Institute for Wealth Management LLC. Grows Stake in ServiceNow, Inc. (NYSE:NOW)

Institute for Wealth Management LLC. lifted its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 21.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,193 shares of the information technology services provider's stock after buying an additional 571 shares during the period. Institute for Wealth Management LLC.'s holdings in ServiceNow were worth $2,542,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Quarry LP acquired a new stake in shares of ServiceNow during the fourth quarter worth approximately $27,000. Atala Financial Inc acquired a new stake in ServiceNow during the fourth quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA bought a new position in ServiceNow during the 4th quarter worth approximately $32,000. FPC Investment Advisory Inc. grew its position in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC bought a new stake in shares of ServiceNow in the 4th quarter valued at approximately $34,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NOW. Citigroup lifted their price objective on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a report on Tuesday, May 6th. Redburn Atlantic started coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They set a "buy" rating for the company. The Goldman Sachs Group reissued a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. Finally, Sanford C. Bernstein restated an "outperform" rating and issued a $1,003.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $1,062.50.

ServiceNow Stock Down 2.4%

NYSE NOW opened at $980.29 on Thursday. The company has a market capitalization of $202.90 billion, a P/E ratio of 133.19, a PEG ratio of 4.63 and a beta of 0.95. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company's 50 day simple moving average is $956.82 and its 200 day simple moving average is $972.45. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the prior year, the business posted $3.41 earnings per share. ServiceNow's revenue was up 18.6% compared to the same quarter last year. Equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other news, Director Anita M. Sands sold 428 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total value of $433,825.08. Following the transaction, the director now owns 10,891 shares in the company, valued at $11,039,226.51. This represents a 3.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jacqueline P. Canney sold 354 shares of ServiceNow stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the sale, the insider now directly owns 3,027 shares of the company's stock, valued at $2,435,554.47. This trade represents a 10.47% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,716 shares of company stock worth $6,611,245. 0.38% of the stock is owned by corporate 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.

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