Palumbo Wealth Management LLC Sells 372 Shares of ServiceNow, Inc. (NYSE:NOW)

Palumbo Wealth Management LLC lessened its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 34.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 695 shares of the information technology services provider's stock after selling 372 shares during the period. Palumbo Wealth Management LLC's holdings in ServiceNow were worth $553,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Centerpoint Advisory Group raised its holdings in ServiceNow by 11.1% in the 1st quarter. Centerpoint Advisory Group now owns 683 shares of the information technology services provider's stock valued at $544,000 after acquiring an additional 68 shares during the period. Flagship Harbor Advisors LLC increased its stake in shares of ServiceNow by 35.1% during the first quarter. Flagship Harbor Advisors LLC now owns 2,223 shares of the information technology services provider's stock worth $1,770,000 after purchasing an additional 577 shares during the period. Duncker Streett & Co. Inc. lifted its holdings in ServiceNow by 8.1% during the 1st quarter. Duncker Streett & Co. Inc. now owns 6,895 shares of the information technology services provider's stock worth $5,489,000 after purchasing an additional 519 shares during the last quarter. 1858 Wealth Management LLC boosted its stake in ServiceNow by 15.0% in the 1st quarter. 1858 Wealth Management LLC now owns 2,109 shares of the information technology services provider's stock valued at $1,679,000 after purchasing an additional 275 shares during the period. Finally, Kennedy Investment Group acquired a new position in ServiceNow in the 1st quarter valued at $554,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Trading Up 1.6%

Shares of NYSE NOW traded up $15.47 during trading on Tuesday, reaching $995.87. The company had a trading volume of 1,510,961 shares, compared to its average volume of 1,483,297. The stock has a market cap of $206.13 billion, a P/E ratio of 135.31, a PEG ratio of 4.52 and a beta of 0.95. The company's fifty day moving average price is $971.58 and its 200-day moving average price is $968.44. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

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

Insider Activity at ServiceNow

In other news, Director Deborah Black sold 598 shares of the company's stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $940.23, for a total transaction of $562,257.54. Following the transaction, the director now owns 428 shares in the company, valued at approximately $402,418.44. This represents a 58.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jacqueline P. Canney sold 66 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $67,518.00. Following the completion of the sale, the insider now owns 3,027 shares of the company's stock, valued at approximately $3,096,621. This represents a 2.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,716 shares of company stock worth $6,611,245 over the last quarter. Company insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NOW. TD Securities reissued a "buy" rating and set a $1,100.00 target price on shares of ServiceNow in a report on Thursday, April 24th. Mizuho boosted their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Raymond James Financial lowered their target price on shares of ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating on the stock in a report on Tuesday, April 8th. BMO Capital Markets boosted their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company an "outperform" rating in a research note on Wednesday, May 14th. Finally, Scotiabank set a $1,100.00 price objective on ServiceNow and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and a consensus price target of $1,062.50.

About ServiceNow

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.