Ritholtz Wealth Management Purchases 315 Shares of ServiceNow, Inc. (NYSE:NOW)

Ritholtz Wealth Management grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 12.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,868 shares of the information technology services provider's stock after purchasing an additional 315 shares during the quarter. Ritholtz Wealth Management's holdings in ServiceNow were worth $2,283,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NOW. Quarry LP bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $27,000. Atala Financial Inc purchased a new stake in shares of ServiceNow in the 4th quarter worth about $28,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow during the 4th quarter valued at about $32,000. FPC Investment Advisory Inc. increased its position in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after buying an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC purchased a new position in shares of ServiceNow in the 4th quarter worth about $34,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Down 2.0%

Shares of NOW stock opened at $987.71 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market cap of $204.44 billion, a price-to-earnings ratio of 144.61, a price-to-earnings-growth ratio of 4.51 and a beta of 0.95. The stock's fifty day moving average price is $944.56 and its 200 day moving average price is $972.50. 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 data 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. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same period in the previous year, the company earned $3.41 earnings per share. The business's quarterly revenue was up 18.6% compared to the same quarter last year. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on NOW shares. Jefferies Financial Group reduced their target price on ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Erste Group Bank raised ServiceNow from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Bank of America cut their target price on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Mizuho raised their price objective on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Robert W. Baird raised their price target on ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a report 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 assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $1,062.50.

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the transaction, the chief executive officer now owns 6,614 shares in the company, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 354 shares of the firm's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $2,435,554.47. This represents a 10.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock valued at $6,611,245 in the last ninety days. Insiders own 0.38% of the company's stock.

ServiceNow 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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