Wealth Advisors of Tampa Bay LLC boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 36.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,730 shares of the information technology services provider’s stock after purchasing an additional 1,000 shares during the quarter. Wealth Advisors of Tampa Bay LLC’s holdings in ServiceNow were worth $1,774,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in NOW. Edgewood Management LLC purchased a new stake in shares of ServiceNow in the 1st quarter valued at approximately $1,515,281,000. Norges Bank purchased a new stake in shares of ServiceNow in the 4th quarter valued at approximately $1,117,096,000. Fisher Asset Management LLC lifted its position in shares of ServiceNow by 57.9% in the 1st 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 acquiring an additional 518,349 shares during the period. Capital International Investors lifted its position in shares of ServiceNow by 18.1% in the 1st quarter. Capital International Investors now owns 3,207,748 shares of the information technology services provider’s stock valued at $1,786,783,000 after acquiring an additional 491,835 shares during the period. Finally, Vanguard Group Inc. lifted. its position in shares of ServiceNow by 1.9% in the 1st quarter. The Vanguard Group Inc. now owns 16,295,607 shares of the information technology services provider’s stock valued at $9,074,862,000 after acquiring an additional 306,106 shares during the period. Institutional investors own 87.49% of the company’s stock.
ServiceNow Stock Drops 2.6%
Shares of ServiceNow stock opened at $377.04 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.35. ServiceNow, Inc. has a 12 month low of $374.36 and a 12 month high of $707.60. The business has a fifty day simple moving average of $453.76 and a 200 day simple moving average of $477.77. The stock has a market cap of $76.16 billion, a PE ratio of 414.33, a price-to-earnings-growth ratio of 7.67 and a beta of 0.94.
ServiceNow (NYSE:NOW – Get Rating) last announced its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.08. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The business had revenue of $1.75 billion in the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the company earned $0.38 earnings per share. The company’s quarterly revenue was up 24.3% compared to the same quarter last year. Research analysts predict that ServiceNow, Inc. will post 1.72 EPS for the current year.
Wall Street Analysts weigh in
Several brokerages have commented on NOW. Wells Fargo & Company reduced their price objective on ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a research report on Monday, July 25th. Guggenheim initiated coverage on ServiceNow in a research report on Friday, August 12th. They set a “neutral” rating and a $510.00 target price for the company. Piper Sandler cut their price target on ServiceNow from $600.00 to $550.00 and set an “overweight” rating for the company in a research report on Thursday, July 28th. Sanford C. Bernstein initiated coverage on ServiceNow in a research report on Tuesday, July 19th. They set an “outperform” rating and a $646.00 target price for the company. Finally, Canaccord Genuity Group cut their price target on ServiceNow from $615.00 to $510.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $593.29.
Insider Buying and Selling
In related news, insider Paul John Smith sold 130 shares of ServiceNow stock in a transaction 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 sale, the insider now directly owns 2,157 shares of the company’s stock, valued at $1,084,561.17. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other ServiceNow news, insider Paul John Smith sold 130 shares of ServiceNow stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $502.81, for a total transaction of $65,365.30. Following the transaction, the insider now directly owns 2,157 shares in the company, valued at $1,084,561.17. The transaction was disclosed in a filing with the SEC, which is accessible via this hyperlink. Also, General Counsel Russell S. Elmer sold 2,666 shares of ServiceNow stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $422.80, for a total value of $1,127,184.80. Following the transaction, the general counsel now owns 6,627 shares in the company, valued at $2,801,895.60. The disclosure for this sale can be found here. Insiders sold a total of 32,922 shares of company stock valued at $15,146,557 over the last three months. Company insiders own 0.28% of the company’s stock.
ServiceNow Company Profile
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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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