SVB Wealth LLC Has $1.46 Million Stake in ServiceNow, Inc. (NYSE:NOW)

SVB Wealth LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 3.6% during the 1st quarter, Holdings Channel reports. The firm owned 1,908 shares of the information technology services provider’s stock after selling 71 shares during the period. SVB Wealth LLC’s holdings in ServiceNow were worth $1,455,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in NOW. Norges Bank bought a new stake in ServiceNow during the fourth quarter worth $1,648,259,000. International Assets Investment Management LLC increased its holdings in shares of ServiceNow by 69,354.6% during the fourth quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock worth $580,486,000 after buying an additional 820,465 shares in the last quarter. Global Assets Advisory LLC bought a new position in shares of ServiceNow in the 1st quarter valued at $403,034,000. Cerity Partners LLC boosted its holdings in shares of ServiceNow by 1,073.7% during the 4th quarter. Cerity Partners LLC now owns 406,262 shares of the information technology services provider’s stock valued at $287,020,000 after acquiring an additional 371,648 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after acquiring an additional 331,797 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Price Performance

Shares of NYSE NOW traded up $1.37 during trading hours on Tuesday, reaching $800.43. 112,997 shares of the stock traded hands, compared to its average volume of 1,328,515. The company’s 50-day simple moving average is $744.53 and its two-hundred day simple moving average is $752.06. The company has a market capitalization of $164.89 billion, a P/E ratio of 85.46, a price-to-earnings-growth ratio of 5.17 and a beta of 0.99. ServiceNow, Inc. has a 52-week low of $527.24 and a 52-week high of $850.33. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The business’s quarterly revenue was up 22.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.77 EPS. Equities research analysts forecast that ServiceNow, Inc. will post 6.5 EPS for the current year.

Insiders Place Their Bets

In related news, insider Paul John Smith sold 190 shares of ServiceNow stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $718.78, for a total value of $136,568.20. Following the transaction, the insider now directly owns 3,010 shares of the company’s stock, valued at $2,163,527.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Paul John Smith sold 190 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $718.78, for a total transaction of $136,568.20. Following the transaction, the insider now owns 3,010 shares in the company, valued at approximately $2,163,527.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total value of $1,485,000.00. Following the completion of the sale, the chief financial officer now owns 11,490 shares of the company’s stock, valued at approximately $9,479,250. The disclosure for this sale can be found here. Insiders have sold 7,330 shares of company stock valued at $5,482,012 in the last ninety days. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on NOW shares. BMO Capital Markets boosted their price target on ServiceNow from $830.00 to $860.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Piper Sandler raised their price target on shares of ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of ServiceNow from $875.00 to $900.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Canaccord Genuity Group reiterated a “buy” rating and set a $835.00 price objective on shares of ServiceNow in a research report on Tuesday, July 23rd. Finally, Wells Fargo & Company boosted their target price on shares of ServiceNow from $920.00 to $935.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $842.22.

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.