Lyell Wealth Management LP Acquires 747 Shares of ServiceNow, Inc. $NOW

Key Points

• Lyell Wealth Management LP increased its holdings in ServiceNow, Inc. by 2.9%, acquiring an additional 747 shares during the second quarter, bringing its total to 26,495 shares valued at approximately $27.2 million.
• In a significant move, CEO William R. McDermott sold 5,825 shares valued at over $5.3 million, marking a 46.83% decrease in his ownership of the stock.
• A majority of brokerages have issued favorable ratings for ServiceNow, with a consensus rating of "Moderate Buy" and an average target price of $1,121.37.

Lyell Wealth Management LP grew its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,495 shares of the information technology services provider's stock after acquiring an additional 747 shares during the period. ServiceNow comprises approximately 2.2% of Lyell Wealth Management LP's portfolio, making the stock its 9th largest position. Lyell Wealth Management LP's holdings in ServiceNow were worth $27,239,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Northeast Investment Management boosted its holdings in ServiceNow by 5.2% in the second quarter. Northeast Investment Management now owns 27,814 shares of the information technology services provider's stock valued at $28,595,000 after purchasing an additional 1,386 shares during the period. Calamos Wealth Management LLC boosted its stake in shares of ServiceNow by 16.1% in the 2nd quarter. Calamos Wealth Management LLC now owns 13,918 shares of the information technology services provider's stock valued at $14,309,000 after buying an additional 1,934 shares during the period. Crux Wealth Advisors acquired a new position in shares of ServiceNow during the second quarter worth about $206,000. Chicago Partners Investment Group LLC increased its stake in shares of ServiceNow by 6.9% during the second quarter. Chicago Partners Investment Group LLC now owns 883 shares of the information technology services provider's stock worth $845,000 after buying an additional 57 shares during the period. Finally, Wealthstream Advisors Inc. purchased a new stake in shares of ServiceNow during the second quarter worth approximately $293,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer directly owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider owned 3,000 shares of the company's stock, valued at $2,599,350. This trade represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,737 shares of company stock worth $16,798,825. Corporate insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NOW. Wall Street Zen upgraded shares of ServiceNow from a "hold" rating to a "buy" rating in a research note on Saturday. DA Davidson lifted their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Weiss Ratings reissued a "hold (c)" rating on shares of ServiceNow in a report on Wednesday, October 8th. Piper Sandler lifted their price target on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Monday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $1,121.37.

ServiceNow Stock Up 1.1%

NOW opened at $904.57 on Monday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market capitalization of $188.15 billion, a P/E ratio of 113.93, a price-to-earnings-growth ratio of 4.07 and a beta of 0.92. The business's 50-day simple moving average is $910.30 and its 200-day simple moving average is $936.72.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter last year, the business posted $3.13 EPS. The firm's quarterly revenue was up 22.4% compared to the same quarter last year. Analysts anticipate that ServiceNow, Inc. will post 8.93 EPS 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.