Principle Wealth Partners LLC Decreases Stake in ServiceNow, Inc. $NOW

Principle Wealth Partners LLC lowered its position in shares of ServiceNow, Inc. (NYSE:NOW) by 0.9% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 2,068 shares of the information technology services provider’s stock after selling 18 shares during the quarter. Principle Wealth Partners LLC’s holdings in ServiceNow were worth $2,126,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Global X Japan Co. Ltd. purchased a new stake in shares of ServiceNow during the 2nd quarter worth about $30,000. LGT Financial Advisors LLC purchased a new stake in shares of ServiceNow during the 2nd quarter worth about $32,000. Bogart Wealth LLC grew its holdings in shares of ServiceNow by 113.3% during 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 during the period. Graybill Wealth Management LTD. purchased a new stake in shares of ServiceNow during the 1st quarter worth about $26,000. Finally, Richardson Financial Services Inc. boosted its holdings 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 acquiring an additional 11 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

ServiceNow stock opened at $936.25 on Thursday. The stock has a market cap of $194.74 billion, a P/E ratio of 117.92, a price-to-earnings-growth ratio of 4.24 and a beta of 0.92. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average of $914.81 and a 200-day moving average of $938.12. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) 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. The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business’s revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the business posted $3.13 EPS. On average, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on NOW shares. Wall Street Zen upgraded ServiceNow from a “hold” rating to a “buy” rating in a report on Saturday, October 18th. Oppenheimer restated an “outperform” rating and issued a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Morgan Stanley upgraded ServiceNow from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $1,040.00 to $1,250.00 in a report on Wednesday, September 24th. Erste Group Bank restated a “hold” rating on shares of ServiceNow in a report on Wednesday, July 23rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of ServiceNow in a report on Wednesday, October 8th. Two investment 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 given a Sell rating to the company’s stock. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,121.37.

Insider Buying and Selling at ServiceNow

In related news, CEO William R. Mcdermott sold 5,825 shares of the company’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 transaction of $5,339,369.75. Following the sale, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the sale, the insider directly owned 3,000 shares in the company, valued at approximately $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is owned by insiders.

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.