SteelPeak Wealth LLC Reduces Position in ServiceNow, Inc. $NOW

Key Points

• SteelPeak Wealth LLC reduced its position in ServiceNow, Inc. by 38%, now holding only 1,334 shares valued at approximately $1.37 million.
• ServiceNow recently reported an earnings per share (EPS) of $4.09, exceeding analyst estimates by $0.52, with a year-over-year revenue increase of 22.4%.
• Multiple analysts have raised their price targets for ServiceNow, with an average target of $1,122.20 and many maintaining a "Buy" rating following recent earnings.

SteelPeak Wealth LLC decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 38.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,334 shares of the information technology services provider's stock after selling 817 shares during the quarter. SteelPeak Wealth LLC's holdings in ServiceNow were worth $1,371,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Bogart Wealth LLC grew its holdings in shares of ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new position in shares of ServiceNow during the 1st quarter valued at about $26,000. WASHINGTON TRUST Co boosted its position in shares of 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 acquiring an additional 31 shares during the last quarter. Global X Japan Co. Ltd. acquired a new position in shares of ServiceNow during the 2nd quarter valued at about $30,000. Finally, Dagco Inc. acquired a new position in shares of ServiceNow during the 1st quarter valued at about $33,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Trading Down 0.8%

NYSE NOW opened at $905.41 on Wednesday. The stock has a market capitalization of $188.32 billion, a P/E ratio of 114.03, a PEG ratio of 4.11 and a beta of 0.92. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. 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's 50-day moving average is $911.49 and its two-hundred day moving average is $931.09.

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, topping the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion for 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 business's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.13 earnings per share. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In other news, Director Anita M. Sands sold 1,097 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the sale, the director owned 9,307 shares of the company's stock, valued at approximately $8,516,928.77. This represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Fipps sold 1,452 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the sale, the insider directly owned 457 shares in the company, valued at $409,037.85. This represents a 76.06% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,737 shares of company stock valued at $16,798,825. Corporate insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Needham & Company LLC boosted their price target 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. JMP Securities reissued a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Monday, August 4th. Citigroup boosted their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Barclays set a $1,210.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average 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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.