ServiceNow, Inc. $NOW Shares Sold by Prime Capital Investment Advisors LLC

Key Points

• Prime Capital Investment Advisors LLC reduced its holdings in ServiceNow, Inc. by 8.6%, now owning 13,244 shares worth approximately $13.6 million after selling 1,241 shares.
• ServiceNow's stock opened at $911.75 and has experienced a 1-year low of $678.66 and a 1-year high of $1,198.09, with an average price target from analysts of $1,122.20.
• Insider trades include CEO William McDermott selling 5,825 shares for over $5.3 million, representing a 46.83% decrease in his stock position.

Prime Capital Investment Advisors LLC lessened its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 8.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,244 shares of the information technology services provider's stock after selling 1,241 shares during the period. Prime Capital Investment Advisors LLC's holdings in ServiceNow were worth $13,615,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of NOW. Capital Advisors Inc. OK boosted its stake in shares of ServiceNow by 42.8% during the second quarter. Capital Advisors Inc. OK now owns 761 shares of the information technology services provider's stock valued at $783,000 after acquiring an additional 228 shares during the last quarter. Belpointe Asset Management LLC increased its stake in shares of ServiceNow by 5,753.4% during the 2nd quarter. Belpointe Asset Management LLC now owns 170,042 shares of the information technology services provider's stock valued at $174,817,000 after acquiring an additional 167,137 shares during the last quarter. Valley National Advisers Inc. raised its stake in ServiceNow by 13.8% during the second quarter. Valley National Advisers Inc. now owns 832 shares of the information technology services provider's stock worth $855,000 after purchasing an additional 101 shares during the period. Appleton Partners Inc. MA raised its position in shares of ServiceNow by 814.5% in the 2nd quarter. Appleton Partners Inc. MA now owns 11,321 shares of the information technology services provider's stock worth $11,639,000 after buying an additional 10,083 shares during the period. Finally, PUREfi Wealth LLC lifted its stake in shares of ServiceNow by 14.8% in the 2nd quarter. PUREfi Wealth LLC now owns 302 shares of the information technology services provider's stock valued at $310,000 after purchasing an additional 39 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of the business'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 $1,526,684.90. Following the sale, the chief financial officer directly owned 12,228 shares in the company, valued at approximately $10,594,950.60. The trade was a 12.59% 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 worth $16,798,825 in the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

NOW has been the topic of a number of recent research reports. Barclays set a $1,210.00 price target on shares of ServiceNow in a research 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 company a "buy" rating in a research note on Thursday, July 24th. Citigroup increased their price target on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Morgan Stanley raised shares of ServiceNow from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. One investment 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 issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $1,122.20.

ServiceNow Stock Performance

NOW stock opened at $911.75 on Monday. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The stock has a market capitalization of $189.64 billion, a price-to-earnings ratio of 114.83, a PEG ratio of 4.11 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock's fifty day moving average is $914.67 and its two-hundred day moving average is $930.67.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping 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 business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter last year, the company earned $3.13 EPS. The company's revenue for the quarter was up 22.4% compared to the same quarter last year. On average, research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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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