Spire Wealth Management reduced its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 87.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,156 shares of the information technology services provider’s stock after selling 22,470 shares during the period. Spire Wealth Management’s holdings in ServiceNow were worth $1,501,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Chilton Capital Management LLC bought a new stake in shares of ServiceNow in the fourth quarter valued at $25,000. OLD Second National Bank of Aurora bought a new stake in shares of ServiceNow in the first quarter valued at $28,000. High Net Worth Advisory Group LLC bought a new stake in shares of ServiceNow in the first quarter valued at $29,000. GoalVest Advisory LLC bought a new stake in shares of ServiceNow in the first quarter valued at $43,000. Finally, Core Alternative Capital raised its stake in shares of ServiceNow by 310.5% in the first quarter. Core Alternative Capital now owns 78 shares of the information technology services provider’s stock valued at $43,000 after buying an additional 59 shares in the last quarter. 87.49% of the stock is owned by hedge funds and other institutional investors.
ServiceNow Trading Up 2.2 %
Shares of NOW opened at $420.58 on Thursday. ServiceNow, Inc. has a 1-year low of $367.71 and a 1-year high of $707.60. The company has a 50-day moving average of $445.50 and a 200-day moving average of $469.35. The company has a market capitalization of $84.96 billion, a price-to-earnings ratio of 462.18, a PEG ratio of 8.36 and a beta of 0.98. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12.
ServiceNow (NYSE:NOW – Get Rating) last announced its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. The company had revenue of $1.75 billion in the quarter, compared to analyst estimates of $1.76 billion. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. In the same quarter last year, the business posted $0.38 EPS. On average, research analysts expect that ServiceNow, Inc. will post 1.73 EPS for the current year.
Insider Buying and Selling at ServiceNow
In other ServiceNow news, insider Lara Caimi sold 977 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $514.96, for a total transaction of $503,115.92. Following the transaction, the insider now owns 43 shares of the company’s stock, valued at approximately $22,143.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC website. In other ServiceNow news, insider Lara Caimi sold 977 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $514.96, for a total transaction of $503,115.92. Following the transaction, the insider now owns 43 shares of the company’s stock, valued at approximately $22,143.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC website. Also, insider Paul John Smith sold 130 shares of ServiceNow stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $502.81, for a total transaction of $65,365.30. Following the completion of the transaction, the insider now directly owns 2,157 shares in the company, valued at approximately $1,084,561.17. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,322 shares of company stock valued at $11,866,291. Company insiders own 0.28% of the company’s stock.
Wall Street Analysts weigh in
NOW has been the subject of several analyst reports. Credit Suisse Group reduced their price objective on shares of ServiceNow from $700.00 to $650.00 and set an “outperform” rating for the company in a research note on Thursday, July 28th. Piper Sandler cut their price target on shares of ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a research note on Thursday, July 28th. Mizuho cut their price target on shares of ServiceNow from $520.00 to $500.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Royal Bank of Canada cut their price target on shares of ServiceNow from $670.00 to $610.00 in a research note on Monday, July 18th. Finally, Canaccord Genuity Group cut their price target on shares of ServiceNow from $615.00 to $510.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $593.29.
About ServiceNow
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ServiceNow, Inc provides enterprise cloud computing solutions that define, build, integrate, manage, and automate services for businesses worldwide. It powers the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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