US Capital Wealth Advisors LLC lowered its stake in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 7.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,273 shares of the information technology services provider’s stock after selling 105 shares during the period. US Capital Wealth Advisors LLC’s holdings in ServiceNow were worth $709,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in NOW. Edgewood Management LLC acquired a new stake in ServiceNow in the first quarter valued at approximately $1,515,281,000. Norges Bank acquired a new position in shares of ServiceNow during the fourth quarter valued at $1,117,096,000. Raised by TD Asset Management Inc. its holdings in shares of ServiceNow by 84.7% during the fourth quarter. TD Asset Management Inc. now owns 1,207,201 shares of the information technology services provider’s stock valued at $783,606,000 after buying an additional 553,517 shares during the period. Fisher Asset Management LLC lifted its holdings in ServiceNow by 57.9% in the first quarter. Fisher Asset Management LLC now owns 1,413,079 shares of the information technology services provider’s stock valued at $786,930,000 after buying an additional 518,349 shares during the period. Finally, Nuveen Asset Management LLC lifted its holdings in ServiceNow by 11.7% in the fourth quarter. Nuveen Asset Management LLC now owns 2,925,155 shares of the information technology services provider’s stock valued at $1,898,748,000 after purchasing an additional 305,908 shares during the period. Institutional investors and hedge funds own 87.49% of the company’s stock.
Changes in Analyst Ratings
Several research firms have recently issued reports on NOW. Royal Bank of Canada dropped their price target on shares of ServiceNow from $670.00 to $610.00 in a report on Monday, July 18th. Credit Suisse Group dropped their price target on shares of ServiceNow from $700.00 to $650.00 and set an “outperform” rating on the stock in a report on Thursday, July 28th. Wells Fargo & Company reduced 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 Monday, July 25th. Mizuho reduced 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. Finally, Stifel Nicolaus decreased their target price on shares of ServiceNow from $650.00 to $550.00 in a research note on Wednesday, May 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twenty-nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $598.84.
ServiceNow Trading was down 0.9%
NYSE:NOW opened at $430.47 on Wednesday. The company has a 50-day moving average price of $468.08 and a 200-day moving average price of $493.68. ServiceNow, Inc. has a 12 month low of $406.47 and a 12 month high of $707.60. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.35. The stock has a market cap of $86.95 billion, a price-to-earnings ratio of 473.04, a P/E/G ratio of 8.84 and a beta of 0.94.
ServiceNow (NYSE:NOW – Get Rating) last posted its earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 EPS for the quarter, topping the consensus estimate of $0.12 by $0.08. The company had revenue of $1.75 billion in the quarter, compared to analysts’ expectations of $1.76 billion. ServiceNow has a net margin of 2.79% and a return on equity of 7.22%. The company’s quarterly revenue was up 24.3% compared to the same quarter last year. During the same period last year, the company posted $0.38 EPS. Equities analysts predict that ServiceNow, Inc. will post 1.72 EPS for the current year.
Insider Buying and Selling
In related news, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the transaction, the director now directly owns 33,600 shares in the company, valued at approximately $16,699,536. The sale was disclosed in a document filed with the SEC, which can be accessed via this hyperlink. In related news, Director Frederic B. Luddy sold 6,600 shares of the stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the transaction, the director now directly owns 33,600 shares in the company, valued at approximately $16,699,536. The sale was disclosed in a document filed with the SEC, which can be accessed via this hyperlink. Also, CFO Gina Mastantuono sold 4,262 shares of the stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $439.10, for a total transaction of $1,871,444.20. Following the completion of the transaction, the chief financial officer now owns 4,262 shares of the company’s stock, valued at $1,871,444.20. The disclosure for this sale can be found here. Insiders have sold a total of 30,256 shares of company stock valued at $14,019,372 over the last three months. 0.28% of the stock is owned by corporate insiders.
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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