Wealth Preservation Advisors LLC Purchases New Shares in ServiceNow, Inc. $NOW

Key Points

• Wealth Preservation Advisors LLC acquired a new stake in ServiceNow, purchasing 480 shares for approximately $382,000 in the first quarter.
• ServiceNow analysts maintain positive ratings with a "Moderate Buy" consensus and a price target increase to an average of $1,115.20.
• In recent insider transactions, key executives, including CEO William McDermott, sold shares valued at over $2.7 million, indicating a decrease in their ownership stakes.

Wealth Preservation Advisors LLC purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 480 shares of the information technology services provider's stock, valued at approximately $382,000.

Other large investors also recently made changes to their positions in the company. Janus Henderson Group PLC increased its holdings in ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after buying an additional 12,533 shares during the last quarter. Corient IA LLC purchased a new stake in ServiceNow during the first quarter worth about $796,000. Parr Mcknight Wealth Management Group LLC purchased a new stake in ServiceNow during the first quarter worth about $1,820,000. ASR Vermogensbeheer N.V. purchased a new stake in ServiceNow during the first quarter worth about $19,278,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after purchasing an additional 840,731 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NOW has been the subject of several recent research reports. JMP Securities reiterated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Monday, August 4th. Royal Bank Of Canada lifted their target price on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Jefferies Financial Group lifted their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Barclays set a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. Finally, BMO Capital Markets increased their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 1,562 shares of the business's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the sale, the insider directly owned 3,027 shares in the company, valued at approximately $2,622,744.15. The trade was a 34.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William R. Mcdermott sold 1,585 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $900.00, for a total transaction of $1,426,500.00. Following the completion of the sale, the chief executive officer owned 12,439 shares in the company, valued at approximately $11,195,100. This trade represents a 11.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,668 shares of company stock worth $14,373,737 in the last ninety days. Company insiders own 0.38% of the company's stock.

ServiceNow Price Performance

NYSE NOW opened at $867.20 on Wednesday. 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, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company's 50 day moving average is $949.76 and its two-hundred day moving average is $927.07. The stock has a market cap of $180.38 billion, a price-to-earnings ratio of 109.22, a PEG ratio of 3.97 and a beta of 0.93.

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

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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