ServiceNow, Inc. (NYSE:NOW) Shares Sold by Three Seasons Wealth LLC

Key Points

• Three Seasons Wealth LLC reduced its holdings in ServiceNow, Inc. by 50%, selling 1,044 shares during the first quarter, bringing its total to 1,043 shares valued at approximately $830,000.
• ServiceNow has received several ratings upgrades, with forecasts including a target price increase to $1,300 from JMP Securities, indicating strong positive sentiment from analysts.
• The company reported a 22.4% increase in revenue year-over-year, totaling $3.22 billion, and exceeded earnings estimates by 52 cents, showcasing strong financial performance.

Three Seasons Wealth LLC lessened its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 50.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,043 shares of the information technology services provider's stock after selling 1,044 shares during the period. Three Seasons Wealth LLC's holdings in ServiceNow were worth $830,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP acquired a new stake in ServiceNow during the 4th quarter valued at $27,000. Bogart Wealth LLC lifted its holdings in ServiceNow by 113.3% in the 1st 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. purchased a new position in ServiceNow in the 1st quarter valued at about $26,000. Heck Capital Advisors LLC acquired a new stake in shares of ServiceNow during the fourth quarter valued at about $37,000. Finally, WASHINGTON TRUST Co grew its stake in shares of ServiceNow by 620.0% during the first 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 in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Performance

ServiceNow stock traded up $5.95 during midday trading on Wednesday, reaching $911.07. 1,067,691 shares of the stock traded hands, compared to its average volume of 1,630,136. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. 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 firm has a market cap of $189.50 billion, a price-to-earnings ratio of 114.74, a PEG ratio of 4.08 and a beta of 0.93. The firm has a fifty day moving average price of $990.76 and a two-hundred day moving average price of $947.93.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data 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. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The business 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 business's revenue was up 22.4% on a year-over-year basis. On average, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on NOW shares. Royal Bank Of Canada increased their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a report on Tuesday, May 6th. Barclays set a $1,210.00 target price on ServiceNow in a research report on Thursday, July 24th. UBS Group decreased their price target on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research report on Thursday, July 24th. Wall Street Zen raised shares of ServiceNow from a "hold" rating to a "buy" rating in a report on Tuesday, July 29th. Finally, Needham & Company LLC raised their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Activity at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the transaction, the insider directly owned 3,000 shares of the company's stock, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the sale, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,990 shares of company stock worth $6,047,567 in the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

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.