Linscomb Wealth Inc. Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Linscomb Wealth Inc. increased its stake in ServiceNow by 12.9%, owning a total of 2,987 shares valued at approximately $2.38 million at the end of the first quarter.
• Company insiders have significantly reduced their holdings, with Director Lawrence Jackson and Vice Chairman Nicholas Tzitzon selling shares, indicating a decrease in their ownership by 56.28% and 28.07%, respectively.
• ServiceNow's stock is currently trading at $871.70 and the company reported earnings of $4.09 per share for the last quarter, exceeding analysts' estimates by $0.52.

Linscomb Wealth Inc. lifted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 12.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,987 shares of the information technology services provider's stock after buying an additional 342 shares during the period. Linscomb Wealth Inc.'s holdings in ServiceNow were worth $2,378,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Bogart Wealth LLC lifted its position in shares of ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. acquired a new position in ServiceNow during the 1st quarter worth $26,000. Quarry LP acquired a new position in shares of ServiceNow in the 4th quarter valued at $27,000. WASHINGTON TRUST Co lifted its stake in shares of ServiceNow by 620.0% in the 1st 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, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow in the 4th quarter valued at $37,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research reports. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and increased their target price for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. Wells Fargo & Company upped their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Guggenheim reiterated a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. TD Securities reissued a "buy" rating and issued a $1,100.00 price target on shares of ServiceNow in a report on Thursday, April 24th. Finally, Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Performance

Shares of NOW traded down $13.03 on Thursday, reaching $850.27. 855,813 shares of the stock traded hands, compared to its average volume of 1,703,916. The stock's 50-day moving average price is $973.65 and its 200-day moving average price is $939.15. 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 firm has a market cap of $176.86 billion, a price-to-earnings ratio of 107.05, a P/E/G ratio of 3.85 and a beta of 0.93. 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, beating 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 business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the firm posted $3.13 earnings per share. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. Equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Anita M. Sands sold 239 shares of ServiceNow stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director directly owned 10,404 shares of the company's stock, valued at approximately $10,924,200. This trade represents a 2.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 292 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $878.39, for a total value of $256,489.88. Following the transaction, the chief financial officer owned 11,551 shares in the company, valued at approximately $10,146,282.89. This trade represents a 2.47% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,587 shares of company stock valued at $5,584,027. Insiders own 0.38% of the company's stock.

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.