Comprehensive Financial Planning Inc. PA Has $564,000 Stake in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Comprehensive Financial Planning Inc. PA reduced its position in ServiceNow, Inc. by 44.4%, selling 566 shares during the quarter, resulting in holdings worth $564,000.
• ServiceNow reported $4.09 earnings per share, exceeding analysts' expectations, with a revenue increase of 22.4% year-over-year, amounting to $3.22 billion.
• Various institutional investors have been active, with 87.18% of the stock owned by them, indicating strong institutional support and interest in ServiceNow.

Comprehensive Financial Planning Inc. PA lowered its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 44.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 709 shares of the information technology services provider's stock after selling 566 shares during the quarter. Comprehensive Financial Planning Inc. PA's holdings in ServiceNow were worth $564,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Vision Financial Markets LLC acquired a new stake in shares of ServiceNow in the 1st quarter valued at approximately $60,000. ABC Arbitrage SA lifted its stake in ServiceNow by 49.3% in the first quarter. ABC Arbitrage SA now owns 1,965 shares of the information technology services provider's stock valued at $1,564,000 after acquiring an additional 649 shares during the last quarter. LCM Capital Management Inc grew its position in shares of ServiceNow by 7.0% in the 1st quarter. LCM Capital Management Inc now owns 443 shares of the information technology services provider's stock valued at $353,000 after acquiring an additional 29 shares during the period. Maxi Investments CY Ltd acquired a new stake in ServiceNow in the 1st quarter valued at about $1,650,000. Finally, Atria Wealth Solutions Inc. grew its holdings in ServiceNow by 5.7% during the first quarter. Atria Wealth Solutions Inc. now owns 9,378 shares of the information technology services provider's stock worth $7,466,000 after purchasing an additional 504 shares during the period. 87.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

NOW has been the subject of a number of recent analyst reports. Needham & Company LLC raised their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Piper Sandler lifted 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 report on Thursday, July 24th. Jefferies Financial Group increased their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $1,003.00 target price on shares of ServiceNow in a report on Thursday, April 24th. Finally, Morgan Stanley reiterated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Trading Up 0.7%

NYSE NOW traded up $5.95 during mid-day trading on Wednesday, reaching $911.07. 1,067,691 shares of the stock were exchanged, compared to its average volume of 1,630,136. The stock has a market cap of $189.50 billion, a P/E ratio of 114.74, a P/E/G ratio of 4.08 and a beta of 0.93. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The stock has a 50 day simple moving average of $990.76 and a 200-day simple moving average of $947.93.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS 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 company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the company earned $3.13 EPS. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the transaction, the insider directly owned 3,000 shares of the company's stock, valued at $3,060,000. This represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 239 shares of ServiceNow stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director directly owned 10,404 shares of the company's stock, valued at approximately $10,924,200. This trade represents a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,990 shares of company stock worth $6,047,567 over the last ninety days. 0.38% of the stock is owned by company insiders.

About ServiceNow

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.