ServiceNow, Inc. $NOW Shares Acquired by Venturi Wealth Management LLC

Key Points

• Venturi Wealth Management LLC increased its stake in ServiceNow, Inc. by 24.4%, now holding 4,635 shares worth approximately $4.76 million.
• ServiceNow's stock performance has shown significant volatility, with a current price of $905.41, down 22% from its 12-month high.
• Analysts are optimistic about ServiceNow's future, with multiple firms setting a target price between $1,050 and $1,200 per share, indicating potential for growth.

Venturi Wealth Management LLC grew its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 24.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,635 shares of the information technology services provider's stock after purchasing an additional 910 shares during the period. Venturi Wealth Management LLC's holdings in ServiceNow were worth $4,765,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Global X Japan Co. Ltd. acquired a new position in shares of ServiceNow in the second quarter valued at about $30,000. Bogart Wealth LLC increased its holdings in shares of ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. acquired a new position in shares of ServiceNow in the first quarter valued at about $26,000. WASHINGTON TRUST Co increased its holdings in shares of 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. Finally, Dagco Inc. acquired a new stake in ServiceNow during the first quarter worth about $33,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the company. FBN Securities raised ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a report on Thursday, July 24th. Jefferies Financial Group raised their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Needham & Company LLC raised their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of ServiceNow in a report on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $1,122.20.

Insider Activity at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider owned 3,000 shares in the company, valued at $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the transaction, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,737 shares of company stock valued at $16,798,825 in the last ninety days. 0.38% of the stock is currently owned by company insiders.

ServiceNow Stock Performance

Shares of NOW stock opened at $905.41 on Wednesday. The company has a market capitalization of $188.32 billion, a P/E ratio of 114.03, a P/E/G ratio of 4.11 and a beta of 0.92. The business's 50 day moving average is $911.49 and its two-hundred day moving average is $931.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. 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 issued 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. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.13 earnings per share. Analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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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