Acorn Financial Advisory Services Inc. ADV lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 1.7% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 620 shares of the information technology services provider’s stock after selling 11 shares during the quarter. Acorn Financial Advisory Services Inc. ADV’s holdings in ServiceNow were worth $637,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. Global X Japan Co. Ltd. acquired a new stake in ServiceNow in the 2nd quarter worth about $30,000. Bogart Wealth LLC raised its stake in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new stake in ServiceNow in the 1st quarter worth about $26,000. Richardson Financial Services Inc. raised its stake in ServiceNow by 50.0% in the 2nd quarter. Richardson Financial Services Inc. now owns 33 shares of the information technology services provider’s stock worth $33,000 after purchasing an additional 11 shares in the last quarter. Finally, WASHINGTON TRUST Co raised its stake in ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 31 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.
Analyst Upgrades and Downgrades
NOW has been the subject of several analyst reports. Bank of America lifted their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of ServiceNow in a research note on Wednesday, October 8th. Wall Street Zen cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Saturday, August 30th. Morgan Stanley upgraded shares of ServiceNow from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Finally, UBS Group decreased their target price on shares of ServiceNow from $1,125.00 to $1,100.00 and set a “buy” rating on the stock in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,122.20.
ServiceNow Price Performance
NOW stock opened at $923.44 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The firm has a market cap of $192.07 billion, a P/E ratio of 116.30, a P/E/G ratio of 4.00 and a beta of 0.92. The company’s 50-day moving average price is $909.24 and its two-hundred day moving average price is $933.88.
ServiceNow (NYSE:NOW – Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the firm earned $3.13 EPS. The business’s quarterly revenue was up 22.4% compared to the same quarter last year. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.
Insider Activity at ServiceNow
In related news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares of the company’s stock, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the sale, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. This trade represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,737 shares of company stock worth $16,798,825 in the last ninety days. Insiders own 0.38% of the company’s stock.
ServiceNow Profile
ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.
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