Xcel Wealth Management LLC Reduces Position in ServiceNow, Inc. $NOW

Xcel Wealth Management LLC reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 3.1% in the second quarter, Holdings Channel.com reports. The fund owned 4,521 shares of the information technology services provider’s stock after selling 144 shares during the period. ServiceNow makes up approximately 1.3% of Xcel Wealth Management LLC’s portfolio, making the stock its 23rd biggest position. Xcel Wealth Management LLC’s holdings in ServiceNow were worth $4,648,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Cora Capital Advisors LLC purchased a new stake in shares of ServiceNow in the second quarter worth about $225,000. Clarus Group Inc. bought a new stake in ServiceNow during the 2nd quarter worth approximately $350,000. Financial Management Professionals Inc. increased its holdings in ServiceNow by 38.8% during the 2nd quarter. Financial Management Professionals Inc. now owns 68 shares of the information technology services provider’s stock worth $70,000 after acquiring an additional 19 shares during the period. Ballentine Partners LLC lifted its stake in ServiceNow by 8.7% in the 2nd quarter. Ballentine Partners LLC now owns 3,583 shares of the information technology services provider’s stock worth $3,684,000 after purchasing an additional 287 shares in the last quarter. Finally, CHB Investment Group LLC boosted its holdings in ServiceNow by 4.9% in the 2nd quarter. CHB Investment Group LLC now owns 3,660 shares of the information technology services provider’s stock valued at $3,763,000 after purchasing an additional 170 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Insider Transactions at ServiceNow

In related news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Anita M. Sands sold 1,097 shares of the company’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the completion of the transaction, the director owned 9,307 shares of the company’s stock, valued at $8,516,928.77. This trade represents a 10.54% 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 worth $17,049,775. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NOW. DA Davidson upped their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Erste Group Bank reaffirmed a “hold” rating on shares of ServiceNow in a report on Wednesday, July 23rd. Guggenheim reiterated a “sell” rating and set a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. Raymond James Financial boosted their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” rating in a research report on Thursday, July 24th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,122.20.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $932.85 on Thursday. The company’s fifty day simple moving average is $921.07 and its two-hundred day simple moving average is $924.60. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The firm has a market cap of $194.03 billion, a PE ratio of 117.49, a price-to-earnings-growth ratio of 4.18 and a beta of 0.91. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion during 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%. ServiceNow’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the prior year, the business posted $3.13 earnings per share. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.