ServiceNow, Inc. $NOW Stock Position Trimmed by RWA Wealth Partners LLC

Key Points

• RWA Wealth Partners LLC reduced its stake in ServiceNow, Inc. by 11.4%, selling 985 shares and holding 7,641 shares worth $6,083,000.
• ServiceNow reported $4.09 earnings per share (EPS) for the last quarter, surpassing analysts' expectations of $3.57, with revenues of $3.22 billion compared to expected $3.12 billion.
• The stock has a consensus rating of "Moderate Buy" among analysts, with price targets from several firms raised, including Wells Fargo boosting theirs to $1,225.00.

RWA Wealth Partners LLC cut its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 11.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,641 shares of the information technology services provider's stock after selling 985 shares during the quarter. RWA Wealth Partners LLC's holdings in ServiceNow were worth $6,083,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Korea Investment CORP lifted its position in ServiceNow by 1.3% in the 1st quarter. Korea Investment CORP now owns 165,404 shares of the information technology services provider's stock valued at $131,685,000 after purchasing an additional 2,195 shares during the last quarter. Aviso Financial Inc. raised its position in shares of ServiceNow by 15.1% during the 1st quarter. Aviso Financial Inc. now owns 1,848 shares of the information technology services provider's stock worth $1,471,000 after buying an additional 243 shares in the last quarter. Brooklyn Investment Group raised its position in shares of ServiceNow by 7.2% during the 1st quarter. Brooklyn Investment Group now owns 1,431 shares of the information technology services provider's stock worth $1,139,000 after buying an additional 96 shares in the last quarter. Valley Brook Capital Group Inc. raised its position in shares of ServiceNow by 27.7% during the 1st quarter. Valley Brook Capital Group Inc. now owns 586 shares of the information technology services provider's stock worth $467,000 after buying an additional 127 shares in the last quarter. Finally, Corient IA LLC bought a new stake in shares of ServiceNow during the 1st quarter worth about $796,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

Shares of NOW opened at $890.73 on Tuesday. The company's 50 day moving average price is $964.30 and its 200 day moving average price is $932.15. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a market capitalization of $185.27 billion, a PE ratio of 112.18, a PEG ratio of 3.91 and a beta of 0.93. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

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

Analyst Upgrades and Downgrades

NOW has been the topic of a number of recent analyst reports. FBN Securities upgraded shares of ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. Jefferies Financial Group boosted their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Raymond James Financial boosted their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Lawrence Jackson sold 757 shares of ServiceNow stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total value of $749,808.50. Following the completion of the sale, the director directly owned 588 shares in the company, valued at $582,414. The trade was a 56.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 67 shares of ServiceNow stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $860.57, for a total transaction of $57,658.19. Following the completion of the sale, the insider owned 3,027 shares of the company's stock, valued at $2,604,945.39. This trade represents a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,038 shares of company stock valued at $5,971,973. Insiders own 0.38% of the company's stock.

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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