667,000 after acquiring an additional 197 shares during the period. Madison Investment Advisors LLC acquired a new stake in shares of ServiceNow during the 4th quarter valued at about $221,000. GWN Securities Inc. acquired a new stake in shares of ServiceNow during the 4th quarter valued at about $89,000. Finally, OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of ServiceNow by 51.9% during the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 55,334 shares of the information technology services provider’s stock valued at $58,742,000 after acquiring an additional 18,905 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Up 1.0%

NOW opened at $966.78 on Thursday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The stock has a market capitalization of $200.10 billion, a PE ratio of 131.36, a P/E/G ratio of 4.40 and a beta of 0.94. The business’s 50 day moving average price is $1,007.21 and its 200 day moving average price is $957.83. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12.

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

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 2,050 shares of the company’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Deborah Black sold 598 shares of the company’s stock in a transaction on Friday, April 25th. The stock was sold at an average price of $940.23, for a total value of $562,257.54. Following the transaction, the director owned 428 shares in the company, valued at $402,418.44. This trade represents a 58.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,601 shares of company stock valued at $6,577,363 in the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of analyst reports. Canaccord Genuity Group dropped their target price on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Wells Fargo & Company raised their target price on ServiceNow from $1,100.00 to $1,150.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. JMP Securities reiterated a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research note on Tuesday, May 6th. Sanford C. Bernstein reiterated an “outperform” rating and set a $1,003.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Morgan Stanley reiterated an “equal weight” rating on shares of ServiceNow in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, thirty-one have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $1,073.13.

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.