Wealth Advisors of Tampa Bay LLC Acquires 12,811 Shares of ServiceNow, Inc. $NOW

Key Points

• Wealth Advisors of Tampa Bay LLC increased its ServiceNow stake by 370.4% in the fourth quarter, buying 12,811 additional shares and bringing its total to 16,270 shares worth about $2.49 million.
• Other institutional investors also boosted or initiated positions in ServiceNow, and institutions now hold 87.18% of the company’s stock, signaling continued strong institutional interest.
• ServiceNow reported quarterly earnings of $0.97 per share on revenue of $3.77 billion, both in line with or slightly above expectations, while analysts still rate the stock a Moderate Buy with a consensus price target of $141.85.

Wealth Advisors of Tampa Bay LLC raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 370.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,270 shares of the information technology services provider's stock after purchasing an additional 12,811 shares during the quarter. Wealth Advisors of Tampa Bay LLC's holdings in ServiceNow were worth $2,492,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Cary Street Partners Investment Advisory LLC increased its stake in ServiceNow by 437.8% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 2,092 shares of the information technology services provider's stock valued at $320,000 after purchasing an additional 1,703 shares in the last quarter. Smithfield Trust Co increased its stake in ServiceNow by 400.3% during the 4th quarter. Smithfield Trust Co now owns 4,393 shares of the information technology services provider's stock valued at $669,000 after purchasing an additional 3,515 shares in the last quarter. Bleakley Financial Group LLC bought a new stake in ServiceNow during the 4th quarter valued at $3,624,000. Kestra Investment Management LLC increased its stake in ServiceNow by 334.6% during the 4th quarter. Kestra Investment Management LLC now owns 2,325 shares of the information technology services provider's stock valued at $356,000 after purchasing an additional 1,790 shares in the last quarter. Finally, Box Hill Private Wealth LLC bought a new stake in ServiceNow during the 4th quarter valued at $290,000. Institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on NOW shares. Truist Financial decreased their price target on shares of ServiceNow from $125.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, April 23rd. UBS Group reiterated an "outperform" rating on shares of ServiceNow in a research note on Tuesday. Robert W. Baird reduced their target price on shares of ServiceNow from $125.00 to $118.00 and set an "outperform" rating for the company in a research note on Thursday, April 23rd. Barclays reiterated an "overweight" rating and issued a $134.00 target price (up from $132.00) on shares of ServiceNow in a research note on Tuesday, May 5th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of ServiceNow from $180.00 to $135.00 and set a "buy" rating for the company in a research note on Thursday, April 16th. Two analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $141.85.

ServiceNow Stock Performance

NYSE NOW opened at $99.99 on Wednesday. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $211.48. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market cap of $103.09 billion, a price-to-earnings ratio of 59.59, a PEG ratio of 1.85 and a beta of 0.82. The company has a fifty day moving average price of $98.26 and a 200-day moving average price of $124.67.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, meeting the consensus estimate of $0.97. The company had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.75 billion. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The firm's revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.81 earnings per share. As a group, equities research analysts predict that ServiceNow, Inc. will post 2.35 EPS for the current fiscal year.

Insider Activity at ServiceNow

In related news, insider Paul Fipps sold 1,048 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $98.51, for a total transaction of $103,238.48. Following the completion of the transaction, the insider owned 12,072 shares in the company, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $87.23, for a total transaction of $130,845.00. Following the transaction, the director owned 44,930 shares of the company's stock, valued at approximately $3,919,243.90. The trade was a 3.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 28,071 shares of company stock worth $2,529,956 in the last ninety days. Corporate insiders own 0.34% of the company's stock.

ServiceNow Company Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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