ServiceNow, Inc. $NOW Shares Acquired by CW Advisors LLC

Key Points

• CW Advisors LLC increased its stake in ServiceNow, Inc. by 2.1%, bringing its total ownership to $22.30 million as of the latest SEC filing.
• ServiceNow's stock received multiple target price increases from analysts, with Barclays setting a target of $1,210 and Jefferies Financial upgrading it to $1,150, indicating strong investor confidence.
• Insider transactions included sales by Director Lawrence Jackson and CEO William R. Mcdermott, who decreased their ownership by 56.28% and 23.66%, respectively.

CW Advisors LLC increased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,003 shares of the information technology services provider's stock after acquiring an additional 583 shares during the period. CW Advisors LLC's holdings in ServiceNow were worth $22,299,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOW. Quarry LP acquired a new stake in ServiceNow in the fourth quarter valued at $27,000. Bogart Wealth LLC boosted 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 in the last quarter. Graybill Wealth Management LTD. purchased a new stake in shares of ServiceNow in the 1st quarter worth about $26,000. Heck Capital Advisors LLC acquired a new stake in ServiceNow in the 4th quarter valued at about $37,000. Finally, WASHINGTON TRUST Co increased its holdings in ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 31 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on NOW shares. Wells Fargo & Company upped their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Citigroup boosted their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and upped their target price for the company from $950.00 to $1,200.00 in a report on Thursday, May 1st. Raymond James Financial lifted their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Finally, Jefferies Financial Group upped 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 note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Trading Up 1.0%

Shares of NOW traded up $8.8230 during mid-day trading on Friday, reaching $885.7930. The company had a trading volume of 1,083,474 shares, compared to its average volume of 1,866,238. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm has a fifty day simple moving average of $955.00 and a 200-day simple moving average of $929.70. The stock has a market cap of $184.24 billion, a price-to-earnings ratio of 111.56, a price-to-earnings-growth ratio of 3.95 and a beta of 0.93. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the company posted $3.13 EPS. The business's quarterly revenue was up 22.4% on a year-over-year basis. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the sale, the chief executive officer owned 6,614 shares in the company, valued at $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's 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 directly owned 3,000 shares in the company, valued at approximately $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,096 shares of company stock worth $14,807,562. 0.38% of the stock is owned by company insiders.

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.