Cornerstone Wealth Group LLC Increases Stock Holdings in ServiceNow, Inc. $NOW

Cornerstone Wealth Group LLC boosted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 3.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,397 shares of the information technology services provider’s stock after acquiring an additional 203 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in ServiceNow were worth $5,549,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wealth Preservation Advisors LLC acquired a new stake in ServiceNow in the first quarter valued at approximately $382,000. Corient IA LLC acquired a new stake in ServiceNow in the first quarter valued at approximately $796,000. Parr Mcknight Wealth Management Group LLC acquired a new stake in ServiceNow in the first quarter valued at approximately $1,820,000. ASR Vermogensbeheer N.V. acquired a new stake in ServiceNow in the first quarter valued at approximately $19,278,000. Finally, Goldman Sachs Group Inc. raised its holdings in ServiceNow by 131.4% in the first 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 acquiring an additional 840,731 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at approximately $2,599,350. This trade represents a 36.43% 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 over the last quarter. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Stock Up 3.9%

NOW stock opened at $923.44 on Tuesday. 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, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company’s 50 day moving average is $909.24 and its two-hundred day moving average is $933.88. The stock has a market cap of $192.07 billion, a P/E ratio of 116.30, a PEG ratio of 4.00 and a beta of 0.92.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company’s revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period last year, the firm posted $3.13 earnings per share. Research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Citigroup raised their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Wall Street Zen cut shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. Morgan Stanley raised shares of ServiceNow from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $1,040.00 to $1,250.00 in a report on Wednesday, September 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,200.00 target price on shares of ServiceNow in a report on Thursday, July 24th. Finally, Bank of America raised their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,122.20.

ServiceNow 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.