Independent Solutions Wealth Management LLC Acquires New Shares in ServiceNow, Inc. $NOW

Independent Solutions Wealth Management LLC bought a new position in ServiceNow, Inc. (NYSE:NOW) during the second quarter, Holdings Channel.com reports. The institutional investor bought 343 shares of the information technology services provider’s stock, valued at approximately $353,000.

Other institutional investors have also added to or reduced their stakes in the company. Global X Japan Co. Ltd. bought a new position in ServiceNow in the 2nd quarter worth about $30,000. Bogart Wealth LLC boosted its holdings in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new position in shares of ServiceNow in the 1st quarter worth about $26,000. WASHINGTON TRUST Co boosted its holdings in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 31 shares in the last quarter. Finally, Dagco Inc. purchased a new position in shares of ServiceNow in the 1st quarter worth about $33,000. 87.18% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anita M. Sands sold 1,097 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the transaction, the director directly owned 9,307 shares of the company’s stock, valued at $8,516,928.77. This represents a 10.54% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,737 shares of company stock worth $16,798,825. Insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on NOW. Guggenheim reiterated a “sell” rating and issued a $724.00 price objective on shares of ServiceNow in a report on Thursday, July 17th. Piper Sandler upped their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Raymond James Financial upped their price objective on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Thursday, July 24th. Barclays set a $1,210.00 target price on ServiceNow in a report on Thursday, July 24th. Finally, Needham & Company LLC increased their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,122.20.

ServiceNow Trading Down 0.8%

NYSE NOW opened at $905.41 on Wednesday. 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. The stock has a 50 day simple moving average of $911.49 and a two-hundred day simple moving average of $931.09. The stock has a market cap of $188.32 billion, a P/E ratio of 114.03, a price-to-earnings-growth ratio of 4.11 and a beta of 0.92.

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