Seven Eight Capital LP Sells 617 Shares of ServiceNow, Inc. (NYSE:NOW)

Seven Eight Capital LP trimmed its stake in ServiceNow, Inc. (NYSE:NOW) by 50.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 605 shares of the information technology services provider’s stock after selling 617 shares during the period. Seven Eight Capital LP’s holdings in ServiceNow were worth $476,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of NOW. M&G Plc bought a new position in ServiceNow during the first quarter valued at $11,030,000. New Mexico Educational Retirement Board grew its holdings in ServiceNow by 9.4% during the 1st quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock valued at $8,882,000 after purchasing an additional 1,000 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in ServiceNow by 375.6% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,365 shares of the information technology services provider’s stock worth $1,041,000 after purchasing an additional 1,078 shares during the period. Wealthspire Advisors LLC lifted its stake in ServiceNow by 3.4% in the first quarter. Wealthspire Advisors LLC now owns 1,683 shares of the information technology services provider’s stock worth $1,283,000 after purchasing an additional 56 shares during the last quarter. Finally, Brookstone Capital Management boosted its position in shares of ServiceNow by 25.5% during the second quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock valued at $10,595,000 after buying an additional 2,928 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NOW. Citigroup increased their price target on ServiceNow from $909.00 to $911.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. BMO Capital Markets lifted their target price on ServiceNow from $830.00 to $860.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Guggenheim restated a “sell” rating and issued a $640.00 price target on shares of ServiceNow in a report on Monday, July 8th. Royal Bank of Canada lifted their price objective on shares of ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $835.00 target price on shares of ServiceNow in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $855.44.

Insiders Place Their Bets

In other news, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the transaction, the chief financial officer now owns 11,490 shares in the company, valued at $9,479,250. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other ServiceNow news, Director Paul Edward Chamberlain sold 135 shares of ServiceNow stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $822.00, for a total transaction of $110,970.00. Following the completion of the sale, the director now owns 10,767 shares of the company’s stock, valued at approximately $8,850,474. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction dated 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 completion of the transaction, the chief financial officer now directly owns 11,490 shares in the company, valued at $9,479,250. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,914 shares of company stock valued at $5,608,936. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Trading Up 2.0 %

NYSE NOW opened at $937.36 on Monday. The firm has a market cap of $192.16 billion, a PE ratio of 100.25, a price-to-earnings-growth ratio of 5.25 and a beta of 0.98. ServiceNow, Inc. has a 52 week low of $527.24 and a 52 week high of $940.12. 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 50 day moving average price of $822.56 and a 200 day moving average price of $771.66.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter last year, the firm earned $0.77 EPS. The business’s quarterly revenue was up 22.2% on a year-over-year basis. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 6.78 EPS for the current fiscal year.

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.