Balboa Wealth Partners Trims Holdings in ServiceNow, Inc. $NOW

Key Points

• Balboa Wealth Partners reduced its holdings in ServiceNow, Inc. by 21.3% in the second quarter, owning 1,220 shares valued at $1,254,000 after selling 331 shares.
• Several analysts raised their price targets for ServiceNow, with Bank of America setting it at $1,200 and Morgan Stanley at $1,250, while the stock maintains an average rating of "Moderate Buy".
• Insider transactions included CEO William R. Mcdermott selling 5,825 shares for over $5.3 million, representing a 46.83% decrease in his position.

Balboa Wealth Partners cut its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 21.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,220 shares of the information technology services provider's stock after selling 331 shares during the quarter. Balboa Wealth Partners' holdings in ServiceNow were worth $1,254,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NOW. Bogart Wealth LLC grew its position in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after buying an additional 17 shares during the period. Graybill Wealth Management LTD. bought a new position in ServiceNow in the 1st quarter worth about $26,000. WASHINGTON TRUST Co boosted its stake in ServiceNow by 620.0% in the 1st 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 in the last quarter. Global X Japan Co. Ltd. bought a new position in ServiceNow in the 2nd quarter worth about $30,000. Finally, Dagco Inc. bought a new position in ServiceNow in the 1st quarter worth about $33,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on NOW shares. Bank of America upped their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Guggenheim reiterated a "sell" rating and issued a $724.00 price target on shares of ServiceNow in a research note on Thursday, July 17th. Morgan Stanley upgraded shares of ServiceNow from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. BMO Capital Markets upped their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Piper Sandler upped their price target 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. Two investment 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 stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $1,121.37.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow 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 in the company, valued at $2,599,350. This 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 worth $16,798,825. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Price Performance

NOW opened at $904.57 on Monday. 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 market capitalization of $188.15 billion, a P/E ratio of 113.93, a P/E/G ratio of 4.07 and a beta of 0.92. The company's 50-day simple moving average is $910.30 and its two-hundred day simple moving average is $936.72. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating 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 business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the prior year, the business earned $3.13 EPS. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, analysts predict 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.