Evolutionary Tree Capital Management LLC Reduces Stake in ServiceNow, Inc. (NYSE:NOW)

Evolutionary Tree Capital Management LLC decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 3.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,275 shares of the information technology services provider’s stock after selling 336 shares during the period. ServiceNow makes up 7.5% of Evolutionary Tree Capital Management LLC’s portfolio, making the stock its 3rd biggest holding. Evolutionary Tree Capital Management LLC’s holdings in ServiceNow were worth $7,296,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in NOW. Swedbank AB acquired a new stake in ServiceNow during the first quarter valued at approximately $897,908,000. Global Assets Advisory LLC acquired a new stake in ServiceNow during the first quarter valued at approximately $403,034,000. Vanguard Group Inc. lifted its stake in ServiceNow by 1.8% during the first quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after purchasing an additional 331,797 shares during the last quarter. AustralianSuper Pty Ltd acquired a new stake in ServiceNow during the second quarter valued at approximately $218,786,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of ServiceNow by 18.3% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,754,027 shares of the information technology services provider’s stock valued at $1,239,198,000 after acquiring an additional 271,153 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

NOW stock opened at $937.36 on Friday. 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 $192.16 billion, a price-to-earnings ratio of 100.25, a P/E/G ratio of 5.25 and a beta of 0.98. ServiceNow, Inc. has a 12 month low of $527.24 and a 12 month high of $940.12. The firm has a 50 day moving average of $822.56 and a two-hundred day moving average of $771.44.

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

Wall Street Analyst Weigh In

NOW has been the topic of a number of recent analyst reports. Stifel Nicolaus boosted their price target on shares of ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Royal Bank of Canada boosted their price target on shares of ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Needham & Company LLC restated a “buy” rating and set a $900.00 price target on shares of ServiceNow in a report on Monday, September 9th. Guggenheim restated a “sell” rating and set a $640.00 price target on shares of ServiceNow in a report on Monday, July 8th. Finally, Piper Sandler boosted their price target on shares of ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. One 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. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $855.44.

Insiders Place Their Bets

In related news, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The disclosure for this sale can be found here. Insiders sold 6,914 shares of company stock valued at $5,608,936 over the last ninety days. Corporate insiders own 0.25% of the company’s stock.

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.