Interchange Capital Partners LLC Sells 741 Shares of ServiceNow, Inc. $NOW

Interchange Capital Partners LLC reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 86.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 114 shares of the information technology services provider’s stock after selling 741 shares during the period. Interchange Capital Partners LLC’s holdings in ServiceNow were worth $117,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of ServiceNow by 1.6% in the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider’s stock valued at $15,522,335,000 after acquiring an additional 297,734 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of ServiceNow by 7.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider’s stock valued at $2,263,519,000 after buying an additional 188,292 shares during the period. Nuveen LLC purchased a new position in shares of ServiceNow during the first quarter valued at about $1,817,535,000. Alliancebernstein L.P. boosted its stake in ServiceNow by 16.2% during the first quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider’s stock worth $1,379,461,000 after acquiring an additional 242,132 shares in the last quarter. Finally, Amundi boosted its stake in ServiceNow by 61.9% during the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock worth $1,269,777,000 after acquiring an additional 626,623 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

NOW has been the topic of several analyst reports. Jefferies Financial Group upped 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. Citigroup upped their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Bank of America increased their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research note on Monday, August 4th. Finally, Needham & Company LLC raised their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,121.37.

Insider Transactions at ServiceNow

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the business’s stock in a transaction 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 approximately $3,830,614.32. The trade was a 28.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the sale, the chief financial officer directly owned 12,228 shares of the company’s stock, valued at $10,594,950.60. The trade was a 12.59% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,737 shares of company stock worth $16,798,825. Insiders own 0.38% of the company’s stock.

ServiceNow Stock Down 1.3%

Shares of ServiceNow stock opened at $912.15 on Wednesday. The firm’s 50 day moving average price is $909.39 and its 200-day moving average price is $933.73. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a market cap of $189.73 billion, a P/E ratio of 114.88, a PEG ratio of 4.16 and a beta of 0.92.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period last year, the business earned $3.13 EPS. ServiceNow’s revenue for the quarter was up 22.4% on a year-over-year basis. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.