Ieq Capital LLC Reduces Position in ServiceNow, Inc. (NYSE:NOW)

Ieq Capital LLC decreased its holdings in ServiceNow, Inc. (NYSE:NOW) by 6.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,264 shares of the information technology services provider’s stock after selling 1,318 shares during the period. Ieq Capital LLC’s holdings in ServiceNow were worth $15,941,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of NOW. Morling Financial Advisors LLC raised its position in ServiceNow by 2.5% during the 2nd quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock valued at $415,000 after purchasing an additional 13 shares during the last quarter. Optas LLC raised its holdings in shares of ServiceNow by 1.7% during the first quarter. Optas LLC now owns 815 shares of the information technology services provider’s stock valued at $621,000 after acquiring an additional 14 shares in the last quarter. Cedar Wealth Management LLC lifted its stake in 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 acquiring an additional 14 shares during the period. Financial Advocates Investment Management boosted its holdings in ServiceNow by 2.7% in the second quarter. Financial Advocates Investment Management now owns 527 shares of the information technology services provider’s stock valued at $415,000 after acquiring an additional 14 shares in the last quarter. Finally, Ndwm LLC increased its position in ServiceNow by 0.6% during the 2nd quarter. Ndwm LLC now owns 2,415 shares of the information technology services provider’s stock valued at $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.

Insider Transactions at ServiceNow

In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at $3,027,502.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction that occurred on 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 transaction, the general counsel now directly owns 6,736 shares in the company, valued at $5,252,800.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Nicholas Tzitzon sold 1,857 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. The disclosure for this sale can be found here. Insiders have sold a total of 6,914 shares of company stock worth $5,608,936 in the last ninety days. Insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $919.25 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market cap of $188.45 billion, a price-to-earnings ratio of 98.32, a price-to-earnings-growth ratio of 5.25 and a beta of 0.98. The business has a 50-day simple moving average of $818.98 and a two-hundred day simple moving average of $770.11. ServiceNow, Inc. has a fifty-two week low of $527.24 and a fifty-two week high of $921.97.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter in the prior year, the firm earned $0.77 earnings per share. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, analysts expect that ServiceNow, Inc. will post 6.78 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NOW. Guggenheim reaffirmed a “sell” rating and issued a $640.00 target price on shares of ServiceNow in a research report on Monday, July 8th. Piper Sandler raised their price objective on shares of ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. BMO Capital Markets upped their target price on ServiceNow from $830.00 to $860.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Needham & Company LLC restated a “buy” rating and issued a $900.00 target price on shares of ServiceNow in a research note on Monday, September 9th. Finally, TD Cowen upped their price target on ServiceNow from $870.00 to $900.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $855.44.

About ServiceNow

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.