Apollon Wealth Management LLC Has $8.38 Million Position in ServiceNow, Inc. $NOW

Key Points

• Apollon Wealth Management LLC increased its position in ServiceNow, Inc. by 10.2%, owning $8.38 million worth of shares after buying an additional 751 shares in the second quarter.
• ServiceNow reported quarterly earnings of $4.09 per share, surpassing analysts' expectations of $3.57, and achieved a revenue of $3.22 billion, reflecting a year-over-year increase of 22.4%.
• ServiceNow's stock has experienced recent sell-offs by insiders, with over 18,700 shares sold, totaling approximately $16.8 million in value over the last three months.

Apollon Wealth Management LLC increased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 10.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,150 shares of the information technology services provider's stock after buying an additional 751 shares during the period. Apollon Wealth Management LLC's holdings in ServiceNow were worth $8,379,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in NOW. Brighton Jones LLC grew its holdings 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 purchasing an additional 30 shares during the last quarter. GAMMA Investing LLC grew its holdings in ServiceNow by 10.0% during the first quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider's stock valued at $2,689,000 after purchasing an additional 308 shares during the last quarter. CX Institutional grew its holdings in ServiceNow by 5.8% during the first quarter. CX Institutional now owns 1,149 shares of the information technology services provider's stock valued at $915,000 after purchasing an additional 63 shares during the last quarter. Simon Quick Advisors LLC grew its holdings in ServiceNow by 18.0% during the first quarter. Simon Quick Advisors LLC now owns 1,504 shares of the information technology services provider's stock valued at $1,197,000 after purchasing an additional 229 shares during the last quarter. Finally, Thomasville National Bank grew its holdings in ServiceNow by 3.0% during the first quarter. Thomasville National Bank now owns 15,952 shares of the information technology services provider's stock valued at $12,700,000 after purchasing an additional 472 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Down 3.2%

Shares of NYSE NOW opened at $888.63 on Friday. The stock has a market cap of $184.84 billion, a PE ratio of 111.92, a PEG ratio of 4.13 and a beta of 0.92. The business has a fifty day moving average of $909.21 and a two-hundred day moving average of $931.62. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) 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, beating analysts' consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business's revenue was up 22.4% on a year-over-year basis. During the same period last year, the business earned $3.13 earnings per share. As a group, equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider directly owned 3,000 shares of the company's stock, valued at $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of ServiceNow stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the completion of the transaction, the insider directly owned 3,027 shares of the company's stock, valued at $2,622,744.15. This represents a 34.04% 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 valued at $16,798,825 over the last three months. Company insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NOW. Jefferies Financial Group increased their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Guggenheim reiterated a "sell" rating and set a $724.00 price target on shares of ServiceNow in a report on Thursday, July 17th. Morgan Stanley upgraded ServiceNow from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $1,040.00 to $1,250.00 in a report on Wednesday, September 24th. DA Davidson raised their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, Piper Sandler raised their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average 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.

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