Elevation Point Wealth Partners LLC Trims Position in ServiceNow, Inc. (NYSE:NOW)

Elevation Point Wealth Partners LLC decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 44.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 448 shares of the information technology services provider’s stock after selling 364 shares during the period. Elevation Point Wealth Partners LLC’s holdings in ServiceNow were worth $357,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of ServiceNow by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock valued at $20,353,517,000 after buying an additional 190,430 shares during the period. Price T Rowe Associates Inc. MD raised its stake in ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after purchasing an additional 509,467 shares during the period. FMR LLC raised its stake in ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after purchasing an additional 272,506 shares during the period. Geode Capital Management LLC raised its stake in ServiceNow by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock worth $4,560,890,000 after purchasing an additional 100,670 shares during the period. Finally, GAMMA Investing LLC raised its stake in ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NOW. Erste Group Bank raised shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. JPMorgan Chase & Co. cut their price target on shares of ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Tuesday, May 6th. Wall Street Zen downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Monday, June 9th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $1,003.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $1,062.50.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer now directly owns 6,614 shares in the company, valued at $6,693,434.14. This trade represents a 23.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Anita M. Sands sold 248 shares of ServiceNow stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $1,009.14, for a total transaction of $250,266.72. Following the completion of the sale, the director now owns 10,643 shares in the company, valued at approximately $10,740,277.02. This represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,716 shares of company stock worth $6,611,245. 0.38% of the stock is currently owned by insiders.

ServiceNow Price Performance

NOW opened at $1,005.27 on Tuesday. The company has a fifty day simple moving average of $950.17 and a 200 day simple moving average of $972.18. The firm has a market cap of $208.07 billion, a price-to-earnings ratio of 147.19, a PEG ratio of 4.51 and a beta of 0.95. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business’s revenue was up 18.6% on a year-over-year basis. During the same period last year, the business earned $3.41 EPS. Equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal 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.