Stratos Wealth Partners LTD. Raises Stake in ServiceNow, Inc. $NOW

Stratos Wealth Partners LTD. grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 3.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,927 shares of the information technology services provider’s stock after purchasing an additional 339 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in ServiceNow were worth $9,178,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in NOW. Nuveen LLC purchased a new stake in shares of ServiceNow during the first quarter valued at $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after acquiring an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Parnassus Investments LLC bought a new stake in shares of ServiceNow in the first quarter valued at about $519,806,000. Finally, Amundi raised its holdings in shares of ServiceNow by 61.9% in the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock valued at $1,269,777,000 after acquiring an additional 626,623 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO William R. Mcdermott sold 5,825 shares of the company’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares in the company, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is owned by company insiders.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $904.57 on Friday. The company has a market capitalization of $188.15 billion, a PE ratio of 113.93, a P/E/G ratio of 4.03 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a 50-day simple moving average of $910.30 and a two-hundred day simple moving average of $934.82. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09.

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on NOW shares. Raymond James Financial lifted their price objective on ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a report on Thursday, July 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $1,200.00 price objective on shares of ServiceNow in a report on Thursday, July 24th. Zacks Research upgraded ServiceNow from a “hold” rating to a “strong-buy” rating in a report on Monday, October 13th. Wells Fargo & Company lifted their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. Finally, Morgan Stanley upgraded ServiceNow from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $1,040.00 to $1,250.00 in a report on Wednesday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $1,121.37.

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.