Gradient Investments LLC Decreases Position in ServiceNow, Inc. $NOW

Key Points

• Gradient Investments LLC has reduced its position in ServiceNow, Inc. by 5.2%, resulting in ownership of 24,527 shares worth approximately $25.2 million as of the latest SEC filing.
• ServiceNow's stock received multiple upward price target revisions from analysts, with Piper Sandler and Wells Fargo increasing their targets to $1,150 and $1,225 respectively, indicating strong market confidence in the company's performance.
• Insider trading activity shows significant share sales by executives, with Vice Chairman Nicholas Tzitzon selling 1,719 shares for over $1.4 million, reflecting a 36.43% decrease in his ownership.

Gradient Investments LLC decreased its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,527 shares of the information technology services provider's stock after selling 1,336 shares during the period. Gradient Investments LLC's holdings in ServiceNow were worth $25,216,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of NOW. Bogart Wealth LLC boosted its position in shares of ServiceNow by 113.3% in the first 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 during the period. Graybill Wealth Management LTD. acquired a new position in shares of ServiceNow in the first quarter worth about $26,000. WASHINGTON TRUST Co lifted its stake in shares of ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after acquiring an additional 31 shares in the last quarter. Dagco Inc. acquired a new position in shares of ServiceNow in the first quarter worth about $33,000. Finally, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow in the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Piper Sandler boosted their price target 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. Wells Fargo & Company boosted their price target on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. DA Davidson boosted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Oppenheimer reiterated an "outperform" rating and issued a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Finally, Jefferies Financial Group boosted their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Activity at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company'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 $1,489,427.55. Following the completion of the transaction, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This 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 can be accessed 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 shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the transaction, the general counsel directly owned 4,332 shares of the company's stock, valued at $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is owned by insiders.

ServiceNow Stock Down 0.9%

Shares of ServiceNow stock opened at $930.04 on Monday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market cap of $193.45 billion, a P/E ratio of 117.13, a P/E/G ratio of 4.18 and a beta of 0.91. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The business has a 50-day moving average price of $927.34 and a 200 day moving average price of $922.34.

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. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the company earned $3.13 earnings per share. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow 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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