ServiceNow, Inc. $NOW Position Reduced by 1248 Management LLC

1248 Management LLC decreased its holdings in ServiceNow, Inc. (NYSE:NOW) by 32.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,338 shares of the information technology services provider’s stock after selling 645 shares during the quarter. ServiceNow accounts for about 0.6% of 1248 Management LLC’s investment portfolio, making the stock its 28th largest position. 1248 Management LLC’s holdings in ServiceNow were worth $1,065,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in NOW. Brighton Jones LLC grew its position in ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after buying an additional 30 shares during the last quarter. Quarry LP acquired a new position in ServiceNow in the fourth quarter worth approximately $27,000. AlTi Global Inc. grew its position in ServiceNow by 17.6% in the fourth quarter. AlTi Global Inc. now owns 683 shares of the information technology services provider’s stock worth $715,000 after buying an additional 102 shares during the last quarter. Accredited Wealth Management LLC acquired a new position in ServiceNow in the fourth quarter worth approximately $53,000. Finally, Ameriprise Financial Inc. grew its position in ServiceNow by 6.8% in the fourth quarter. Ameriprise Financial Inc. now owns 1,049,032 shares of the information technology services provider’s stock worth $1,112,193,000 after buying an additional 66,501 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on NOW shares. FBN Securities upgraded shares of ServiceNow to a “strong-buy” rating in a research report on Wednesday, June 11th. Guggenheim restated a “sell” rating and set a $724.00 price target on shares of ServiceNow in a report on Thursday, July 17th. Oppenheimer restated an “outperform” rating and set a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Wall Street Zen cut shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Mizuho boosted their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an “outperform” rating in a report on Thursday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,115.20.

ServiceNow Stock Performance

NOW opened at $918.49 on Monday. The company has a market cap of $191.04 billion, a PE ratio of 115.68, a price-to-earnings-growth ratio of 4.14 and a beta of 0.91. The stock has a 50-day moving average of $945.88 and a 200-day moving average of $924.70. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW) last released its quarterly 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. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the prior year, the company posted $3.13 EPS. The firm’s revenue was up 22.4% on a year-over-year basis. As a group, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the company’s stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares of the company’s stock, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the transaction, the insider directly owned 3,027 shares of the company’s stock, valued at $2,622,744.15. This represents a 34.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,054 shares of company stock valued at $10,706,530 in the last three months. Company insiders own 0.38% of the company’s stock.

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.