Brookwood Investment Group LLC Decreases Holdings in ServiceNow, Inc. $NOW

Brookwood Investment Group LLC decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 35.7% in the second quarter, HoldingsChannel reports. The fund owned 534 shares of the information technology services provider’s stock after selling 297 shares during the quarter. Brookwood Investment Group LLC’s holdings in ServiceNow were worth $549,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Global X Japan Co. Ltd. acquired a new position in ServiceNow during the 2nd quarter valued at approximately $30,000. LGT Financial Advisors LLC acquired a new position in ServiceNow during the 2nd quarter valued at approximately $32,000. Bogart Wealth LLC increased its stake in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new stake in shares of ServiceNow in the first quarter worth $26,000. Finally, Richardson Financial Services Inc. increased its stake in shares of ServiceNow by 50.0% in the second quarter. Richardson Financial Services Inc. now owns 33 shares of the information technology services provider’s stock worth $33,000 after acquiring an additional 11 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $947.33 on Tuesday. The company’s fifty day moving average price is $918.98 and its 200 day moving average price is $944.11. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a market capitalization of $197.05 billion, a PE ratio of 119.31, a price-to-earnings-growth ratio of 4.20 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.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Oppenheimer reiterated an “outperform” rating and issued a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Zacks Research upgraded shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 13th. Barclays set a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. BMO Capital Markets increased their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an “outperform” rating in a research note on Thursday, July 24th. Finally, Morgan Stanley upgraded shares of ServiceNow from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,124.17.

Insider Activity

In related news, insider Paul Fipps sold 1,452 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the sale, the insider directly owned 457 shares of the company’s stock, valued at approximately $409,037.85. This represents a 76.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction 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 directly 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. Insiders sold a total of 17,980 shares of company stock valued at $16,049,017 in the last three months. Corporate insiders own 0.38% of the company’s stock.

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.