HB Wealth Management LLC Grows Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• HB Wealth Management LLC increased its holdings in ServiceNow by 75.6% in Q1, owning 7,686 shares worth approximately $6.12 million at the end of the reporting period.
• Multiple research firms have recently raised their target prices for ServiceNow, with estimates now ranging from $1,160 to $1,250 and an overall consensus rating of "Moderate Buy."
• Insiders sold a total of 6,003 shares of ServiceNow stock valued at over $6 million in the last three months, indicating a potential shift in confidence among executives.

HB Wealth Management LLC raised its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 75.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,686 shares of the information technology services provider's stock after buying an additional 3,309 shares during the quarter. HB Wealth Management LLC's holdings in ServiceNow were worth $6,119,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of NOW. GAMMA Investing LLC grew its position in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after buying an additional 877,875 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after buying an additional 509,467 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in ServiceNow by 36.7% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock valued at $1,940,464,000 after buying an additional 491,861 shares in the last quarter. Finally, Sustainable Growth Advisers LP grew its holdings in ServiceNow by 96.7% during the 1st quarter. Sustainable Growth Advisers LP now owns 723,457 shares of the information technology services provider's stock valued at $575,973,000 after buying an additional 355,629 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

Shares of NYSE:NOW traded down $9.11 during trading on Wednesday, hitting $984.10. The stock had a trading volume of 347,021 shares, compared to its average volume of 1,682,736. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The stock has a market capitalization of $204.69 billion, a price-to-earnings ratio of 123.94, a price-to-earnings-growth ratio of 4.44 and a beta of 0.94. 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 stock has a 50-day simple moving average of $998.96 and a two-hundred day simple moving average of $951.86.

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 (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 analysts' expectations of $3.12 billion. During the same period last year, the business posted $3.13 earnings per share. The company's revenue for the quarter was up 22.4% compared to the same quarter last year. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NOW. Stifel Nicolaus lifted their price objective on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Morgan Stanley reiterated an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. Wells Fargo & Company upped their target price on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Raymond James Financial upped their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Truist Financial raised shares of ServiceNow from a "hold" rating to a "buy" rating and upped their price objective for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Activity at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of ServiceNow stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,693,434.14. The trade was a 23.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,233 shares of company stock worth $5,297,758 in the last ninety days. 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.