Xcel Wealth Management LLC Decreases Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Xcel Wealth Management LLC cut its stake in ServiceNow, Inc. (NYSE:NOW) by 3.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,390 shares of the information technology services provider’s stock after selling 150 shares during the period. ServiceNow makes up approximately 1.1% of Xcel Wealth Management LLC’s holdings, making the stock its 24th largest holding. Xcel Wealth Management LLC’s holdings in ServiceNow were worth $3,926,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of NOW. Swedbank AB acquired a new position in ServiceNow during the first quarter worth $897,908,000. Vanguard Group Inc. raised its stake in shares of 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 buying an additional 331,797 shares during the last quarter. AustralianSuper Pty Ltd purchased a new stake in shares of ServiceNow in the 2nd quarter worth about $218,786,000. Acadian Asset Management LLC grew its stake in ServiceNow by 233.4% in the 1st quarter. Acadian Asset Management LLC now owns 387,225 shares of the information technology services provider’s stock valued at $295,198,000 after acquiring an additional 271,073 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in ServiceNow by 59.4% in the 2nd quarter. Canada Pension Plan Investment Board now owns 635,919 shares of the information technology services provider’s stock valued at $500,258,000 after acquiring an additional 237,086 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on NOW shares. Wells Fargo & Company upped their price target on shares of ServiceNow from $935.00 to $1,025.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Canaccord Genuity Group reiterated a “buy” rating and set a $835.00 target price on shares of ServiceNow in a report on Tuesday, July 23rd. Truist Financial raised their price target on ServiceNow from $750.00 to $780.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. JMP Securities upped their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company a “market outperform” rating in a research report on Thursday, October 17th. Finally, 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $923.00.

Insider Activity at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the transaction, the chief financial officer now owns 11,490 shares in the company, valued at $9,479,250. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the completion of the transaction, the chief financial officer now directly owns 11,490 shares of the company’s stock, valued at approximately $9,479,250. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 7,267 shares of company stock worth $5,935,447. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Trading Up 0.2 %

NOW traded up $1.84 on Tuesday, reaching $920.18. 329,100 shares of the company’s stock were exchanged, compared to its average volume of 1,268,410. ServiceNow, Inc. has a twelve month low of $527.24 and a twelve month high of $949.59. The company’s 50 day moving average is $876.85 and its 200-day moving average is $793.35. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market cap of $188.64 billion, a price-to-earnings ratio of 98.22, a PEG ratio of 5.63 and a beta of 0.99.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.85 by $0.28. The company 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.77 earnings per share. Equities analysts predict that ServiceNow, Inc. will post 6.78 earnings per share for the current 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.