ARK Investment Management LLC Trims Position in ServiceNow Inc (NOW)

ARK Investment Management LLC cut its position in shares of ServiceNow Inc (NYSE:NOW) by 14.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 36,461 shares of the information technology services provider’s stock after selling 6,057 shares during the quarter. ARK Investment Management LLC’s holdings in ServiceNow were worth $6,288,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Alpha Windward LLC acquired a new position in ServiceNow during the second quarter worth $102,000. Three Peaks Capital Management LLC acquired a new position in ServiceNow during the first quarter worth $113,000. IHT Wealth Management LLC raised its holdings in ServiceNow by 66.7% during the first quarter. IHT Wealth Management LLC now owns 750 shares of the information technology services provider’s stock worth $121,000 after purchasing an additional 300 shares during the last quarter. Adviser Investments LLC acquired a new position in ServiceNow during the first quarter worth $166,000. Finally, Signaturefd LLC acquired a new position in ServiceNow during the first quarter worth $202,000. 96.59% of the stock is owned by hedge funds and other institutional investors.

In other ServiceNow news, Director Anita M. Sands sold 420 shares of the business’s stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $178.46, for a total transaction of $74,953.20. Following the completion of the sale, the director now owns 12,284 shares of the company’s stock, valued at $2,192,202.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ronald E. F. Codd sold 39,506 shares of the business’s stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $185.88, for a total value of $7,343,375.28. Following the sale, the director now directly owns 53,428 shares of the company’s stock, valued at approximately $9,931,196.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 269,456 shares of company stock valued at $48,745,317. Company insiders own 1.60% of the company’s stock.

Shares of NYSE:NOW opened at $185.02 on Tuesday. The firm has a market capitalization of $33.36 billion, a PE ratio of -176.21, a price-to-earnings-growth ratio of 44.51 and a beta of 1.14. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.72. ServiceNow Inc has a 52 week low of $106.28 and a 52 week high of $194.81.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 25th. The information technology services provider reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.06. The business had revenue of $631.05 million during the quarter, compared to the consensus estimate of $616.68 million. ServiceNow had a negative return on equity of 7.48% and a negative net margin of 4.16%. The business’s revenue for the quarter was up 40.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.22 earnings per share. research analysts anticipate that ServiceNow Inc will post 0.16 earnings per share for the current fiscal year.

Several equities analysts have weighed in on the company. Zacks Investment Research downgraded ServiceNow from a “hold” rating to a “strong sell” rating in a research report on Monday, July 30th. Barclays reissued a “buy” rating and set a $198.00 price target on shares of ServiceNow in a research report on Friday, July 27th. Northland Securities reissued a “buy” rating and set a $200.00 price target on shares of ServiceNow in a research report on Thursday, July 26th. Royal Bank of Canada reissued a “buy” rating and set a $205.00 price target on shares of ServiceNow in a research report on Thursday, July 26th. Finally, JMP Securities raised their price target on ServiceNow to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, July 26th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $195.58.

ServiceNow Company Profile

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers service management solutions for customer service, human resources, security operations, and other enterprise departments. It operates ServiceNow platform that provides workflow automation, electronic service catalogs and portals, configuration management systems, data benchmarking, performance analytics, encryption, and collaboration and development tools.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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