Baron Wealth Management LLC Reduces Stock Holdings in ServiceNow, Inc. $NOW

Baron Wealth Management LLC lowered its position in ServiceNow, Inc. (NYSE:NOW) by 1.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 954 shares of the information technology services provider’s stock after selling 14 shares during the quarter. Baron Wealth Management LLC’s holdings in ServiceNow were worth $981,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Hummer Financial Advisory Services Inc acquired a new position in ServiceNow in the second quarter valued at about $262,000. Aaron Wealth Advisors LLC lifted its position in ServiceNow by 21.6% in the second quarter. Aaron Wealth Advisors LLC now owns 1,008 shares of the information technology services provider’s stock valued at $1,036,000 after buying an additional 179 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. acquired a new position in ServiceNow in the second quarter valued at about $510,000. Thrive Wealth Management LLC lifted its position in shares of ServiceNow by 18.6% during the second quarter. Thrive Wealth Management LLC now owns 433 shares of the information technology services provider’s stock worth $445,000 after purchasing an additional 68 shares in the last quarter. Finally, Balefire LLC lifted its position in shares of ServiceNow by 275.8% during the second quarter. Balefire LLC now owns 1,552 shares of the information technology services provider’s stock worth $1,596,000 after purchasing an additional 1,139 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Buying and Selling at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Gina Mastantuono sold 1,762 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares in the company, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is owned by company insiders.

ServiceNow Stock Performance

Shares of NOW opened at $932.28 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market cap of $193.91 billion, a PE ratio of 117.42, a price-to-earnings-growth ratio of 4.27 and a beta of 0.91. The company’s 50 day simple moving average is $923.80 and its 200-day simple moving average is $922.54. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company’s revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period last year, the firm posted $3.13 earnings per share. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

Wall Street Analyst Weigh In

NOW has been the topic of several research reports. UBS Group reduced their price target on shares of ServiceNow from $1,125.00 to $1,100.00 and set a “buy” rating on the stock in a research report on Thursday, July 24th. Piper Sandler increased their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Monday, August 4th. Mizuho increased their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an “outperform” rating in a research report on Thursday, June 12th. Finally, BMO Capital Markets raised their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,115.20.

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.