Global Assets Advisory LLC Cuts Stock Position in ServiceNow, Inc. $NOW

Key Points

• Global Assets Advisory LLC significantly reduced its stake in ServiceNow, Inc. by 58.2%, owning only 889 shares worth approximately $900,000 after selling 1,239 shares in the second quarter.
• ServiceNow's shares are currently trading at approximately $911.75, with a market capitalization of $189.64 billion and a PE ratio of 114.83.
• Recent analyst ratings show a consensus of "Moderate Buy" for ServiceNow, with target prices ranging from $724.00 to $1,300.00.

Global Assets Advisory LLC decreased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 58.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 889 shares of the information technology services provider's stock after selling 1,239 shares during the quarter. Global Assets Advisory LLC's holdings in ServiceNow were worth $900,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Brighton Jones LLC raised its position in shares of 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 last quarter. Vest Financial LLC raised its holdings in ServiceNow by 73.4% in the first quarter. Vest Financial LLC now owns 2,105 shares of the information technology services provider's stock worth $1,676,000 after buying an additional 891 shares during the last quarter. Sivia Capital Partners LLC raised its holdings 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 buying an additional 331 shares during the last quarter. Orrstown Financial Services Inc. lifted its stake in shares of ServiceNow by 12.0% in the first quarter. Orrstown Financial Services Inc. now owns 828 shares of the information technology services provider's stock worth $659,000 after buying an additional 89 shares in the last quarter. Finally, Clean Yield Group grew its holdings 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 buying an additional 1,014 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on NOW. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,200.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Monday, August 4th. Guggenheim restated a "sell" rating and set a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. Weiss Ratings reiterated a "hold (c)" rating on shares of ServiceNow in a research note on Saturday, September 27th. Finally, Mizuho boosted their price objective 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, thirty have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,122.20.

ServiceNow Trading Up 0.2%

Shares of ServiceNow stock opened at $911.75 on Monday. The company's fifty day simple moving average is $914.67 and its 200-day simple moving average is $930.67. The stock has a market capitalization of $189.64 billion, a PE ratio of 114.83, a P/E/G ratio of 4.11 and a beta of 0.92. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. 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 (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 return on equity of 18.04% and a net margin of 13.78%.The firm 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 business posted $3.13 EPS. ServiceNow's revenue was up 22.4% on a year-over-year basis. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 1,562 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the transaction, the insider owned 3,027 shares of the company's stock, valued at $2,622,744.15. The trade was a 34.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. 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. Company insiders own 0.38% of the company's stock.

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.

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