Allen Investment Management LLC Trims Holdings in ServiceNow Inc (NOW)
Allen Investment Management LLC cut its stake in ServiceNow Inc (NYSE:NOW) by 12.2% in the first quarter, HoldingsChannel.com reports. The firm owned 206,135 shares of the information technology services provider’s stock after selling 28,523 shares during the period. ServiceNow makes up approximately 1.6% of Allen Investment Management LLC’s holdings, making the stock its 19th largest holding. Allen Investment Management LLC’s holdings in ServiceNow were worth $50,810,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Financial Gravity Wealth Inc. bought a new stake in ServiceNow in the 1st quarter valued at $25,000. We Are One Seven LLC bought a new position in shares of ServiceNow during the 4th quarter worth about $27,000. Sandy Spring Bank lifted its holdings in shares of ServiceNow by 118.0% during the 1st quarter. Sandy Spring Bank now owns 109 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 59 shares during the period. Claybrook Capital LLC bought a new position in shares of ServiceNow during the 4th quarter worth about $28,000. Finally, Next Capital Management LLC bought a new position in shares of ServiceNow during the 4th quarter worth about $32,000. 93.09% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently commented on NOW. UBS Group raised their price objective on shares of ServiceNow from $271.00 to $290.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Wells Fargo & Co raised their price objective on shares of ServiceNow from $200.00 to $245.00 and gave the stock a “market perform” rating in a report on Thursday, April 25th. Mizuho began coverage on shares of ServiceNow in a report on Wednesday, March 13th. They set a “buy” rating and a $265.00 price objective for the company. Credit Suisse Group raised their price objective on shares of ServiceNow from $225.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. Finally, Barclays raised their price objective on shares of ServiceNow from $270.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, April 25th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and three have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $270.68.
ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, April 24th. The information technology services provider reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.10. The business had revenue of $788.93 million during the quarter, compared to analysts’ expectations of $768.09 million. ServiceNow had a negative net margin of 1.38% and a positive return on equity of 1.64%. The firm’s revenue for the quarter was up 33.9% on a year-over-year basis. During the same quarter last year, the company posted $0.56 EPS. As a group, equities research analysts forecast that ServiceNow Inc will post 0.48 EPS for the current fiscal year.
In related news, insider Patricia L. Wadors sold 1,559 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $263.61, for a total transaction of $410,967.99. Following the completion of the sale, the insider now owns 3,093 shares in the company, valued at approximately $815,345.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederic B. Luddy sold 22,000 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $238.46, for a total transaction of $5,246,120.00. Following the sale, the director now owns 1,770 shares of the company’s stock, valued at approximately $422,074.20. The disclosure for this sale can be found here. Insiders have sold a total of 118,944 shares of company stock valued at $30,364,169 in the last quarter. 1.00% of the stock is currently owned by corporate insiders.
ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.
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