Fidelis Capital Partners LLC has decreased its stake in ServiceNow, Inc. (NYSE:NOW) by 1.5% during the first quarter of this year. According to the most recent Form 13F filing with the Securities and Exchange Commission (SEC), the investment firm now holds 1,736 shares of the information technology services provider after selling 27 shares in the quarter. The value of this holding is estimated at $1,382,000.
Several other institutional investors have made adjustments to their positions in ServiceNow recently. For example, Quarry LP acquired a new position valued at approximately $27,000 in the fourth quarter. Similarly, Atala Financial Inc and LFA Lugano Financial Advisors SA added new positions valued at around $28,000 and $32,000, respectively. Notably, WASHINGTON TRUST Co significantly increased its stake by 620% during the first quarter, bringing its total ownership to 36 shares valued at approximately $29,000 after acquiring an additional 31 shares.
Institutional investors collectively own approximately 87.18% of ServiceNow’s stock.
Insider Transactions Raise Questions
In related developments, ServiceNow’s CEO, William R. McDermott, sold 2,050 shares of the company on May 30, realizing a total of $2,074,620.50 at an average price of $1,012.01 per share. Following this transaction, McDermott retains 6,614 shares valued at around $6,693,434.14, marking a 23.66% decrease in his ownership.
Additionally, Director Jonathan Chadwick sold 770 shares on April 28, amounting to $717,347.40 at an average price of $931.62. Post-transaction, Chadwick holds 3,205 shares valued at approximately $2,985,842.10, which represents a 19.37% reduction in his ownership. In total, insiders sold 6,955 shares valued at $6,862,195 in the last three months, with corporate insiders currently owning 0.38% of the stock.
ServiceNow’s Financial Performance
ServiceNow recently announced its earnings results for the first quarter on April 23. The company reported earnings per share (EPS) of $4.04, surpassing analysts’ consensus estimate of $3.78 by $0.26. With a net margin of 13.41% and a return on equity of 17.34%, ServiceNow’s revenue stood at $3.09 billion, aligning with analyst predictions. This is an increase of 18.6% compared to the same period last year, although EPS decreased from $3.41 year-over-year.
Analysts project that ServiceNow will achieve an EPS of $8.93 for the current fiscal year.
A number of research analysts have recently provided insights into ServiceNow’s stock. For instance, JPMorgan Chase & Co. adjusted its price objective from $1,200.00 to $970.00, while maintaining an “overweight” rating. Barclays set a price target of $1,085.00, and Jefferies Financial Group lowered its target from $1,250.00 to $1,025.00, issuing a “buy” rating. In contrast, Erste Group Bank upgraded its recommendation from “hold” to “strong-buy” on April 30.
Overall, ServiceNow’s stock has received a mixed assessment, with one analyst rating it as a sell, three as hold, thirty as buy, and two as strong buy. MarketBeat.com indicates that the company holds an average rating of “Moderate Buy” with a consensus target price of $1,068.23.
For those interested in the latest updates on ServiceNow, further information can be accessed through HoldingsChannel.com, which provides up-to-date 13F filings and insider trading data.