Wesbanco Bank Inc. Reduces Stock Position in ServiceNow, Inc. (NYSE:NOW)

Wesbanco Bank Inc. trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 36.5% in the first quarter, Holdings Channel reports. The institutional investor owned 539 shares of the information technology services provider’s stock after selling 310 shares during the period. Wesbanco Bank Inc.’s holdings in ServiceNow were worth $429,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Avidian Wealth Enterprises LLC increased its holdings in shares of ServiceNow by 1.8% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after acquiring an additional 9 shares during the period. TBH Global Asset Management LLC grew its position in ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after purchasing an additional 11 shares during the last quarter. Onefund LLC increased its stake in ServiceNow by 2.0% in the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after purchasing an additional 11 shares during the period. Cassady Schiller Wealth Management LLC raised its holdings in shares of ServiceNow by 44.0% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider’s stock valued at $38,000 after buying an additional 11 shares during the last quarter. Finally, Valley Brook Capital Group Inc. boosted its stake in shares of ServiceNow by 2.7% during the fourth quarter. Valley Brook Capital Group Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after buying an additional 12 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Trading Down 1.6%

Shares of NOW stock opened at $1,009.94 on Wednesday. The stock has a market cap of $209.04 billion, a P/E ratio of 147.87, a P/E/G ratio of 4.51 and a beta of 0.95. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The business has a fifty day simple moving average of $928.22 and a 200-day simple moving average of $974.13.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.78 by $0.26. The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same period last year, the firm posted $3.41 EPS. On average, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on NOW. Jefferies Financial Group dropped their price target on ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Redburn Atlantic initiated coverage on ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $1,050.00 price target on shares of ServiceNow in a report on Tuesday, May 6th. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Finally, Truist Financial raised shares of ServiceNow from a “hold” rating to a “buy” rating and boosted their price objective for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,062.50.

Insider Activity

In other news, CEO William R. Mcdermott sold 2,050 shares of the company’s stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer now directly owns 6,614 shares in the company, valued at $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 354 shares of ServiceNow stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,435,554.47. This represents a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock worth $6,611,245 over the last ninety days. 0.38% of the stock is currently owned by insiders.

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.