Belpointe Asset Management LLC Has $174.82 Million Position in ServiceNow, Inc. $NOW

Key Points

• Belpointe Asset Management LLC significantly increased its stake in ServiceNow, acquiring an additional 167,137 shares, bringing its total to 170,042 shares, valued at approximately $174.82 million.
• ServiceNow's shares are currently rated as a **"Moderate Buy"** by analysts, with a consensus price target of **$1,122.20** after recent upgrades by Morgan Stanley and Bank of America.
• Insider trading revealed that both the General Counsel and CEO sold shares recently, leading to a decrease in their respective ownership stakes.

Belpointe Asset Management LLC boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 5,753.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 170,042 shares of the information technology services provider's stock after acquiring an additional 167,137 shares during the quarter. ServiceNow comprises about 7.3% of Belpointe Asset Management LLC's investment portfolio, making the stock its biggest position. Belpointe Asset Management LLC owned 0.08% of ServiceNow worth $174,817,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of NOW. Brighton Jones LLC raised its position in ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after purchasing an additional 30 shares during the period. Vest Financial LLC grew its position in ServiceNow by 73.4% in the 1st quarter. Vest Financial LLC now owns 2,105 shares of the information technology services provider's stock valued at $1,676,000 after acquiring an additional 891 shares during the last quarter. Sivia Capital Partners LLC increased its stake in ServiceNow by 70.1% in the first quarter. Sivia Capital Partners LLC now owns 803 shares of the information technology services provider's stock worth $639,000 after purchasing an additional 331 shares during the period. Orrstown Financial Services Inc. lifted its position in shares of ServiceNow by 12.0% during the first quarter. Orrstown Financial Services Inc. now owns 828 shares of the information technology services provider's stock worth $659,000 after purchasing an additional 89 shares during the last quarter. Finally, Clean Yield Group boosted its stake in shares of ServiceNow by 25.9% during the first quarter. Clean Yield Group now owns 4,935 shares of the information technology services provider's stock valued at $3,929,000 after purchasing an additional 1,014 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on NOW shares. Morgan Stanley raised shares of ServiceNow from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Guggenheim restated a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a report on Thursday, July 17th. Bank of America increased their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Cantor Fitzgerald reissued an "overweight" rating and set a $1,200.00 price objective on shares of ServiceNow in a report on Thursday, July 24th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of ServiceNow in a report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,122.20.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction that occurred 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 sale, the general counsel owned 4,332 shares in the company, valued at $3,830,614.32. This represents a 28.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the sale, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. The trade was a 46.83% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is owned by insiders.

ServiceNow Stock Up 0.2%

NOW stock opened at $911.75 on Monday. The stock has a market capitalization of $189.64 billion, a PE ratio of 114.83, a price-to-earnings-growth ratio of 4.11 and a beta of 0.92. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average of $914.67 and a 200 day moving average of $930.67.

ServiceNow (NYSE:NOW - Get Free Report) last posted 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. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm posted $3.13 earnings per share. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share 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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