Smith Salley Wealth Management Acquires 386 Shares of ServiceNow, Inc. $NOW

Key Points

• Smith Salley Wealth Management increased its holdings in ServiceNow, Inc. by 17.0%, acquiring an additional 386 shares, bringing their total to 2,661 shares worth approximately $2.736 million.
• ServiceNow reported a 22.4% year-over-year revenue growth in its recent earnings, with an EPS of $4.09 that surpassed analysts’ estimates.
• Institutional investors own 87.18% of ServiceNow's stock, highlighting significant interest from large financial entities in the company.

Smith Salley Wealth Management boosted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 17.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,661 shares of the information technology services provider's stock after buying an additional 386 shares during the quarter. Smith Salley Wealth Management's holdings in ServiceNow were worth $2,736,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Global X Japan Co. Ltd. bought a new position in ServiceNow in the 2nd quarter valued at approximately $30,000. Bogart Wealth LLC increased its position in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. acquired a new stake in ServiceNow during the 1st quarter valued at approximately $26,000. WASHINGTON TRUST Co increased its position in ServiceNow by 620.0% during 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, Dagco Inc. acquired a new stake in ServiceNow during the 1st quarter valued at approximately $33,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NOW opened at $936.76 on Monday. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The business's fifty day moving average is $919.74 and its 200 day moving average is $927.82. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $194.85 billion, a P/E ratio of 117.98, a P/E/G ratio of 4.22 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts' expectations of $3.12 billion. During the same period last year, the business earned $3.13 EPS. ServiceNow's quarterly revenue was up 22.4% compared to the same quarter last year. Sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction 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 transaction, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at approximately $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock worth $17,049,775 over the last quarter. Corporate insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on NOW shares. Needham & Company LLC increased their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Cantor Fitzgerald reissued an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. Mizuho increased their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. Finally, Morgan Stanley raised shares of ServiceNow from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and a consensus target price 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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