Copperwynd Financial LLC Reduces Stock Position in ServiceNow, Inc. $NOW

Copperwynd Financial LLC lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 8.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,287 shares of the information technology services provider’s stock after selling 122 shares during the quarter. Copperwynd Financial LLC’s holdings in ServiceNow were worth $1,323,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC purchased a new stake in ServiceNow in the 1st quarter valued at about $382,000. Corient IA LLC purchased a new stake in ServiceNow in the 1st quarter valued at about $796,000. Parr Mcknight Wealth Management Group LLC purchased a new stake in ServiceNow in the 1st quarter valued at about $1,820,000. Goldman Sachs Group Inc. grew its holdings in ServiceNow by 131.4% in the 1st 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 period. Finally, ASR Vermogensbeheer N.V. purchased a new stake in ServiceNow in the 1st quarter valued at about $19,278,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider directly owned 3,000 shares of the company’s stock, valued at $2,599,350. This represents a 36.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the completion of the transaction, the insider directly owned 3,027 shares in the company, valued at approximately $2,622,744.15. The trade was a 34.04% 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 worth $16,798,825 in the last ninety days. 0.38% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have commented on NOW shares. FBN Securities upgraded ServiceNow to a “strong-buy” rating in a report on Wednesday, June 11th. DA Davidson boosted their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of ServiceNow in a report on Wednesday. UBS Group decreased their target price on ServiceNow from $1,125.00 to $1,100.00 and set a “buy” rating for the company in a report on Thursday, July 24th. Finally, Guggenheim reiterated a “sell” rating and set a $724.00 target price on shares of ServiceNow in a report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,122.20.

ServiceNow Stock Performance

ServiceNow stock opened at $914.15 on Thursday. The stock’s 50 day moving average price is $910.23 and its 200 day moving average price is $930.97. The firm has a market capitalization of $190.14 billion, a PE ratio of 115.13, a price-to-earnings-growth ratio of 4.07 and a beta of 0.92. 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, Inc. has a one year low of $678.66 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly 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 analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the previous year, the company posted $3.13 EPS. As a group, sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow Company 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.