Traders Sell Shares of ServiceNow, Inc. (NYSE:NOW) on Strength (NYSE:NOW)

Investors sold shares of ServiceNow, Inc. (NYSE:NOW) on strength during trading hours on Tuesday. $25.58 million flowed into the stock on the tick-up and $73.09 million flowed out of the stock on the tick-down, for a money net flow of $47.51 million out of the stock. Of all companies tracked, ServiceNow had the 0th highest net out-flow for the day. ServiceNow traded up $0.30 for the day and closed at $110.75

Several brokerages have recently issued reports on NOW. UBS AG restated a “buy” rating and issued a $110.00 price objective (up previously from $101.00) on shares of ServiceNow in a research note on Friday, April 28th. Stephens began coverage on shares of ServiceNow in a research note on Thursday, May 25th. They issued an “overweight” rating and a $120.00 price objective on the stock. Royal Bank Of Canada raised their price objective on shares of ServiceNow from $110.00 to $126.00 and gave the stock a “top pick” rating in a research note on Monday, July 24th. Barclays PLC lifted their price target on shares of ServiceNow from $120.00 to $126.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. Finally, Raymond James Financial, Inc. lifted their price objective on ServiceNow from $110.00 to $126.00 and gave the company a “strong-buy” rating in a report on Thursday, July 27th. Eight investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $115.96.

The firm’s market capitalization is $18.31 billion. The stock’s 50-day moving average is $108.33 and its 200 day moving average is $97.74.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 26th. The information technology services provider reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.02. The business had revenue of $471.70 million during the quarter, compared to the consensus estimate of $462.11 million. ServiceNow had a negative return on equity of 29.05% and a negative net margin of 10.17%. The firm’s revenue for the quarter was up 38.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.15 earnings per share. Equities research analysts anticipate that ServiceNow, Inc. will post $1.17 earnings per share for the current fiscal year.

In other ServiceNow news, insider Michael Scarpelli sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $107.68, for a total value of $8,076,000.00. Following the completion of the sale, the insider now owns 252,368 shares of the company’s stock, valued at $27,174,986.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frederic B. Luddy sold 167,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $108.34, for a total value of $18,092,780.00. Following the completion of the sale, the director now directly owns 11,190 shares of the company’s stock, valued at approximately $1,212,324.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 845,853 shares of company stock valued at $91,396,366. 3.30% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in NOW. Cornerstone Advisors Inc. boosted its stake in shares of ServiceNow by 29.2% in the second quarter. Cornerstone Advisors Inc. now owns 1,085 shares of the information technology services provider’s stock worth $115,000 after buying an additional 245 shares during the period. Barrett Asset Management LLC bought a new position in shares of ServiceNow during the second quarter valued at about $117,000. Global X Management Co. LLC boosted its position in shares of ServiceNow by 30.6% in the first quarter. Global X Management Co. LLC now owns 1,407 shares of the information technology services provider’s stock valued at $123,000 after buying an additional 330 shares during the last quarter. TLP Group LLC bought a new position in shares of ServiceNow during the first quarter valued at about $131,000. Finally, Crow Point Partners LLC boosted its position in shares of ServiceNow by 8.8% in the second quarter. Crow Point Partners LLC now owns 1,320 shares of the information technology services provider’s stock valued at $140,000 after buying an additional 107 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

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About ServiceNow

ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.

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