ServiceNow, Inc. $NOW Shares Sold by Valmark Advisers Inc.

Key Points

• Valmark Advisers Inc. has reduced its holdings in ServiceNow, Inc. by 21.9%, now owning 1,920 shares valued at approximately $1.97 million.
• Insider sales include Vice Chairman Nicholas Tzitzon, who sold shares worth about $1.5 million, and CEO William R. McDermott, who sold shares valued at over $5.3 million.
• ServiceNow recently reported $4.09 earnings per share for the last quarter, outperforming analysts' expectations and showing a 22.4% year-over-year revenue increase.

Valmark Advisers Inc. reduced its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 21.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,920 shares of the information technology services provider's stock after selling 537 shares during the quarter. Valmark Advisers Inc.'s holdings in ServiceNow were worth $1,974,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Northern Financial Advisors Inc grew its position in shares of ServiceNow by 1.0% during the second quarter. Northern Financial Advisors Inc now owns 2,172 shares of the information technology services provider's stock worth $2,233,000 after buying an additional 21 shares in the last quarter. NBT Bank N A NY grew its position in shares of ServiceNow by 4.5% during the second quarter. NBT Bank N A NY now owns 1,507 shares of the information technology services provider's stock worth $1,549,000 after buying an additional 65 shares in the last quarter. Abel Hall LLC acquired a new position in shares of ServiceNow during the second quarter worth about $274,000. Sax Wealth Advisors LLC grew its position in shares of ServiceNow by 196.7% during the second quarter. Sax Wealth Advisors LLC now owns 798 shares of the information technology services provider's stock worth $821,000 after buying an additional 529 shares in the last quarter. Finally, Venturi Wealth Management LLC grew its position in shares of ServiceNow by 24.4% during the second quarter. Venturi Wealth Management LLC now owns 4,635 shares of the information technology services provider's stock worth $4,765,000 after buying an additional 910 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company'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 transaction of $1,489,427.55. Following the completion of the sale, the insider owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,737 shares of company stock valued at $16,798,825 in the last 90 days. Company insiders own 0.38% of the company's stock.

ServiceNow Price Performance

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

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

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of analyst reports. Piper Sandler boosted their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. FBN Securities raised ServiceNow to a "strong-buy" rating in a report on Wednesday, June 11th. Mizuho raised their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Wall Street Zen cut shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Finally, Jefferies Financial Group raised their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have issued 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, ServiceNow presently has a consensus rating of "Moderate Buy" and an average price target of $1,122.20.

ServiceNow Company 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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