Connecticut Wealth Management LLC Sells 17 Shares of ServiceNow, Inc. $NOW

Connecticut Wealth Management LLC lowered its stake in ServiceNow, Inc. (NYSE:NOW) by 1.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,680 shares of the information technology services provider’s stock after selling 17 shares during the quarter. Connecticut Wealth Management LLC’s holdings in ServiceNow were worth $1,338,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of NOW. Vanguard Group Inc. increased its stake in ServiceNow by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider’s stock valued at $15,522,335,000 after purchasing an additional 297,734 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of ServiceNow by 3.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider’s stock worth $2,814,433,000 after purchasing an additional 87,876 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of ServiceNow by 4.9% in the fourth quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider’s stock worth $2,484,752,000 after buying an additional 109,293 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of ServiceNow in the first quarter worth about $1,817,535,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $918.49 on Friday. The stock has a fifty day moving average of $945.88 and a 200 day moving average of $925.54. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The firm has a market capitalization of $191.04 billion, a price-to-earnings ratio of 115.68, a PEG ratio of 4.19 and a beta of 0.93. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion during 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%.The firm’s revenue was up 22.4% on a year-over-year basis. During the same quarter last year, the firm posted $3.13 earnings per share. As a group, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. BMO Capital Markets upped 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 report on Thursday, July 24th. Bank of America upped their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the stock an “outperform” rating in a research report on Wednesday, May 7th. Jefferies Financial Group upped their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Finally, Oppenheimer restated an “outperform” rating and issued a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,115.20.

Insider Activity

In other ServiceNow news, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the transaction, the chief financial officer directly owned 12,228 shares of the company’s stock, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jacqueline P. Canney sold 1,562 shares of ServiceNow stock in a transaction dated Monday, August 18th. The stock was 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 $2,622,744.15. This trade represents a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,302 shares of company stock valued at $10,956,796. 0.38% of the stock is currently owned by insiders.

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.