KG&L Capital Management LLC Has $404,000 Stock Position in ServiceNow, Inc. $NOW

KG&L Capital Management LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 65.5% in the 2nd quarter, Holdings Channel reports. The firm owned 393 shares of the information technology services provider’s stock after selling 745 shares during the period. KG&L Capital Management LLC’s holdings in ServiceNow were worth $404,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of NOW. SeaBridge Investment Advisors LLC acquired a new position in shares of ServiceNow during the 2nd quarter worth $219,000. LVW Advisors LLC grew its position in ServiceNow by 13.0% in the second quarter. LVW Advisors LLC now owns 599 shares of the information technology services provider’s stock valued at $616,000 after acquiring an additional 69 shares during the last quarter. TOWER TRUST & INVESTMENT Co raised its stake in ServiceNow by 2.1% during the second quarter. TOWER TRUST & INVESTMENT Co now owns 1,041 shares of the information technology services provider’s stock worth $1,070,000 after acquiring an additional 21 shares in the last quarter. Diversified Enterprises LLC acquired a new position in ServiceNow during the second quarter worth about $454,000. Finally, ORG Wealth Partners LLC lifted its holdings in shares of ServiceNow by 35.6% in the second quarter. ORG Wealth Partners LLC now owns 651 shares of the information technology services provider’s stock worth $659,000 after acquiring an additional 171 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NOW opened at $936.76 on Monday. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The business’s 50 day moving average price is $919.74 and its two-hundred day moving average price is $927.82. The firm has a market cap of $194.85 billion, a PE ratio of 117.98, a price-to-earnings-growth ratio of 4.22 and a beta of 0.91.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company’s quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter last year, the firm posted $3.13 EPS. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Transactions at ServiceNow

In other news, Director Anita M. Sands sold 1,097 shares of the company’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the transaction, the director owned 9,307 shares in the company, valued at approximately $8,516,928.77. This represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer owned 6,614 shares of the company’s stock, valued at approximately $6,062,590.82. This represents a 46.83% 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 insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on NOW. Wells Fargo & Company upped their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. Barclays set a $1,210.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Wall Street Zen downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. Piper Sandler lifted their price target on ServiceNow from $1,120.00 to $1,150.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. Finally, Oppenheimer reissued an “outperform” rating and issued a $1,150.00 price target (up previously from $1,100.00) 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 stock. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,122.20.

ServiceNow 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.