Axxcess Wealth Management LLC Has $1.53 Million Position in ServiceNow, Inc. $NOW

Key Points

• Axxcess Wealth Management LLC significantly increased its stake in ServiceNow, Inc. by 98.4% during the second quarter, now holding 1,488 shares valued at $1.53 million.
• Analysts have revised their ratings on ServiceNow, with Zacks Research upgrading to a "strong-buy" and Citigroup raising their target price from $1,160 to $1,234.
• ServiceNow reported a quarterly earnings result of $4.09 EPS, exceeding expectations, with a revenue of $3.22 billion, showcasing a 22.4% year-over-year increase.

Axxcess Wealth Management LLC increased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 98.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,488 shares of the information technology services provider's stock after buying an additional 738 shares during the quarter. Axxcess Wealth Management LLC's holdings in ServiceNow were worth $1,530,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Moran Wealth Management LLC grew its position in ServiceNow by 8.3% during the second quarter. Moran Wealth Management LLC now owns 1,274 shares of the information technology services provider's stock worth $1,310,000 after buying an additional 98 shares in the last quarter. Jag Capital Management LLC grew its position in ServiceNow by 1.1% during the second quarter. Jag Capital Management LLC now owns 12,808 shares of the information technology services provider's stock worth $13,168,000 after buying an additional 137 shares in the last quarter. Cornerstone Wealth Group LLC grew its position in ServiceNow by 3.9% during the second quarter. Cornerstone Wealth Group LLC now owns 5,397 shares of the information technology services provider's stock worth $5,549,000 after buying an additional 203 shares in the last quarter. NorthRock Partners LLC grew its position in ServiceNow by 6.8% during the second quarter. NorthRock Partners LLC now owns 2,203 shares of the information technology services provider's stock worth $2,265,000 after buying an additional 141 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its position in ServiceNow by 28.9% during the second quarter. Verdence Capital Advisors LLC now owns 1,672 shares of the information technology services provider's stock worth $1,719,000 after buying an additional 375 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Zacks Research raised ServiceNow from a "hold" rating to a "strong-buy" rating in a report on Monday. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Barclays set a $1,210.00 target price on ServiceNow in a report on Thursday, July 24th. Citigroup raised their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of ServiceNow in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,121.37.

ServiceNow Stock Down 1.0%

Shares of NOW opened at $902.22 on Thursday. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The stock has a market capitalization of $187.66 billion, a price-to-earnings ratio of 113.63, a PEG ratio of 4.10 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 stock has a fifty day moving average of $909.21 and a 200-day moving average of $933.51.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating 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 company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the prior year, the company earned $3.13 EPS. ServiceNow's revenue was up 22.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, CFO Gina Mastantuono sold 1,762 shares of the firm'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 $1,526,684.90. Following the completion of the transaction, the chief financial officer directly owned 12,228 shares of the company's stock, valued at $10,594,950.60. This trade represents a 12.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction 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 transaction, the chief executive officer directly owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock worth $16,798,825 over the last 90 days. Company insiders own 0.38% of the company's stock.

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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