New Wave Wealth Advisors LLC Sells 54 Shares of ServiceNow, Inc. $NOW

New Wave Wealth Advisors LLC lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 8.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 573 shares of the information technology services provider’s stock after selling 54 shares during the quarter. New Wave Wealth Advisors LLC’s holdings in ServiceNow were worth $589,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Community Financial Services Group LLC grew its holdings in ServiceNow by 0.9% during the 2nd quarter. Community Financial Services Group LLC now owns 9,324 shares of the information technology services provider’s stock worth $9,586,000 after acquiring an additional 87 shares during the last quarter. Deltec Asset Management LLC acquired a new position in ServiceNow during the 2nd quarter valued at about $541,000. QTR Family Wealth LLC acquired a new position in ServiceNow during the 2nd quarter valued at about $303,000. Forbes J M & Co. LLP lifted its position in ServiceNow by 96.1% during the 2nd quarter. Forbes J M & Co. LLP now owns 10,922 shares of the information technology services provider’s stock valued at $11,229,000 after purchasing an additional 5,353 shares during the period. Finally, Marino Stram & Associates LLC lifted its position in ServiceNow by 3.9% during the 2nd quarter. Marino Stram & Associates LLC now owns 369 shares of the information technology services provider’s stock valued at $379,000 after purchasing an additional 14 shares during the period. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. FBN Securities upgraded shares of ServiceNow to a “strong-buy” rating in a research report on Wednesday, June 11th. DA Davidson upped their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Citigroup upped their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Barclays set a $1,210.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Wells Fargo & Company lifted 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 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 given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $1,122.20.

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the sale, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the firm’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,737 shares of company stock worth $16,798,825. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Stock Down 0.9%

ServiceNow stock opened at $912.13 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market capitalization of $189.72 billion, a price-to-earnings ratio of 114.88, a PEG ratio of 4.15 and a beta of 0.92. The company’s 50 day simple moving average is $917.56 and its 200 day simple moving average is $928.31. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week 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 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for 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 business’s quarterly revenue was up 22.4% on a year-over-year basis. During the same period last year, the company posted $3.13 EPS. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.