Capital Market Strategies LLC Sells 350 Shares of ServiceNow, Inc. $NOW

Key Points

• Capital Market Strategies LLC has reduced its stake in ServiceNow, Inc. by 33.6%, selling 350 shares during the 2nd quarter, leaving them with 691 shares valued at approximately $710,000.
• Analysts are optimistic about ServiceNow, with a consensus rating of "Moderate Buy" and an average target price of $1,115.20, following several price target raises from various firms.
• ServiceNow reported a strong financial performance in its last quarter, with EPS of $4.09, exceeding expectations, and a year-over-year revenue growth of 22.4%.

Capital Market Strategies LLC trimmed its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 33.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 691 shares of the information technology services provider's stock after selling 350 shares during the period. Capital Market Strategies LLC's holdings in ServiceNow were worth $710,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Wealth Preservation Advisors LLC purchased a new stake in shares of ServiceNow in the first quarter worth approximately $382,000. Corient IA LLC bought a new stake in ServiceNow during the first quarter worth $796,000. Parr Mcknight Wealth Management Group LLC purchased a new stake in ServiceNow in the 1st quarter valued at $1,820,000. ASR Vermogensbeheer N.V. bought a new position in ServiceNow during the 1st quarter valued at $19,278,000. Finally, Goldman Sachs Group Inc. boosted its holdings in ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after acquiring an additional 840,731 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

Shares of NOW stock traded down $8.24 during trading hours on Friday, hitting $930.04. 711,066 shares of the company were exchanged, compared to its average volume of 1,527,927. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $193.45 billion, a price-to-earnings ratio of 117.13, a P/E/G ratio of 4.18 and a beta of 0.91. The firm has a fifty day simple moving average of $927.34 and a 200 day simple moving average of $922.34. 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 announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the company earned $3.13 earnings per share. ServiceNow's revenue was up 22.4% compared to the same quarter last year. Research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 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 $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Fipps sold 1,452 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider directly owned 457 shares in the company, valued at approximately $409,037.85. This trade represents a 76.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock worth $17,049,775 in the last quarter. 0.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NOW. Morgan Stanley reiterated an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. Needham & Company LLC upped their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Guggenheim reissued a "sell" rating and set a $724.00 target price on shares of ServiceNow in a research report on Thursday, July 17th. Piper Sandler boosted their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

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.