HB Wealth Management LLC Purchases 449 Shares of ServiceNow, Inc. $NOW

Key Points

• HB Wealth Management LLC increased its holdings in ServiceNow, Inc. by 5.8% during the 2nd quarter, owning a total of 8,135 shares valued at approximately $8.36 million.
• Major institutional investors, including Vanguard and UBS, also raised their stakes in ServiceNow, with 87.18% of the stock currently owned by institutional investors.
• ServiceNow reported a quarterly revenue of $3.22 billion, exceeding estimates, and the company's earnings per share rose to $4.09, marking a year-over-year increase.

HB Wealth Management LLC boosted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 5.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,135 shares of the information technology services provider's stock after purchasing an additional 449 shares during the period. HB Wealth Management LLC's holdings in ServiceNow were worth $8,364,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in ServiceNow by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock valued at $15,522,335,000 after purchasing an additional 297,734 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in ServiceNow by 7.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock valued at $2,263,519,000 after purchasing an additional 188,292 shares during the last quarter. Nuveen LLC bought a new position in ServiceNow during the 1st quarter valued at about $1,817,535,000. Alliancebernstein L.P. grew its holdings in ServiceNow by 16.2% during the 1st quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider's stock valued at $1,379,461,000 after purchasing an additional 242,132 shares during the last quarter. Finally, Amundi grew its holdings in ServiceNow by 61.9% during the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock valued at $1,269,777,000 after purchasing an additional 626,623 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

NOW has been the topic of several analyst reports. Oppenheimer reiterated an "outperform" rating and set a $1,150.00 price target (up from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Barclays set a $1,210.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. DA Davidson upped their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Wall Street Zen downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Finally, FBN Securities upgraded shares of ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. One research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $1,122.20.

Insider Activity at ServiceNow

In other news, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the sale, the chief financial officer directly owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the business'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 transaction of $1,501,473.48. Following the completion of the sale, the general counsel directly owned 4,332 shares in the company, 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. Insiders sold 18,976 shares of company stock valued at $17,049,775 over the last ninety days. Corporate insiders own 0.38% of the company's stock.

ServiceNow Price Performance

Shares of NOW stock opened at $920.51 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm's 50-day moving average is $918.47 and its two-hundred day moving average is $928.42. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a market capitalization of $191.47 billion, a PE ratio of 115.93, a price-to-earnings-growth ratio of 4.24 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm earned $3.13 earnings per share. ServiceNow's quarterly revenue was up 22.4% compared to the same quarter last year. Analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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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