GW&K Investment Management LLC trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 99.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 186 shares of the information technology services provider’s stock after selling 26,146 shares during the period. GW&K Investment Management LLC’s holdings in ServiceNow were worth $104,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Chilton Capital Management LLC acquired a new stake in shares of ServiceNow during the fourth quarter valued at $25,000. Lee Financial Co grew its position in ServiceNow by 671.4% in the fourth quarter. Lee Financial Co now owns 54 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 47 shares in the last quarter. Delos Wealth Advisors LLC bought a new position in ServiceNow in the fourth quarter valued at $40,000. GoalVest Advisory LLC purchased a new position in ServiceNow in the first quarter valued at $43,000. Finally, JJJ Advisors Inc. raised its position in ServiceNow by 44.4% in the first quarter. JJJ Advisors Inc. now owns 91 shares of the information technology services provider’s stock valued at $51,000 after buying an additional 28 shares in the last quarter. 87.20% of the stock is currently owned by institutional investors and hedge funds.
ServiceNow fell 3.2%
Shares of NOW opened at $499.45 on Friday. The company’s 50 day simple moving average is $467.90 and its 200 day simple moving average is $503.42. The company has a market capitalization of $100.89 billion, a P/E ratio of 548.85, a P/E/G ratio of 10.47 and a beta of 0.94. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow, Inc. has a 1-year low of $406.47 and a 1-year high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.08. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The company had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.76 billion. In the same quarter last year, the business earned $0.38 earnings per share. Business revenue increased 24.3% on a year-over-year basis. sell-side analysts forecast that ServiceNow, Inc. will post 1.73 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several research analysts recently weighed in on NOW shares. UBS Group reduced their price target on shares of ServiceNow from $540.00 to $515.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Oppenheimer reduced their price target on shares of ServiceNow from $660.00 to $600.00 in a research report on Thursday, April 28th. KeyCorp reduced their price target on shares of ServiceNow from $567.00 to $520.00 and set an “overweight” rating for the company in a research report on Thursday, July 28th. Cowen decreased their price objective on shares of ServiceNow from $725.00 to $695.00 in a research report on Thursday, April 28th. Finally, Cowen reduced their price objective on shares of ServiceNow from $590.00 to $580.00 and set an “outperform” rating for the company in a research report on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-nine have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $601.80.
Internal Activity
In other news, insider Paul John Smith sold 412 shares of the business’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $427.17, for a total transaction of $175,994.04. Following the sale, the insider now owns 1,755 shares in the company, valued at approximately $749,683.35. The sale was disclosed in a document filed with the SEC, accessible through this link. In other news, insider Paul John Smith sold 412 shares of the business’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $427.17, for a total transaction of $175,994.04. Following the sale, the insider now owns 1,755 shares in the company, valued at approximately $749,683.35. The sale was disclosed in a document filed with the SEC, accessible through this link. Also, Director Frederic B. Luddy sold 6,600 shares of ServiceNow stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $465.86, for a total value of $3,074,676.00. Following the completion of the transaction, the director now directly owns 33,000 shares of the company’s stock, valued at approximately $15,373,380. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,385 shares of company stock worth $15,140,901. Corporate insiders own 0.28% of the company’s stock.
About ServiceNow
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ServiceNow, Inc provides enterprise cloud computing solutions that define, build, integrate, manage, and automate services for businesses worldwide. It powers the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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