ServiceNow, Inc. $NOW Shares Sold by Belpointe Asset Management LLC

Key Points

• Belpointe Asset Management LLC reduced its stake in ServiceNow by 17.2%, selling 603 shares, while its remaining holdings are valued at approximately $2.31 million.
• ServiceNow's CEO William R. Mcdermott sold 5,825 shares of the company's stock, equivalent to a 46.83% decrease in ownership, resulting in a total value of around $5.34 million from the sale.
• Despite insider sales, analysts have maintained a favorable outlook on ServiceNow, with the average price target now set at $1,115.20 and several firms issuing "buy" ratings.

Belpointe Asset Management LLC lessened its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 17.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,905 shares of the information technology services provider's stock after selling 603 shares during the period. Belpointe Asset Management LLC's holdings in ServiceNow were worth $2,313,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NOW. Vanguard Group Inc. boosted its holdings in ServiceNow by 1.6% in the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock valued at $15,522,335,000 after purchasing an additional 297,734 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in ServiceNow by 7.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock valued at $2,263,519,000 after purchasing an additional 188,292 shares in the last quarter. GAMMA Investing LLC boosted its holdings in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in ServiceNow by 3.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock valued at $2,814,433,000 after purchasing an additional 87,876 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in ServiceNow by 4.9% in the fourth quarter. Nuveen Asset Management LLC now owns 2,343,840 shares of the information technology services provider's stock valued at $2,484,752,000 after purchasing an additional 109,293 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. This trade represents a 46.83% 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 on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is currently owned by company insiders.

ServiceNow Price Performance

Shares of NYSE NOW opened at $924.89 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a fifty day moving average price of $931.78 and a 200 day moving average price of $922.31. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a market cap of $192.38 billion, a PE ratio of 116.49, a P/E/G ratio of 4.21 and a beta of 0.91.

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 for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the company earned $3.13 earnings per share. The company's revenue for the quarter was up 22.4% on a year-over-year basis. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research analyst reports. Jefferies Financial Group upped their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Piper Sandler upped their price target on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. UBS Group lowered their price target on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a report on Thursday, July 24th. Needham & Company LLC increased their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, Morgan Stanley reissued an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

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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