Sax Wealth Advisors LLC Has $821,000 Position in ServiceNow, Inc. $NOW

Key Points

• Sax Wealth Advisors LLC increased its stake in ServiceNow, Inc. by 196.7% in Q2, owning 798 shares valued at $821,000.
• ServiceNow reported $4.09 EPS for the last quarter, exceeding analysts' expectations of $3.57, with a revenue of $3.22 billion, representing a 22.4% year-over-year increase.
• Institutional investors own 87.18% of ServiceNow's stock, with recent trades from insiders showing significant decreases in their ownership.

Sax Wealth Advisors LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 196.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 798 shares of the information technology services provider's stock after acquiring an additional 529 shares during the period. Sax Wealth Advisors LLC's holdings in ServiceNow were worth $821,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Bogart Wealth LLC raised its holdings in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after buying an additional 17 shares during the last quarter. Graybill Wealth Management LTD. acquired a new position in ServiceNow during the first quarter worth $26,000. WASHINGTON TRUST Co raised its holdings in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after buying an additional 31 shares during the last quarter. Global X Japan Co. Ltd. acquired a new position in ServiceNow during the second quarter worth $30,000. Finally, Dagco Inc. acquired a new position in ServiceNow during the first quarter worth $33,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $914.15 on Thursday. 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 market capitalization of $190.14 billion, a PE ratio of 115.13, a P/E/G ratio of 4.07 and a beta of 0.92. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company has a 50-day moving average price of $910.23 and a two-hundred day moving average price of $930.97.

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

Insider Buying and Selling

In other news, CFO Gina Mastantuono sold 1,762 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the transaction, the chief financial officer directly owned 12,228 shares in the company, valued at approximately $10,594,950.60. This trade represents a 12.59% 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, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock valued at $16,798,825 in the last three months. Insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wall Street Zen downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a report on Monday, August 4th. DA Davidson increased their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Oppenheimer reiterated an "outperform" rating and issued a $1,150.00 target price (up previously from $1,100.00) on shares of ServiceNow in a report on Thursday, July 24th. Finally, Raymond James Financial increased their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $1,122.20.

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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