Acima Private Wealth LLC Reduces Stake in ServiceNow, Inc. $NOW

Key Points

• Acima Private Wealth LLC reduced its stake in ServiceNow, Inc. by 11.0%, now holding 2,957 shares worth approximately $3,040,000, making it the firm's 24th largest position.
• CEO William R. Mcdermott and Vice Chairman Nicholas Tzitzon both sold significant portions of their shares, with Mcdermott's sale representing a 46.83% decrease in his ownership.
• ServiceNow's stock has seen varying recommendations from analysts, with price targets ranging from $1,050.00 to $1,250.00, reflecting a consensus of "Moderate Buy" based on multiple recent research reports.

Acima Private Wealth LLC reduced its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 11.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,957 shares of the information technology services provider's stock after selling 367 shares during the period. ServiceNow makes up about 1.0% of Acima Private Wealth LLC's investment portfolio, making the stock its 24th biggest position. Acima Private Wealth LLC's holdings in ServiceNow were worth $3,040,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Haverford Trust Co raised its holdings in ServiceNow by 0.9% in the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after purchasing an additional 10 shares during the period. Ascent Group LLC raised its holdings in ServiceNow by 0.5% in the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider's stock worth $1,628,000 after purchasing an additional 10 shares during the period. Edgemoor Investment Advisors Inc. raised its holdings in ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after purchasing an additional 11 shares during the period. Integrated Investment Consultants LLC raised its holdings in ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after purchasing an additional 11 shares during the period. Finally, one8zero8 LLC raised its holdings in ServiceNow by 3.2% in the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after purchasing an additional 11 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider owned 3,000 shares of the company's stock, valued at $2,599,350. This trade represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is owned by company insiders.

Analysts Set New Price Targets

NOW has been the topic of a number of recent research reports. Wall Street Zen cut ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. BMO Capital Markets raised their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Morgan Stanley upgraded ServiceNow from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Bank of America raised their price objective 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. Finally, Needham & Company LLC raised their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $1,122.20.

ServiceNow Trading Down 3.2%

NOW opened at $888.63 on Friday. The firm has a market cap of $184.84 billion, a P/E ratio of 111.92, a P/E/G ratio of 4.13 and a beta of 0.92. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a 50-day moving average of $909.21 and a 200 day moving average of $931.62.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate 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 business posted $3.13 earnings per share. As a group, research analysts forecast that ServiceNow, Inc. will post 8.93 EPS 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.

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