Elevation Point Wealth Partners LLC Decreases Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Elevation Point Wealth Partners LLC reduced its position in shares of ServiceNow, Inc. (NYSE:NOW) by 44.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 448 shares of the information technology services provider’s stock after selling 364 shares during the period. Elevation Point Wealth Partners LLC’s holdings in ServiceNow were worth $357,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Salem Investment Counselors Inc. lifted its position in shares of ServiceNow by 0.6% during the 1st quarter. Salem Investment Counselors Inc. now owns 4,161 shares of the information technology services provider’s stock worth $3,313,000 after purchasing an additional 23 shares during the last quarter. Argus Investors Counsel Inc. lifted its position in shares of ServiceNow by 807.4% during the 1st quarter. Argus Investors Counsel Inc. now owns 1,724 shares of the information technology services provider’s stock worth $1,373,000 after purchasing an additional 1,534 shares during the last quarter. Bensler LLC lifted its position in shares of ServiceNow by 10.2% during the 1st quarter. Bensler LLC now owns 2,533 shares of the information technology services provider’s stock worth $2,017,000 after purchasing an additional 235 shares during the last quarter. Relyea Zuckerberg Hanson LLC lifted its position in shares of ServiceNow by 1.6% during the 1st quarter. Relyea Zuckerberg Hanson LLC now owns 845 shares of the information technology services provider’s stock worth $673,000 after purchasing an additional 13 shares during the last quarter. Finally, Albert D Mason Inc. lifted its position in shares of ServiceNow by 1.8% during the 1st quarter. Albert D Mason Inc. now owns 1,137 shares of the information technology services provider’s stock worth $905,000 after purchasing an additional 20 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 354 shares of the company’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $2,435,554.47. This represents a 10.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 2,050 shares of the company’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the sale, the chief executive officer now directly owns 6,614 shares in the company, valued at $6,693,434.14. This trade represents a 23.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,716 shares of company stock worth $6,611,245. 0.38% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

NOW has been the topic of several research analyst reports. Sanford C. Bernstein reiterated an “outperform” rating and set a $1,003.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Oppenheimer reiterated an “outperform” rating and set a $1,100.00 price target (up from $970.00) on shares of ServiceNow in a research note on Tuesday, May 6th. Raymond James cut their price target on shares of ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 8th. Piper Sandler cut their price target on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $1,062.50.

ServiceNow Trading Up 1.7%

Shares of NOW opened at $1,005.27 on Tuesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm’s 50-day moving average is $950.17 and its two-hundred day moving average is $972.18. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The firm has a market capitalization of $208.07 billion, a P/E ratio of 147.19, a PEG ratio of 4.51 and a beta of 0.95.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same period in the prior year, the business posted $3.41 earnings per share. The firm’s revenue for the quarter was up 18.6% compared to the same quarter last year. On average, research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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.