ServiceNow, Inc. $NOW Shares Bought by Vista Cima Wealth Management LLC

Key Points

• Vista Cima Wealth Management LLC increased its stake in ServiceNow, Inc. by an impressive 1,379.3% during the 1st quarter, holding 10,000 shares worth approximately $7.96 million.
• Several other institutional investors have significantly modified their holdings in ServiceNow, contributing to a current institutional ownership of 87.18%.
• Despite a recent stock decrease of 1.1%, analysts have raised their target prices for ServiceNow, with several firms assigning an "overweight" or "buy" rating in anticipation of further growth.

Vista Cima Wealth Management LLC increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 1,379.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,000 shares of the information technology services provider's stock after purchasing an additional 9,324 shares during the period. ServiceNow makes up 3.6% of Vista Cima Wealth Management LLC's portfolio, making the stock its 3rd biggest position. Vista Cima Wealth Management LLC's holdings in ServiceNow were worth $7,961,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Brasada Capital Management LP lifted its holdings in shares of ServiceNow by 76.1% during the 1st quarter. Brasada Capital Management LP now owns 7,290 shares of the information technology services provider's stock valued at $5,304,000 after purchasing an additional 3,151 shares in the last quarter. Benchmark Investment Advisors LLC grew its position in shares of ServiceNow by 61.4% in the 1st quarter. Benchmark Investment Advisors LLC now owns 1,926 shares of the information technology services provider's stock valued at $1,533,000 after acquiring an additional 733 shares during the period. Baird Financial Group Inc. increased its position in ServiceNow by 4.2% during the first quarter. Baird Financial Group Inc. now owns 99,205 shares of the information technology services provider's stock worth $78,981,000 after buying an additional 3,968 shares during the last quarter. Stony Point Capital LLC raised its stake in ServiceNow by 100.7% in the 1st quarter. Stony Point Capital LLC now owns 14,679 shares of the information technology services provider's stock valued at $11,687,000 after acquiring an additional 7,366 shares during the period. Finally, Vident Advisory LLC lifted its holdings in ServiceNow by 45.9% during the 1st quarter. Vident Advisory LLC now owns 20,837 shares of the information technology services provider's stock valued at $16,589,000 after purchasing an additional 6,554 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

Wall Street Analyst Weigh In

NOW has been the subject of several research reports. Scotiabank set a $1,100.00 price target on ServiceNow and gave the company an "outperform" rating in a report on Wednesday, May 7th. Raymond James Financial upped their price objective on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,200.00 price objective on shares of ServiceNow in a report on Thursday, July 24th. JMP Securities reaffirmed a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Monday, August 4th. Finally, Wall Street Zen downgraded ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Price Performance

Shares of NOW stock traded down $4.53 on Tuesday, hitting $912.93. 1,247,534 shares of the company's stock were exchanged, compared to its average volume of 1,716,646. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The stock has a market cap of $189.89 billion, a P/E ratio of 114.98, a price-to-earnings-growth ratio of 4.14 and a beta of 0.91. The company has a 50 day moving average of $944.66 and a 200 day moving average of $924.23.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share 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 prior year, the company earned $3.13 EPS. ServiceNow's revenue for the quarter was up 22.4% on a year-over-year basis. On average, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 1,585 shares of the company's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $900.00, for a total value of $1,426,500.00. Following the completion of the transaction, the chief executive officer owned 12,439 shares of the company's stock, valued at $11,195,100. This represents a 11.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the transaction, the chief financial officer directly owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,054 shares of company stock worth $10,706,530. Company 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.