ServiceNow, Inc. $NOW Shares Sold by Revolve Wealth Partners LLC

Revolve Wealth Partners LLC lowered its stake in ServiceNow, Inc. (NYSE:NOW) by 1.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 907 shares of the information technology services provider’s stock after selling 16 shares during the quarter. Revolve Wealth Partners LLC’s holdings in ServiceNow were worth $932,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Jag Capital Management LLC lifted its holdings in ServiceNow by 1.1% in the 2nd quarter. Jag Capital Management LLC now owns 12,808 shares of the information technology services provider’s stock valued at $13,168,000 after acquiring an additional 137 shares during the last quarter. Cornerstone Wealth Group LLC increased its holdings in shares of ServiceNow by 3.9% in the 2nd quarter. Cornerstone Wealth Group LLC now owns 5,397 shares of the information technology services provider’s stock valued at $5,549,000 after purchasing an additional 203 shares during the period. NorthRock Partners LLC increased its holdings in shares of ServiceNow by 6.8% in the 2nd quarter. NorthRock Partners LLC now owns 2,203 shares of the information technology services provider’s stock valued at $2,265,000 after purchasing an additional 141 shares during the period. Verdence Capital Advisors LLC increased its holdings in shares of ServiceNow by 28.9% in the 2nd quarter. Verdence Capital Advisors LLC now owns 1,672 shares of the information technology services provider’s stock valued at $1,719,000 after purchasing an additional 375 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its holdings in ServiceNow by 1.1% in the second quarter. Oregon Public Employees Retirement Fund now owns 17,877 shares of the information technology services provider’s stock worth $18,379,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on NOW. Bank of America upped their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Barclays set a $1,210.00 target price on ServiceNow in a research note on Thursday, July 24th. Wall Street Zen lowered ServiceNow from a “buy” rating to a “hold” rating in a research note on Saturday, August 30th. Jefferies Financial Group raised their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Finally, Morgan Stanley upgraded ServiceNow from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $1,040.00 to $1,250.00 in a report on Wednesday, September 24th. One investment 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 given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,122.20.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the company’s stock in a transaction dated 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 $6,062,590.82. This represents a 46.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel directly owned 4,332 shares of the company’s stock, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,737 shares of company stock worth $16,798,825. Company insiders own 0.38% of the company’s stock.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $923.44 on Tuesday. The stock has a 50 day moving average of $909.24 and a 200-day moving average of $933.88. The company has a market capitalization of $192.07 billion, a P/E ratio of 116.30, a P/E/G ratio of 4.00 and a beta of 0.92. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm’s quarterly revenue 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, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current 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.