Axxcess Wealth Management LLC Acquires 738 Shares of ServiceNow, Inc. $NOW

Axxcess Wealth Management LLC lifted its holdings in ServiceNow, Inc. (NYSE:NOW) by 98.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,488 shares of the information technology services provider’s stock after acquiring an additional 738 shares during the period. Axxcess Wealth Management LLC’s holdings in ServiceNow were worth $1,530,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in NOW. Nuveen LLC bought a new position in shares of ServiceNow in the 1st quarter worth about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its position in shares of ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock worth $742,965,000 after acquiring an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock worth $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Parnassus Investments LLC bought a new position in shares of ServiceNow in the 1st quarter worth about $519,806,000. Finally, Amundi raised its position in shares of ServiceNow by 61.9% in the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock worth $1,269,777,000 after acquiring an additional 626,623 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider owned 3,000 shares in the company, valued at $2,599,350. The trade was a 36.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 5,825 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. The trade was a 46.83% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on NOW shares. Raymond James Financial lifted their price objective on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” rating in a research report on Thursday, July 24th. Citigroup raised their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Wall Street Zen downgraded ServiceNow from a “buy” rating to a “hold” rating in a research note on Saturday, August 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Finally, Morgan Stanley upgraded ServiceNow from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Two analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $1,121.37.

ServiceNow Price Performance

NOW stock opened at $902.22 on Thursday. The company has a market capitalization of $187.66 billion, a P/E ratio of 113.63, a price-to-earnings-growth ratio of 4.10 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The business has a 50-day simple moving average of $909.21 and a two-hundred day simple moving average of $933.51.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company’s quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.13 EPS. Research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow Company 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.