Marshall Wace LLP Reduces Stake in ServiceNow, Inc. (NYSE:NOW)

Marshall Wace LLP decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 38.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,700 shares of the information technology services provider’s stock after selling 28,051 shares during the quarter. Marshall Wace LLP’s holdings in ServiceNow were worth $35,164,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NOW. Creekmur Asset Management LLC purchased a new stake in shares of ServiceNow during the 1st quarter worth approximately $25,000. Versant Capital Management Inc lifted its position in ServiceNow by 466.7% in the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock valued at $27,000 after acquiring an additional 28 shares during the last quarter. EntryPoint Capital LLC boosted its stake in ServiceNow by 3,900.0% in the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after acquiring an additional 39 shares in the last quarter. University of Texas Texas AM Investment Managment Co. purchased a new position in shares of ServiceNow during the fourth quarter worth about $29,000. Finally, Ridgewood Investments LLC acquired a new stake in shares of ServiceNow during the second quarter worth about $32,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the transaction, the insider now owns 4,019 shares of the company’s stock, valued at $3,319,372.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total value of $1,485,000.00. Following the transaction, the chief financial officer now owns 11,490 shares in the company, valued at approximately $9,479,250. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $825.92, for a total value of $77,636.48. Following the sale, the insider now directly owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. The disclosure for this sale can be found here. Insiders have sold 6,914 shares of company stock worth $5,608,936 over the last three months. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Stock Performance

Shares of NOW opened at $890.03 on Thursday. ServiceNow, Inc. has a 52-week low of $527.24 and a 52-week high of $945.46. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $182.46 billion, a PE ratio of 95.19, a P/E/G ratio of 5.55 and a beta of 0.98. The company has a 50-day simple moving average of $828.97 and a 200-day simple moving average of $773.93.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same period last year, the firm posted $0.77 EPS. The firm’s revenue for the quarter was up 22.2% on a year-over-year basis. Equities research analysts predict that ServiceNow, Inc. will post 6.78 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NOW. Guggenheim reissued a “sell” rating and issued a $640.00 target price on shares of ServiceNow in a research report on Monday, July 8th. Stifel Nicolaus raised their target price on shares of ServiceNow from $820.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Royal Bank of Canada upped their price target on shares of ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Piper Sandler raised their price objective on shares of ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $855.44.

ServiceNow 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.