Principle Wealth Partners LLC Cuts Position in ServiceNow, Inc. (NYSE:NOW)

Principle Wealth Partners LLC reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 1.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,086 shares of the information technology services provider’s stock after selling 40 shares during the period. Principle Wealth Partners LLC’s holdings in ServiceNow were worth $1,661,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Bogart Wealth LLC boosted its stake in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after buying an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new position in shares of ServiceNow during the 1st quarter worth about $26,000. Quarry LP acquired a new stake in shares of ServiceNow in the fourth quarter worth approximately $27,000. WASHINGTON TRUST Co grew its holdings in ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 31 shares during the period. Finally, Heck Capital Advisors LLC acquired a new position in ServiceNow during the fourth quarter worth approximately $37,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

NOW traded up $39.41 on Thursday, reaching $995.84. The company had a trading volume of 1,471,658 shares, compared to its average volume of 1,673,635. The company has a market capitalization of $206.12 billion, a P/E ratio of 135.34, a PEG ratio of 4.41 and a beta of 0.94. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average of $1,002.51 and a 200-day moving average of $954.31. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.12 billion. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The business’s revenue was up 22.4% on a year-over-year basis. During the same period last year, the firm posted $3.13 earnings per share. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on NOW shares. Erste Group Bank reiterated a “hold” rating on shares of ServiceNow in a report on Wednesday. Citigroup upped their price target on ServiceNow from $1,128.00 to $1,160.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. Truist Financial raised ServiceNow from a “hold” rating to a “buy” rating and lifted their price objective for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Morgan Stanley reissued an “equal weight” rating on shares of ServiceNow in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company raised their target price on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the company an “overweight” rating in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $1,091.68.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the transaction, the chief executive officer owned 6,614 shares of the company’s stock, valued at $6,693,434.14. The trade was a 23.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jonathan Chadwick sold 770 shares of the company’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $931.62, for a total value of $717,347.40. Following the completion of the transaction, the director directly owned 3,205 shares in the company, valued at approximately $2,985,842.10. The trade was a 19.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,601 shares of company stock valued at $6,577,363. Corporate insiders own 0.38% of the company’s stock.

About ServiceNow

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.