Institute for Wealth Management LLC. Sells 80 Shares of ServiceNow, Inc. $NOW

Institute for Wealth Management LLC. lessened its holdings in ServiceNow, Inc. (NYSE:NOW) by 2.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,113 shares of the information technology services provider’s stock after selling 80 shares during the quarter. Institute for Wealth Management LLC.’s holdings in ServiceNow were worth $3,200,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Haverford Trust Co grew its stake in shares of ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock valued at $936,000 after buying an additional 10 shares in the last quarter. Ascent Group LLC grew its stake in shares of ServiceNow by 0.5% in the first quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock valued at $1,628,000 after buying an additional 10 shares in the last quarter. Edgemoor Investment Advisors Inc. grew its stake in shares of ServiceNow by 2.5% in the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $366,000 after buying an additional 11 shares in the last quarter. Integrated Investment Consultants LLC grew its stake in shares of ServiceNow by 2.5% in the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock valued at $358,000 after buying an additional 11 shares in the last quarter. Finally, one8zero8 LLC grew its stake in shares of ServiceNow by 3.2% in the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock valued at $283,000 after buying an additional 11 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on NOW shares. Piper Sandler raised their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. FBN Securities raised shares of ServiceNow to a “strong-buy” rating in a research report on Wednesday, June 11th. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Monday, August 4th. Wall Street Zen cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Finally, Bank of America lifted their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $1,122.20.

ServiceNow Stock Down 2.2%

Shares of NYSE NOW opened at $920.51 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. The company has a market cap of $191.47 billion, a price-to-earnings ratio of 115.93, a PEG ratio of 4.24 and a beta of 0.91. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The stock has a 50-day moving average price of $918.47 and a two-hundred day moving average price of $928.42.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business’s quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.13 earnings per share. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity

In other ServiceNow news, CFO Gina Mastantuono sold 1,762 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares of the company’s stock, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,353,394.90. Following the sale, the insider owned 3,027 shares in the company, valued at approximately $2,622,744.15. This trade represents a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,976 shares of company stock valued at $17,049,775. Corporate insiders own 0.38% of the company’s stock.

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.