Salvus Wealth Management LLC Lowers Stake in ServiceNow, Inc. (NYSE:NOW)

Salvus Wealth Management LLC trimmed its holdings in ServiceNow, Inc. (NYSE:NOW) by 13.4% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 985 shares of the information technology services provider’s stock after selling 153 shares during the period. Salvus Wealth Management LLC’s holdings in ServiceNow were worth $1,044,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in shares of ServiceNow by 17.0% in the second quarter. Dimensional Fund Advisors LP now owns 274,844 shares of the information technology services provider’s stock valued at $216,207,000 after acquiring an additional 39,984 shares in the last quarter. Bradley Foster & Sargent Inc. CT acquired a new position in ServiceNow during the 2nd quarter worth approximately $256,000. Wealth Alliance raised its stake in shares of ServiceNow by 6.9% during the 2nd quarter. Wealth Alliance now owns 949 shares of the information technology services provider’s stock worth $747,000 after buying an additional 61 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its position in ServiceNow by 33.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 10,371 shares of the information technology services provider’s stock worth $8,159,000 after purchasing an additional 2,595 shares in the last quarter. Finally, Argent Trust Co increased its position in shares of ServiceNow by 5.4% in the second quarter. Argent Trust Co now owns 3,315 shares of the information technology services provider’s stock valued at $2,608,000 after buying an additional 170 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

NYSE NOW opened at $1,057.20 on Friday. The business’s 50-day simple moving average is $1,067.55 and its 200-day simple moving average is $928.41. The firm has a market capitalization of $217.78 billion, a P/E ratio of 164.42, a P/E/G ratio of 4.65 and a beta of 0.99. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,157.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the previous year, the company posted $1.21 earnings per share. ServiceNow’s revenue was up 22.2% compared to the same quarter last year. Equities analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on NOW. Raymond James initiated coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price objective on the stock. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Royal Bank of Canada increased their price target on shares of ServiceNow from $1,045.00 to $1,210.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. UBS Group lifted their price objective on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, Needham & Company LLC increased their target price on ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a report on Monday, November 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,071.39.

Insider Activity at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $2,372,993.40. Following the completion of the sale, the director now owns 11,000 shares of the company’s stock, valued at $11,710,600. This trade represents a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey A. Miller sold 2,879 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the transaction, the director now directly owns 42,920 shares in the company, valued at approximately $43,740,630.40. The trade was a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 20,276 shares of company stock worth $20,535,115. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Company 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.