TRUE Private Wealth Advisors Decreases Stock Position in ServiceNow, Inc. (NYSE:NOW)

TRUE Private Wealth Advisors lowered its position in shares of ServiceNow, Inc. (NYSE:NOW) by 8.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 351 shares of the information technology services provider’s stock after selling 33 shares during the period. TRUE Private Wealth Advisors’ holdings in ServiceNow were worth $276,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of ServiceNow by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock valued at $14,066,715,000 after buying an additional 331,797 shares during the period. Jennison Associates LLC boosted its stake in ServiceNow by 2.2% in the fourth quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock valued at $1,781,195,000 after acquiring an additional 53,719 shares during the period. Norges Bank bought a new position in shares of ServiceNow during the fourth quarter valued at approximately $1,648,259,000. Massachusetts Financial Services Co. MA increased its position in ServiceNow by 3.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock worth $1,612,032,000 after buying an additional 81,028 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in ServiceNow by 18.3% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,754,027 shares of the information technology services provider’s stock valued at $1,239,198,000 after buying an additional 271,153 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $900.00 price target on shares of ServiceNow in a research report on Thursday, July 25th. StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Royal Bank of Canada raised their target price on shares of ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Truist Financial upped their price target on ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Finally, Morgan Stanley raised their price objective on ServiceNow from $814.00 to $830.00 and gave the stock an “overweight” rating in a research note on Thursday, April 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $842.22.

Insider Buying and Selling at ServiceNow

In other news, insider Paul John Smith sold 187 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $795.58, for a total transaction of $148,773.46. Following the completion of the transaction, the insider now directly owns 3,779 shares in the company, valued at $3,006,496.82. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares in the company, valued at $5,252,800.16. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Paul John Smith sold 187 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $795.58, for a total value of $148,773.46. Following the completion of the transaction, the insider now directly owns 3,779 shares of the company’s stock, valued at $3,006,496.82. The disclosure for this sale can be found here. Insiders have sold 9,139 shares of company stock valued at $6,913,787 in the last 90 days. 0.25% of the stock is currently owned by insiders.

ServiceNow Stock Performance

NOW stock traded down $0.26 during midday trading on Wednesday, hitting $818.54. 533,686 shares of the company traded hands, compared to its average volume of 1,324,672. The business has a 50 day simple moving average of $763.01 and a 200-day simple moving average of $756.17. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow, Inc. has a twelve month low of $527.24 and a twelve month high of $850.33. The stock has a market capitalization of $167.80 billion, a price-to-earnings ratio of 87.57, a price-to-earnings-growth ratio of 4.82 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The business’s revenue was up 22.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 EPS. As a group, equities research analysts predict that ServiceNow, Inc. will post 6.84 earnings per share 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.