Yarra Square Partners LP Lowers Position in ServiceNow, Inc. (NYSE:NOW)

Yarra Square Partners LP lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 9.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,448 shares of the information technology services provider’s stock after selling 710 shares during the period. ServiceNow comprises 4.3% of Yarra Square Partners LP’s holdings, making the stock its 9th largest holding. Yarra Square Partners LP’s holdings in ServiceNow were worth $4,916,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank bought a new position in shares of ServiceNow in the 4th quarter valued at $1,648,259,000. International Assets Investment Management LLC boosted its stake in shares of ServiceNow by 69,354.6% during the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock valued at $580,486,000 after purchasing an additional 820,465 shares in the last quarter. Global Assets Advisory LLC acquired a new position in ServiceNow in the 1st quarter valued at approximately $403,034,000. Cerity Partners LLC lifted its holdings in shares of ServiceNow by 1,073.7% during the fourth quarter. Cerity Partners LLC now owns 406,262 shares of the information technology services provider’s stock worth $287,020,000 after purchasing an additional 371,648 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of ServiceNow by 18.3% in 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 worth $1,239,198,000 after purchasing an additional 271,153 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Performance

NOW traded up $9.35 during mid-day trading on Friday, reaching $758.49. 898,086 shares of the company traded hands, compared to its average volume of 1,288,436. The stock has a market capitalization of $155.49 billion, a P/E ratio of 81.12, a P/E/G ratio of 4.66 and a beta of 0.99. ServiceNow, Inc. has a 52-week low of $527.24 and a 52-week high of $815.32. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.18. The company’s fifty day moving average price is $737.75 and its 200-day moving average price is $745.82.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.41. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. The firm had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.59 billion. On average, sell-side analysts expect that ServiceNow, Inc. will post 6.5 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NOW. UBS Group lowered their price target on shares of ServiceNow from $920.00 to $875.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Robert W. Baird boosted their target price on ServiceNow from $870.00 to $885.00 and gave the company an “outperform” rating in a research report on Tuesday, May 7th. KeyCorp cut their price target on ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Wolfe Research reaffirmed an “outperform” rating and set a $830.00 target price on shares of ServiceNow in a research report on Friday, May 10th. Finally, JMP Securities reiterated a “market outperform” rating and set a $825.00 price objective on shares of ServiceNow in a report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $812.60.

Insider Activity at ServiceNow

In other news, insider Paul John Smith sold 190 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $718.78, for a total transaction of $136,568.20. Following the sale, the insider now directly owns 3,010 shares of the company’s stock, valued at approximately $2,163,527.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Frederic B. Luddy sold 598 shares of ServiceNow stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $741.92, for a total transaction of $443,668.16. Following the completion of the transaction, the director now directly owns 428 shares of the company’s stock, valued at approximately $317,541.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul John Smith sold 190 shares of ServiceNow stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $718.78, for a total value of $136,568.20. Following the sale, the insider now owns 3,010 shares of the company’s stock, valued at $2,163,527.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,530 shares of company stock valued at $3,997,012. 0.25% of the stock is owned by company insiders.

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.