Wealthfront Advisers LLC increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 27.7% in the second quarter, HoldingsChannel reports. The firm owned 22,338 shares of the information technology services provider's stock after buying an additional 4,839 shares during the period. Wealthfront Advisers LLC's holdings in ServiceNow were worth $10,622,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of NOW. Chilton Capital Management LLC bought a new position in ServiceNow during the fourth quarter worth about $25,000. OLD Second National Bank of Aurora bought a new position in ServiceNow during the first quarter worth about $28,000. High Net Worth Advisory Group LLC bought a new position in ServiceNow during the first quarter worth about $29,000. Delos Wealth Advisors LLC bought a new stake in shares of ServiceNow during the fourth quarter worth approximately $40,000. Finally, GoalVest Advisory LLC bought a new stake in shares of ServiceNow during the first quarter worth approximately $43,000. Institutional investors own 87.49% of the company's stock.
Get ServiceNow alerts:Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on the stock. Canaccord Genuity Group dropped their price target on shares of ServiceNow from $615.00 to $510.00 and set a "buy" rating for the company in a research report on Thursday, July 28th. Guggenheim assumed coverage on shares of ServiceNow in a report on Friday, August 12th. They set a "neutral" rating and a $510.00 price target for the company. JMP Securities lowered their price target on shares of ServiceNow from $705.00 to $553.00 and set a "market outperform" rating for the company in a report on Thursday, July 28th. Barclays lowered their price target on shares of ServiceNow from $560.00 to $495.00 and set an "overweight" rating for the company in a report on Thursday, July 28th. Finally, Cowen reduced their price objective on shares of ServiceNow from $590.00 to $580.00 and set an "outperform" rating on the stock in a research note on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus price target of $593.29.
Insider Buying and Selling
In other ServiceNow news, insider Nicholas Tzitzon sold 2,822 shares of the firm's stock in a transaction on Friday, July 29th. The shares were sold at an average price of $438.75, for a total value of $1,238,152.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other ServiceNow news, insider Nicholas Tzitzon sold 2,822 shares of the firm's stock in a transaction on Friday, July 29th. The shares were sold at an average price of $438.75, for a total value of $1,238,152.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Russell S. Elmer sold 2,666 shares of the firm's stock in a transaction on Monday, September 19th. The shares were sold at an average price of $422.80, for a total transaction of $1,127,184.80. Following the sale, the general counsel now owns 6,627 shares in the company, valued at approximately $2,801,895.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,922 shares of company stock valued at $15,146,557. Company insiders own 0.28% of the company's stock.ServiceNow Stock Performance
Shares of ServiceNow stock traded down $6.34 on Thursday, reaching $382.51. 62,181 shares of the company traded hands, compared to its average volume of 1,545,295. ServiceNow, Inc. has a 52 week low of $367.71 and a 52 week high of $707.60. The company has a 50 day moving average of $450.13 and a 200 day moving average of $475.09. The firm has a market capitalization of $77.27 billion, a PE ratio of 416.89, 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.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 EPS for the quarter, topping the consensus estimate of $0.12 by $0.08. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.76 billion. ServiceNow had a net margin of 2.79% and a return on equity of 7.22%. ServiceNow's revenue for the quarter was up 24.3% on a year-over-year basis. During the same period last year, the firm earned $0.38 EPS. Equities analysts forecast that ServiceNow, Inc. will post 1.72 earnings per share for the current year.
ServiceNow Profile
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ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. It operates 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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