Institute for Wealth Management LLC. Acquires 571 Shares of ServiceNow, Inc. (NYSE:NOW)

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

A number of other institutional investors and hedge funds have also recently modified their holdings of NOW. Brighton Jones LLC grew its stake in shares of ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after buying an additional 30 shares during the last quarter. Union Bancaire Privee UBP SA bought a new stake in shares of ServiceNow in the fourth quarter worth about $48,802,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of ServiceNow in the fourth quarter worth about $228,000. Empower Advisory Group LLC grew its stake in shares of ServiceNow by 2.6% in the fourth quarter. Empower Advisory Group LLC now owns 3,504 shares of the information technology services provider's stock worth $3,715,000 after purchasing an additional 88 shares during the last quarter. Finally, Kestra Investment Management LLC bought a new stake in shares of ServiceNow in the fourth quarter worth about $181,000. 87.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on NOW. Erste Group Bank raised ServiceNow from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 30th. Piper Sandler cut their target price on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. UBS Group reissued a "buy" rating and issued a $1,025.00 target price (up from $900.00) on shares of ServiceNow in a research note on Thursday, April 24th. Bank of America cut their target price on ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $1,062.50.

ServiceNow Stock Down 1.3%

NYSE NOW traded down $12.31 during mid-day trading on Friday, reaching $969.78. The stock had a trading volume of 2,004,369 shares, compared to its average volume of 1,483,632. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market cap of $200.72 billion, a PE ratio of 131.76, a price-to-earnings-growth ratio of 4.48 and a beta of 0.95. The company has a fifty day moving average price of $964.42 and a 200 day moving average price of $970.33. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09.

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

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 66 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,096,621. This represents a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 248 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $1,009.14, for a total value of $250,266.72. Following the sale, the director now owns 10,643 shares of the company's stock, valued at approximately $10,740,277.02. This trade represents a 2.28% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,716 shares of company stock valued at $6,611,245. Company insiders own 0.38% of the company's stock.

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.