Triad Wealth Partners LLC Increases Position in ServiceNow, Inc. $NOW

Triad Wealth Partners LLC boosted its holdings in ServiceNow, Inc. (NYSE:NOW) by 32.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 699 shares of the information technology services provider’s stock after purchasing an additional 170 shares during the quarter. Triad Wealth Partners LLC’s holdings in ServiceNow were worth $719,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in NOW. Nuveen LLC purchased a new stake in shares of ServiceNow during the first quarter valued at approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in shares of ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after buying an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after buying an additional 840,731 shares during the last quarter. Parnassus Investments LLC purchased a new stake in shares of ServiceNow during the first quarter valued at approximately $519,806,000. Finally, Amundi grew its holdings in shares of ServiceNow by 61.9% during the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock valued at $1,269,777,000 after buying an additional 626,623 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 1,562 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the transaction, the insider directly owned 3,027 shares of the company’s stock, valued at approximately $2,622,744.15. This trade represents a 34.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the transaction, the insider directly owned 3,000 shares of the company’s stock, valued at $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,737 shares of company stock valued at $16,798,825 in the last ninety days. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NOW. Erste Group Bank reiterated a “hold” rating on shares of ServiceNow in a report on Wednesday, July 23rd. BMO Capital Markets increased their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a research report on Thursday, July 24th. Needham & Company LLC increased their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Wells Fargo & Company increased their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an “overweight” rating in a research report on Thursday, July 24th. Finally, Piper Sandler increased their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an “overweight” rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,122.20.

ServiceNow Stock Performance

NOW opened at $909.88 on Friday. The stock has a market capitalization of $189.26 billion, a price-to-earnings ratio of 114.59, a PEG ratio of 4.11 and a beta of 0.92. The company has a fifty day moving average of $915.79 and a 200 day moving average of $928.77. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two 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.

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, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow’s quarterly revenue was up 22.4% on a year-over-year basis. During the same period last year, the company posted $3.13 earnings per share. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal 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.