CWA Asset Management Group LLC Sells 232 Shares of ServiceNow, Inc. (NYSE:NOW)

CWA Asset Management Group LLC lowered its stake in ServiceNow, Inc. (NYSE:NOW) by 6.4% during the 1st quarter, HoldingsChannel.com reports. The fund owned 3,373 shares of the information technology services provider’s stock after selling 232 shares during the quarter. CWA Asset Management Group LLC’s holdings in ServiceNow were worth $2,685,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in NOW. Quarry LP purchased a new position in shares of ServiceNow during the 4th quarter worth approximately $27,000. Atala Financial Inc bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow in the fourth quarter worth $32,000. FPC Investment Advisory Inc. raised its holdings in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 29 shares in the last quarter. Finally, Noble Wealth Management PBC purchased a new position in ServiceNow during the fourth quarter valued at $34,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

NYSE:NOW opened at $980.29 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a 50-day simple moving average of $956.82 and a two-hundred day simple moving average of $972.45. The firm has a market capitalization of $202.90 billion, a PE ratio of 133.19, a P/E/G ratio of 4.63 and a beta of 0.95. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The firm’s revenue was up 18.6% compared to the same quarter last year. During the same quarter last year, the business earned $3.41 EPS. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Raymond James Financial reduced their target price on shares of ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 8th. William Blair restated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Bank of America decreased their target price on shares of ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Needham & Company LLC reissued a “buy” rating and issued a $1,050.00 price target on shares of ServiceNow in a research report on Tuesday, May 6th. Finally, UBS Group reaffirmed a “buy” rating and set a $1,025.00 price objective (up previously from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,062.50.

Insider Buying and Selling at ServiceNow

In other news, Director Anita M. Sands sold 248 shares of ServiceNow stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $1,009.14, for a total value of $250,266.72. Following the completion of the transaction, the director now owns 10,643 shares in the company, valued at approximately $10,740,277.02. The trade was a 2.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 62 shares of ServiceNow stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at $4,431,636. The trade was a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,716 shares of company stock valued at $6,611,245 in the last three months. 0.38% of the stock is currently owned by corporate insiders.

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.