Palumbo Wealth Management LLC Sells 372 Shares of ServiceNow, Inc. (NYSE:NOW)

Palumbo Wealth Management LLC reduced its position in shares of ServiceNow, Inc. (NYSE:NOW) by 34.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 695 shares of the information technology services provider’s stock after selling 372 shares during the quarter. Palumbo Wealth Management LLC’s holdings in ServiceNow were worth $553,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in NOW. Brighton Jones LLC grew its stake in shares of ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after purchasing an additional 30 shares during the period. Union Bancaire Privee UBP SA bought a new position in shares of ServiceNow during the 4th quarter valued at approximately $48,802,000. FPC Investment Advisory Inc. grew its stake in shares of ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares during the period. Wealthspire Advisors LLC grew its stake in shares of ServiceNow by 12.6% during the 4th quarter. Wealthspire Advisors LLC now owns 2,258 shares of the information technology services provider’s stock valued at $2,394,000 after acquiring an additional 253 shares during the period. Finally, Valliance Asset Management Ltd bought a new position in shares of ServiceNow during the 4th quarter valued at approximately $2,120,000. 87.18% of the stock is currently owned by institutional investors.

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 428 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the sale, the director now owns 10,891 shares in the company, valued at approximately $11,039,226.51. This represents a 3.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Russell S. Elmer sold 62 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the sale, the general counsel now owns 4,332 shares in the company, valued at $4,431,636. The trade was a 1.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock valued at $6,611,245 in the last ninety days. Corporate insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NOW. JPMorgan Chase & Co. cut their price objective on ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. FBN Securities upgraded ServiceNow to a “strong-buy” rating in a research note on Wednesday, June 11th. Erste Group Bank upgraded ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. Piper Sandler cut their price objective on ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating for the company in a research note on Thursday, April 24th. Finally, JMP Securities reiterated a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and two have given 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.

ServiceNow Stock Down 1.3%

Shares of NOW opened at $969.78 on Monday. The stock has a market capitalization of $200.72 billion, a price-to-earnings ratio of 131.76, a price-to-earnings-growth ratio of 4.48 and a beta of 0.96. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The business’s 50 day simple moving average is $964.42 and its 200-day simple moving average is $969.26. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.78 by $0.26. The business had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The company’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same period in the prior year, the firm earned $3.41 EPS. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share 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.