Wallace Advisory Group LLC Reduces Holdings in ServiceNow, Inc. $NOW

Key Points

• Wallace Advisory Group LLC reduced its stake in ServiceNow, Inc. by 36.5% in the 2nd quarter, now holding 824 shares worth approximately $847,000.
• ServiceNow's stock has experienced a 22% decline from its highs, currently trading around $918.17, with analysts setting a consensus price target of $1,121.37.
• Insider trading activity included the General Counsel selling 1,698 shares and the CEO selling 5,825 shares, indicating significant divestment among top executives.

Wallace Advisory Group LLC cut its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 36.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 824 shares of the information technology services provider's stock after selling 474 shares during the quarter. Wallace Advisory Group LLC's holdings in ServiceNow were worth $847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of NOW. 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 during the period. Graybill Wealth Management LTD. bought a new position in shares of ServiceNow in the 1st quarter worth approximately $26,000. WASHINGTON TRUST Co raised its position in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after acquiring an additional 31 shares in the last quarter. Global X Japan Co. Ltd. bought a new position in shares of ServiceNow in the 2nd quarter worth approximately $30,000. Finally, LGT Financial Advisors LLC bought a new position in shares of ServiceNow in the 2nd quarter worth approximately $32,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Stock Up 1.6%

ServiceNow stock opened at $918.17 on Tuesday. The firm has a market cap of $190.98 billion, a price-to-earnings ratio of 115.64, a PEG ratio of 4.07 and a beta of 0.92. The stock has a fifty day simple moving average of $911.55 and a two-hundred day simple moving average of $938.10. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month 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.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.13 EPS. Equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the completion of the sale, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William R. Mcdermott sold 5,825 shares of ServiceNow 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 completion of the sale, the chief executive officer directly owned 6,614 shares of the company's stock, valued at $6,062,590.82. The trade was a 46.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,737 shares of company stock valued at $16,798,825 over the last ninety days. 0.38% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on NOW shares. Jefferies Financial Group increased their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Wells Fargo & Company increased their target price on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Needham & Company LLC increased their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,200.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. Finally, Guggenheim reiterated a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, ServiceNow has an average rating of "Moderate Buy" and a consensus price target of $1,121.37.

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.

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