Institute for Wealth Management LLC. Cuts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Institute for Wealth Management LLC. decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 4.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,600 shares of the information technology services provider’s stock after selling 122 shares during the quarter. Institute for Wealth Management LLC.’s holdings in ServiceNow were worth $1,837,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in NOW. Wealth Management Partners LLC lifted its position in ServiceNow by 2.7% during the fourth quarter. Wealth Management Partners LLC now owns 531 shares of the information technology services provider’s stock valued at $375,000 after purchasing an additional 14 shares during the period. Oliver Lagore Vanvalin Investment Group lifted its position in ServiceNow by 30.4% during the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 60 shares of the information technology services provider’s stock valued at $42,000 after purchasing an additional 14 shares during the period. Trust Co. of Vermont lifted its position in ServiceNow by 8.6% during the third quarter. Trust Co. of Vermont now owns 190 shares of the information technology services provider’s stock valued at $106,000 after purchasing an additional 15 shares during the period. Claro Advisors LLC lifted its position in ServiceNow by 3.6% during the fourth quarter. Claro Advisors LLC now owns 428 shares of the information technology services provider’s stock valued at $302,000 after purchasing an additional 15 shares during the period. Finally, Country Club Bank GFN lifted its position in ServiceNow by 1.6% during the fourth quarter. Country Club Bank GFN now owns 951 shares of the information technology services provider’s stock valued at $668,000 after purchasing an additional 15 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on NOW. BMO Capital Markets increased their price objective on shares of ServiceNow from $630.00 to $850.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Robert W. Baird increased their price target on shares of ServiceNow from $780.00 to $870.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Mizuho increased their price target on shares of ServiceNow from $750.00 to $820.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Truist Financial increased their price target on shares of ServiceNow from $700.00 to $750.00 and gave the stock a “hold” rating in a research report on Thursday, January 25th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $820.00 price target on shares of ServiceNow in a research report on Wednesday, March 20th. Three equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $780.37.

ServiceNow Price Performance

NOW traded down $18.25 during trading on Friday, hitting $713.11. 1,087,258 shares of the company traded hands, compared to its average volume of 1,169,660. The company has a market cap of $146.46 billion, a PE ratio of 84.75, a P/E/G ratio of 4.65 and a beta of 0.97. The stock’s 50-day simple moving average is $766.17 and its two-hundred day simple moving average is $700.64. ServiceNow, Inc. has a 1 year low of $427.68 and a 1 year high of $815.32. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.20.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, topping analysts’ consensus estimates of $2.77 by $0.34. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The business had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same period last year, the company posted $0.88 EPS. The business’s revenue was up 25.6% on a year-over-year basis. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 6.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the completion of the transaction, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Paul John Smith sold 5,159 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total value of $3,845,105.88. Following the completion of the sale, the insider now owns 5,453 shares in the company, valued at approximately $4,064,229.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the sale, the chief executive officer now owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The disclosure for this sale can be found here. Insiders sold 13,164 shares of company stock valued at $9,940,303 in the last three months. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Company 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.