Western Wealth Management LLC trimmed its position in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 78.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 680 shares of the information technology services provider’s stock after selling 2,477 shares during the quarter. Western Wealth Management LLC’s holdings in ServiceNow were worth $323,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the company. Chilton Capital Management LLC bought a new stake in shares of ServiceNow in the 4th quarter valued at $25,000. OLD Second National Bank of Aurora purchased a new stake in shares of ServiceNow in the 1st quarter valued at $28,000. High Net Worth Advisory Group LLC purchased a new stake in shares of ServiceNow in the 1st quarter valued at $29,000. Delos Wealth Advisors LLC acquired a new position in ServiceNow during the 4th quarter valued at approximately $40,000. Finally, San Luis Wealth Advisors LLC acquired a new position in ServiceNow during the 1st quarter valued at approximately $49,000. 87.49% of the stock is currently owned by hedge funds and other institutional investors.
ServiceNow Trading was down 0.9%
NOW opened at $385.50 on Friday. ServiceNow, Inc. has a 12 month low of $367.71 and a 12 month high of $707.60. The stock has a market capitalization of $77.87 billion, a price-to-earnings ratio of 423.63, a PEG ratio of 7.71 and a beta of 0.94. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.12 and a quick ratio of 1.12. The business has a fifty day moving average price of $448.63 and a 200 day moving average price of $474.33.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, July 27. The information technology services provider reported $0.20 earnings per share (EPS) for the quarter, which topping the consensus estimate of $0.12 by $0.08. The business had revenue of $1.75 billion in the quarter, compared to analysts’ expectations of $1.76 billion. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The business’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. sell-side analysts expect that ServiceNow, Inc. will post 1.72 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of research analysts have recently issued reports on the company. Piper Sandler decreased their price target on ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a research report on Thursday, July 28th. Canaccord Genuity Group cut their price objective on ServiceNow from $615.00 to $510.00 and set a “buy” rating on the stock in a report on Thursday, July 28th. Mizuho cut their price objective on ServiceNow from $520.00 to $500.00 and set a “buy” rating on the stock in a report on Thursday, July 28th. Sanford C. Bernstein initiated coverage on ServiceNow in a report on Tuesday, July 19th. They issued an “outperform” rating and a $646.00 price objective on the stock. Finally, Moffett Nathanson began coverage on ServiceNow in a report on Thursday, September 22nd. They issued a “hold” rating and a $553.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $593.29.
Insider Buying and Selling at ServiceNow
In other ServiceNow news, insider Paul John Smith sold 130 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $502.81, for a total value of $65,365.30. Following the completion of the sale, the insider now owns 2,157 shares in the company, valued at $1,084,561.17. The sale was disclosed in a document filed with the SEC, which is available through this link. In other ServiceNow news, insider Paul John Smith sold 130 shares of the 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 sale, the insider now directly owns 2,157 shares of the company’s stock, valued at approximately $1,084,561.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nicholas Tzitzon sold 2,822 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $438.75, for a total value of $1,238,152.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,922 shares of company stock worth $15,146,557. 0.28% of the stock is owned by 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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