Sheets Smith Wealth Management Has $5.75 Million Stake in ServiceNow, Inc. $NOW

Key Points

• Sheets Smith Wealth Management increased its stake in ServiceNow, Inc. by 13.6% in Q2, now holding 5,597 shares valued at $5.75 million.
• CEO William R. McDermott sold 5,825 shares for approximately $5.34 million, reducing his ownership by 46.83%.
• ServiceNow reported Q2 earnings of $4.09 per share, exceeding estimates and showing a 22.4% year-over-year revenue increase to $3.22 billion.

Sheets Smith Wealth Management lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 13.6% in the second quarter, according to its most recent filing with the SEC. The firm owned 5,597 shares of the information technology services provider's stock after acquiring an additional 670 shares during the period. Sheets Smith Wealth Management's holdings in ServiceNow were worth $5,754,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Waycross Partners LLC lifted its holdings in shares of ServiceNow by 3.2% during the 2nd quarter. Waycross Partners LLC now owns 18,436 shares of the information technology services provider's stock worth $18,954,000 after acquiring an additional 567 shares during the period. Compagnie Lombard Odier SCmA lifted its holdings in shares of ServiceNow by 5.2% during the 2nd quarter. Compagnie Lombard Odier SCmA now owns 154,767 shares of the information technology services provider's stock worth $159,113,000 after acquiring an additional 7,610 shares during the period. Covea Finance lifted its holdings in shares of ServiceNow by 13.8% during the 2nd quarter. Covea Finance now owns 45,120 shares of the information technology services provider's stock worth $46,387,000 after acquiring an additional 5,455 shares during the period. CGN Advisors LLC lifted its holdings in shares of ServiceNow by 3.6% during the 2nd quarter. CGN Advisors LLC now owns 2,422 shares of the information technology services provider's stock worth $2,490,000 after acquiring an additional 84 shares during the period. Finally, Martin Capital Advisors LLP bought a new position in shares of ServiceNow during the 2nd quarter worth about $249,000. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the business's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares of the company's stock, valued at approximately $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the transaction, the insider directly owned 3,027 shares of the company's stock, valued at approximately $2,622,744.15. This represents a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,976 shares of company stock valued at $17,049,775. Insiders own 0.38% of the company's stock.

ServiceNow Trading Down 2.1%

Shares of NYSE NOW opened at $928.34 on Wednesday. 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 $193.09 billion, a PE ratio of 116.92, a P/E/G ratio of 4.27 and a beta of 0.91. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $921.75 and a two-hundred day moving average of $924.54.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results 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 company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the firm posted $3.13 earnings per share. The company's revenue was up 22.4% on a year-over-year basis. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

NOW has been the subject of a number of analyst reports. Raymond James Financial raised their price objective on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Jefferies Financial Group lifted their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Citigroup lifted their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Guggenheim reissued a "sell" rating and set a $724.00 price target on shares of ServiceNow in a report on Thursday, July 17th. Finally, Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

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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