AE Wealth Management LLC Reduces Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• AE Wealth Management LLC has reduced its stake in ServiceNow, Inc. by 8.5%, selling 352 shares during the first quarter, leaving it with 3,804 shares valued at approximately $3,029,000.
• Several hedge funds have increased their positions in ServiceNow, with Legato Capital Management boosting its stake by 98.1%, now holding 5,200 shares worth $4,140,000.
• Analyst ratings for ServiceNow are predominantly positive, with a consensus rating of "Moderate Buy" and an average price target of $1,114.87, although some firms have recently lowered their price targets.

AE Wealth Management LLC lowered its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 8.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,804 shares of the information technology services provider's stock after selling 352 shares during the quarter. AE Wealth Management LLC's holdings in ServiceNow were worth $3,029,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Bogart Wealth LLC increased its position in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new stake in ServiceNow in the first quarter worth about $26,000. Quarry LP purchased a new stake in ServiceNow in the fourth quarter worth about $27,000. WASHINGTON TRUST Co increased its position in ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after buying an additional 31 shares in the last quarter. Finally, Heck Capital Advisors LLC purchased a new stake in ServiceNow in the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 428 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the transaction, the director directly owned 10,891 shares in the company, valued at $11,039,226.51. This trade represents a 3.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jonathan Chadwick sold 770 shares of the firm's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $931.62, for a total value of $717,347.40. Following the transaction, the director owned 3,205 shares in the company, valued at $2,985,842.10. The trade was a 19.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,003 shares of company stock worth $6,015,106 over the last three months. Corporate insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Jefferies Financial Group upped their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research report on Thursday. Guggenheim reaffirmed a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Tuesday. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,200.00 price objective on shares of ServiceNow in a research note on Thursday. Finally, Wall Street Zen lowered ServiceNow from a "buy" rating to a "hold" rating in a research note on Monday, July 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,114.87.

ServiceNow Trading Down 2.8%

Shares of NOW stock traded down $28.13 on Friday, reaching $968.05. 1,998,443 shares of the company's stock were exchanged, compared to its average volume of 1,429,436. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.12 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $200.37 billion, a PE ratio of 121.92, a P/E/G ratio of 4.43 and a beta of 0.94. The company's fifty day simple moving average is $1,000.33 and its 200 day simple moving average is $952.52.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. During the same period last year, the business posted $3.13 EPS. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.