Sagespring Wealth Partners LLC Buys 474 Shares of ServiceNow, Inc. $NOW

Key Points

• Sagespring Wealth Partners LLC increased its stake in ServiceNow by 31.1%, acquiring an additional 474 shares, bringing its total holdings to 1,998 shares valued at approximately $2.05 million.
• A number of institutional investors made significant changes to their positions in ServiceNow, with a combined ownership of 87.18% of the company's stock.
• ServiceNow recently reported quarterly earnings of $4.09 EPS, exceeding estimates, with revenue of $3.22 billion, which reflects a 22.4% year-over-year increase.

Sagespring Wealth Partners LLC raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 31.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,998 shares of the information technology services provider's stock after acquiring an additional 474 shares during the quarter. Sagespring Wealth Partners LLC's holdings in ServiceNow were worth $2,054,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Bogart Wealth LLC grew its holdings in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 17 shares during the last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow in the first quarter worth $26,000. WASHINGTON TRUST Co increased its holdings in ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares during the period. Global X Japan Co. Ltd. acquired a new stake in ServiceNow in the second quarter valued at $30,000. Finally, Dagco Inc. acquired a new stake in ServiceNow in the first quarter valued at $33,000. Institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In other news, insider Paul Fipps sold 1,452 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider owned 457 shares of the company's stock, valued at $409,037.85. This trade represents a 76.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Anita M. Sands sold 1,097 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the transaction, the director owned 9,307 shares in the company, valued at approximately $8,516,928.77. This represents a 10.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,737 shares of company stock worth $16,798,825. Corporate insiders own 0.38% of the company's stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $912.15 on Wednesday. The company has a market cap of $189.73 billion, a price-to-earnings ratio of 114.88, a price-to-earnings-growth ratio of 4.16 and a beta of 0.92. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average of $909.39 and a 200-day moving average of $933.73.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter last year, the firm posted $3.13 EPS. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NOW. Wells Fargo & Company increased their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Piper Sandler increased their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Citigroup increased their target price on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Cantor Fitzgerald reissued an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Bank of America increased their target price on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $1,121.37.

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.

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