Angeles Wealth Management LLC Boosts Position in ServiceNow, Inc. $NOW

Key Points

• Angeles Wealth Management LLC increased its holdings in ServiceNow, Inc. by 27.3% in the second quarter, with a total valuation of approximately $1.79 million at the end of that period.
• Several institutional investors have made significant changes to their stakes in ServiceNow, with hedge funds now owning 87.18% of the company's stock.
• ServiceNow recently had multiple analyst upgrades, including a target price increase from $1,040.00 to $1,250.00 by Morgan Stanley, reflecting renewed investor confidence.

Angeles Wealth Management LLC increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 27.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,745 shares of the information technology services provider's stock after purchasing an additional 374 shares during the quarter. Angeles Wealth Management LLC's holdings in ServiceNow were worth $1,794,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Global X Japan Co. Ltd. purchased a new stake in ServiceNow during the second quarter worth approximately $30,000. Bogart Wealth LLC lifted its stake in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new stake in ServiceNow during the first quarter worth approximately $26,000. Richardson Financial Services Inc. lifted its stake in ServiceNow by 50.0% during the second quarter. Richardson Financial Services Inc. now owns 33 shares of the information technology services provider's stock worth $33,000 after purchasing an additional 11 shares during the last quarter. Finally, WASHINGTON TRUST Co lifted its stake in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction 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 represents a 36.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction 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 transaction, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is currently owned by insiders.

Analysts Set New Price Targets

NOW has been the subject of several recent analyst reports. Morgan Stanley upgraded ServiceNow from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Weiss Ratings reiterated a "hold (c)" rating on shares of ServiceNow in a research note on Wednesday, October 8th. Zacks Research upgraded ServiceNow from a "hold" rating to a "strong-buy" rating in a research note on Monday. Jefferies Financial Group boosted their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Piper Sandler boosted their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,121.37.

ServiceNow Stock Down 1.0%

NOW stock opened at $894.03 on Friday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The stock has a market capitalization of $185.96 billion, a PE ratio of 112.60, a price-to-earnings-growth ratio of 4.07 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a fifty day moving average of $909.64 and a 200-day moving average of $934.18.

ServiceNow (NYSE:NOW - Get Free Report) last released its 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. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter last year, the business earned $3.13 EPS. The business's revenue was up 22.4% on a year-over-year basis. As a group, analysts expect 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.

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