Cresset Asset Management LLC Has $4.85 Million Stock Position in ServiceNow, Inc. $NOW

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Cresset Asset Management LLC lessened its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 9.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,085 shares of the information technology services provider's stock after selling 656 shares during the period. Cresset Asset Management LLC's holdings in ServiceNow were worth $4,845,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Bogart Wealth LLC raised its stake 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 valued at $25,000 after acquiring an additional 17 shares during the period. Graybill Wealth Management LTD. purchased a new position in ServiceNow in the first quarter valued at about $26,000. Quarry LP purchased a new position in ServiceNow in the fourth quarter valued at about $27,000. WASHINGTON TRUST Co lifted its stake in shares of ServiceNow by 620.0% during the first 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. Finally, Dagco Inc. purchased a new stake in shares of ServiceNow in the first quarter worth about $33,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on NOW shares. Jefferies Financial Group upped their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Evercore ISI raised their target price on ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Sanford C. Bernstein restated an "outperform" rating and set a $1,003.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. Citigroup increased their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Mizuho upped their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insiders Place Their Bets

In other news, Director Paul Edward Chamberlain sold 300 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $860.00, for a total transaction of $258,000.00. Following the completion of the transaction, the director owned 9,886 shares in the company, valued at approximately $8,501,960. This trade represents a 2.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction that occurred 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 sale, the chief financial officer owned 12,228 shares in the company, valued at $10,594,950.60. The trade was a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,361 shares of company stock valued at $10,579,976. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Performance

Shares of NYSE:NOW traded down $4.6480 during trading hours on Tuesday, hitting $887.4020. The stock had a trading volume of 2,183,699 shares, compared to its average volume of 1,963,573. The stock's fifty day simple moving average is $961.85 and its 200 day simple moving average is $931.84. 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 firm has a market capitalization of $184.58 billion, a price-to-earnings ratio of 111.76, a PEG ratio of 4.02 and a beta of 0.93. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company's revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the business earned $3.13 earnings per share. Sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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.