LGT Fund Management Co Ltd. Reduces Stock Position in ServiceNow, Inc. $NOW

LGT Fund Management Co Ltd. lessened its holdings in ServiceNow, Inc. (NYSE:NOW) by 61.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,529 shares of the information technology services provider’s stock after selling 4,015 shares during the period. LGT Fund Management Co Ltd.’s holdings in ServiceNow were worth $2,600,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Wealth Preservation Advisors LLC bought a new position in shares of ServiceNow in the 1st quarter worth approximately $382,000. Corient IA LLC bought a new position in shares of ServiceNow in the 1st quarter worth approximately $796,000. Parr Mcknight Wealth Management Group LLC bought a new position in shares of ServiceNow in the 1st quarter worth approximately $1,820,000. ASR Vermogensbeheer N.V. bought a new position in shares of ServiceNow in the 1st quarter worth approximately $19,278,000. Finally, Goldman Sachs Group Inc. lifted its stake 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 worth $1,178,706,000 after purchasing an additional 840,731 shares during the period. Institutional investors own 87.18% of the company’s stock.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction that occurred on 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 sale, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the sale, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,062,590.82. The trade was a 46.83% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,737 shares of company stock valued at $16,798,825. Company insiders own 0.38% of the company’s stock.

ServiceNow Trading Up 0.2%

ServiceNow stock opened at $911.75 on Friday. The stock has a market cap of $189.64 billion, a P/E ratio of 114.83, a PEG ratio of 4.10 and a beta of 0.92. 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. The firm’s 50 day moving average price is $914.67 and its 200-day moving average price is $929.33.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company’s revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.13 earnings per share. On average, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NOW has been the topic of several recent research reports. Oppenheimer reiterated an “outperform” rating and issued a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Morgan Stanley upgraded shares of ServiceNow from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Jefferies Financial Group raised their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Weiss Ratings restated a “hold (c)” rating on shares of ServiceNow in a research note on Saturday, September 27th. Finally, DA Davidson raised their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company 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.