HB Wealth Management LLC Has $3.81 Million Holdings in ServiceNow, Inc. $NOW

Key Points

• HB Wealth Management reduced its ServiceNow stake by 23.2% in the second quarter, selling 11,638 shares and retaining 38,426 shares valued at approximately $3.81 million. Institutional investors and hedge funds collectively own 87.18% of the company.
• Analysts maintain a generally positive outlook, with ServiceNow receiving a consensus “Moderate Buy” rating and an average price target of $144.24, although targets and ratings varied from $140 to $160 and from Sell to Strong Buy.
• ServiceNow recently exceeded quarterly expectations, reporting $0.90 in adjusted earnings per share and $3.99 billion in revenue, with revenue up 24% year over year. Shares opened at $141.31, while insiders have sold $1.94 million worth of stock over the past 90 days.

HB Wealth Management LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 23.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,426 shares of the information technology services provider's stock after selling 11,638 shares during the quarter. HB Wealth Management LLC's holdings in ServiceNow were worth $3,815,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealth Watch Advisors INC bought a new position in ServiceNow during the 3rd quarter worth $29,000. Kelleher Financial Advisors acquired a new stake in shares of ServiceNow during the 3rd quarter worth $50,000. Pin Oak Investment Advisors Inc. grew its holdings in shares of ServiceNow by 20.7% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 134 shares of the information technology services provider's stock worth $123,000 after purchasing an additional 23 shares in the last quarter. Jupiter Wealth Management LLC bought a new position in shares of ServiceNow in the second quarter worth $154,000. Finally, CBIZ Investment Advisory Services LLC increased its position in shares of ServiceNow by 540.0% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 135 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NOW has been the subject of several recent analyst reports. Cantor Fitzgerald upped their price objective on shares of ServiceNow from $122.00 to $141.00 and gave the stock an "overweight" rating in a research report on Monday, July 20th. Weiss Ratings raised shares of ServiceNow from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, August 20th. KeyCorp restated an "underweight" rating on shares of ServiceNow in a research report on Tuesday, July 21st. Evercore reiterated an "outperform" rating and set a $160.00 price target on shares of ServiceNow in a research report on Thursday, July 23rd. Finally, Citic Securities lowered their price objective on shares of ServiceNow from $168.00 to $140.00 and set a "buy" rating for the company in a research report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $144.24.

Insider Transactions at ServiceNow

In other news, insider Paul Fipps sold 2,034 shares of the stock in a transaction on Monday, August 31st. The stock was sold at an average price of $147.87, for a total value of $300,767.58. Following the completion of the transaction, the insider directly owned 18,305 shares in the company, valued at approximately $2,706,760.35. This represents a 10.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul Chamberlain sold 2,700 shares of the business's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $135.50, for a total value of $365,850.00. Following the sale, the director owned 43,990 shares in the company, valued at $5,960,645. This represents a 5.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 14,081 shares of company stock worth $1,937,904. Corporate insiders own 0.34% of the company's stock.

ServiceNow Trading Up 0.0%

Shares of ServiceNow stock opened at $141.31 on Tuesday. The firm has a market capitalization of $146.11 billion, a PE ratio of 88.32, a price-to-earnings-growth ratio of 2.57 and a beta of 0.97. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43. The firm's 50 day moving average is $118.03 and its 200 day moving average is $108.20. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same quarter in the prior year, the firm earned $0.81 EPS. The firm's revenue was up 24.0% compared to the same quarter last year. Equities research analysts forecast that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

ServiceNow Company Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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