Western Wealth Management LLC lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 78.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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.
Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in ServiceNow by 1.9% in the first quarter. Vanguard Group Inc. now owns 16,295,607 shares of the information technology services provider's stock worth $9,074,862,000 after buying an additional 306,106 shares during the last quarter. BlackRock Inc. raised its holdings in shares of ServiceNow by 0.4% during the 4th quarter. BlackRock Inc. now owns 16,190,700 shares of the information technology services provider's stock valued at $10,509,544,000 after purchasing an additional 65,623 shares in the last quarter. Polen Capital Management LLC raised its holdings in shares of ServiceNow by 2.1% during the 1st quarter. Polen Capital Management LLC now owns 3,219,600 shares of the information technology services provider's stock valued at $1,792,963,000 after purchasing an additional 67,385 shares in the last quarter. Capital International Investors raised its holdings in shares of ServiceNow by 18.1% during the 1st quarter. Capital International Investors now owns 3,207,748 shares of the information technology services provider's stock valued at $1,786,783,000 after purchasing an additional 491,835 shares in the last quarter. Finally, Sands Capital Management LLC raised its holdings in shares of ServiceNow by 3.3% during the 1st quarter. Sands Capital Management LLC now owns 2,735,070 shares of the information technology services provider's stock valued at $1,523,133,000 after purchasing an additional 87,874 shares in the last quarter. Institutional investors and hedge funds own 87.49% of the company's stock.
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NOW opened at $385.50 on Friday. 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 company has a market cap of $77.87 billion, a price-to-earnings ratio of 423.63, a price-to-earnings-growth ratio of 7.71 and a beta of 0.94. The firm has a 50 day simple moving average of $448.63 and a 200 day simple moving average of $474.33. ServiceNow, Inc. has a fifty-two week low of $367.71 and a fifty-two week high of $707.60.
ServiceNow (NYSE:NOW – Get Rating) last posted its quarterly earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.08. ServiceNow had a net margin of 2.79% and a return on equity of 7.22%. The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the previous year, the firm posted $0.38 earnings per share. ServiceNow's revenue for the quarter was up 24.3% compared to the same quarter last year. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 1.72 earnings per share for the current year.Insider Activity
In related news, General Counsel Russell S. Elmer sold 2,666 shares of the 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 completion of the transaction, the general counsel now owns 6,627 shares in the company, valued at $2,801,895.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other ServiceNow news, General Counsel Russell S. Elmer sold 2,666 shares of the firm's stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $422.80, for a total value of $1,127,184.80. Following the transaction, the general counsel now directly owns 6,627 shares of the company's stock, valued at approximately $2,801,895.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul John Smith sold 130 shares of the firm's stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $502.81, for a total transaction of $65,365.30. Following the completion of the transaction, the insider now directly owns 2,157 shares in the company, valued at $1,084,561.17. The disclosure for this sale can be found here. Insiders sold 32,922 shares of company stock worth $15,146,557 over the last quarter. 0.28% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on NOW. Guggenheim began coverage on shares of ServiceNow in a report on Friday, August 12th. They set a "neutral" rating and a $510.00 price objective on the stock. BMO Capital Markets decreased their target price on shares of ServiceNow from $595.00 to $520.00 in a research report on Friday, July 15th. Mizuho decreased their target price on shares of ServiceNow from $520.00 to $500.00 and set a "buy" rating on the stock in a research report on Thursday, July 28th. Morgan Stanley decreased their target price on shares of ServiceNow from $594.00 to $575.00 and set an "overweight" rating on the stock in a research report on Thursday, July 14th. Finally, Piper Sandler decreased their target price on shares of ServiceNow from $600.00 to $550.00 and set an "overweight" rating on the stock in a research report on Thursday, July 28th. 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $593.29.
ServiceNow Company 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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