Praesidium Investment Management Company LLC Reduces Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Praesidium Investment Management Company LLC lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 4.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 404,614 shares of the information technology services provider’s stock after selling 18,893 shares during the quarter. ServiceNow makes up about 10.4% of Praesidium Investment Management Company LLC’s portfolio, making the stock its 4th biggest position. Praesidium Investment Management Company LLC owned approximately 0.20% of ServiceNow worth $202,352,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the company. OLD Second National Bank of Aurora acquired a new stake in ServiceNow during the 1st quarter worth about $25,000. Manchester Financial Inc. raised its stake in shares of ServiceNow by 685.7% during the 1st quarter. Manchester Financial Inc. now owns 55 shares of the information technology services provider’s stock valued at $28,000 after buying an additional 48 shares during the last quarter. Reilly Financial Advisors LLC raised its stake in shares of ServiceNow by 56.8% during the 1st quarter. Reilly Financial Advisors LLC now owns 58 shares of the information technology services provider’s stock valued at $29,000 after buying an additional 21 shares during the last quarter. Evolution Wealth Advisors LLC raised its stake in shares of ServiceNow by 530.0% during the 1st quarter. Evolution Wealth Advisors LLC now owns 63 shares of the information technology services provider’s stock valued at $32,000 after buying an additional 53 shares during the last quarter. Finally, Wolverine Asset Management LLC raised its stake in shares of ServiceNow by 1,160.0% during the 1st quarter. Wolverine Asset Management LLC now owns 63 shares of the information technology services provider’s stock valued at $31,000 after buying an additional 58 shares during the last quarter. 85.45% of the stock is owned by hedge funds and other institutional investors.

In other ServiceNow news, Director Paul Edward Chamberlain sold 75 shares of the stock in a transaction dated Thursday, April 29th. The shares were sold at an average price of $521.00, for a total value of $39,075.00. Following the completion of the transaction, the director now directly owns 9,424 shares of the company’s stock, valued at $4,909,904. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Frederic B. Luddy sold 16,500 shares of the stock in a transaction dated Wednesday, July 7th. The shares were sold at an average price of $560.07, for a total transaction of $9,241,155.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,207 shares of company stock valued at $18,019,661. 1.00% of the stock is owned by insiders.

Several brokerages recently weighed in on NOW. BMO Capital Markets cut their price target on ServiceNow from $590.00 to $575.00 and set an “outperform” rating for the company in a research note on Thursday, April 29th. Wolfe Research cut their price target on ServiceNow from $675.00 to $600.00 and set an “outperform” rating for the company in a research note on Friday, June 4th. Robert W. Baird reiterated a “hold” rating on shares of ServiceNow in a research note on Monday, May 3rd. Needham & Company LLC cut their price objective on ServiceNow from $595.00 to $591.00 and set a “buy” rating for the company in a research note on Thursday, April 29th. Finally, Exane BNP Paribas started coverage on ServiceNow in a report on Thursday, April 22nd. They issued an “outperform” rating and a $680.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $613.32.

Shares of NOW traded up $11.70 during mid-day trading on Thursday, hitting $578.83. 22,410 shares of the company’s stock were exchanged, compared to its average volume of 939,276. ServiceNow, Inc. has a fifty-two week low of $414.60 and a fifty-two week high of $598.37. The stock has a market cap of $114.29 billion, a price-to-earnings ratio of 756.17, a P/E/G ratio of 16.85 and a beta of 0.93. The company has a 50 day simple moving average of $513.77. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.23 and a quick ratio of 1.23.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, April 28th. The information technology services provider reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.17. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.34 billion. ServiceNow had a net margin of 3.15% and a return on equity of 9.32%. The business’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.05 earnings per share. On average, analysts expect that ServiceNow, Inc. will post 1.21 earnings per share for the current year.

ServiceNow Profile

ServiceNow, Inc engages in the provision of enterprise cloud computing solutions. The firm delivers digital workflows on a single enterprise cloud platform called the Now Platform. Its product portfolio is focused on providing Information Technology, Employee and Customer workflows. It offers its solutions for the industries under the categories of government, financial services, healthcare, telecommunications, manufacturing, IT services, technology, oil & gas, education, and consumer products.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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