Modern Wealth Management LLC Increases Stock Holdings in ServiceNow, Inc. $NOW

Modern Wealth Management LLC increased its holdings in ServiceNow, Inc. (NYSE:NOW) by 16.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 402 shares of the information technology services provider’s stock after purchasing an additional 58 shares during the period. Modern Wealth Management LLC’s holdings in ServiceNow were worth $320,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Brighton Jones LLC grew its position in ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after acquiring an additional 30 shares during the period. Silvercrest Asset Management Group LLC grew its position in ServiceNow by 11.3% during the fourth quarter. Silvercrest Asset Management Group LLC now owns 3,213 shares of the information technology services provider’s stock valued at $3,406,000 after acquiring an additional 326 shares during the period. Strategic Wealth Partners Ltd. purchased a new stake in ServiceNow during the fourth quarter valued at about $241,000. Two Sigma Investments LP grew its position in ServiceNow by 1.5% during the fourth quarter. Two Sigma Investments LP now owns 4,405 shares of the information technology services provider’s stock valued at $4,670,000 after acquiring an additional 67 shares during the period. Finally, Twinbeech Capital LP purchased a new stake in ServiceNow during the fourth quarter valued at about $48,928,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Bank of America boosted their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Citigroup boosted their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. Wells Fargo & Company upped their target price on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,200.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $1,150.00 target price (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,115.20.

ServiceNow Stock Performance

Shares of NOW stock opened at $948.28 on Tuesday. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The firm has a market capitalization of $197.24 billion, a price-to-earnings ratio of 119.43, a price-to-earnings-growth ratio of 4.18 and a beta of 0.91. The business has a 50 day simple moving average of $925.62 and a 200 day simple moving average of $922.47. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the company posted $3.13 EPS. The business’s revenue for the quarter was up 22.4% compared to the same quarter last year. On average, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insiders Place Their Bets

In related news, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction that occurred on 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 directly 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 filing with the SEC, which is available through the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the transaction, the general counsel directly owned 4,332 shares of the company’s stock, 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. Over the last three months, insiders sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is owned by company insiders.

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.