Wealth Alliance Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Wealth Alliance grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 6.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 949 shares of the information technology services provider’s stock after buying an additional 61 shares during the period. Wealth Alliance’s holdings in ServiceNow were worth $747,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Morling Financial Advisors LLC lifted its position in shares of ServiceNow by 2.5% during the second quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock worth $415,000 after acquiring an additional 13 shares in the last quarter. Optas LLC increased its holdings in shares of ServiceNow by 1.7% in the first quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock worth $621,000 after purchasing an additional 14 shares during the period. Cedar Wealth Management LLC increased its holdings in shares of ServiceNow by 5.5% in the first quarter. Cedar Wealth Management LLC now owns 268 shares of the information technology services provider’s stock worth $204,000 after purchasing an additional 14 shares during the period. Financial Advocates Investment Management increased its holdings in shares of ServiceNow by 2.7% in the second quarter. Financial Advocates Investment Management now owns 527 shares of the information technology services provider’s stock worth $415,000 after purchasing an additional 14 shares during the period. Finally, Ndwm LLC increased its holdings in shares of ServiceNow by 0.6% in the second quarter. Ndwm LLC now owns 2,415 shares of the information technology services provider’s stock worth $1,900,000 after purchasing an additional 14 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the sale, the insider now directly owns 4,019 shares in the company, valued at $3,319,372.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the firm’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the completion of the sale, the general counsel now directly owns 6,736 shares in the company, valued at $5,252,800.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $825.92, for a total transaction of $77,636.48. Following the transaction, the insider now directly owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. The disclosure for this sale can be found here. Insiders sold 6,914 shares of company stock worth $5,608,936 over the last three months. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

NOW has been the topic of several research analyst reports. JPMorgan Chase & Co. upped their price target on shares of ServiceNow from $780.00 to $820.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Royal Bank of Canada increased their target price on ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Truist Financial increased their target price on ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. BMO Capital Markets increased their target price on ServiceNow from $830.00 to $860.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Wells Fargo & Company increased their target price on ServiceNow from $920.00 to $935.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $855.44.

ServiceNow Stock Performance

ServiceNow stock opened at $891.59 on Thursday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. The firm has a 50-day moving average of $815.58 and a 200-day moving average of $769.06. The firm has a market cap of $182.78 billion, a P/E ratio of 95.36, a P/E/G ratio of 5.25 and a beta of 0.98. ServiceNow, Inc. has a 1-year low of $527.24 and a 1-year high of $899.71.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. ServiceNow’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 earnings per share. Sell-side analysts expect that ServiceNow, Inc. will post 6.78 EPS 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.