Bridge Generations Wealth Management LLC Reduces Stock Holdings in ServiceNow, Inc. $NOW

Bridge Generations Wealth Management LLC lowered its position in ServiceNow, Inc. (NYSE:NOW) by 8.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 1,689 shares of the information technology services provider’s stock after selling 153 shares during the period. ServiceNow makes up 1.1% of Bridge Generations Wealth Management LLC’s holdings, making the stock its 22nd biggest position. Bridge Generations Wealth Management LLC’s holdings in ServiceNow were worth $1,736,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of ServiceNow by 1.6% in the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider’s stock valued at $15,522,335,000 after buying an additional 297,734 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of ServiceNow by 7.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider’s stock valued at $2,263,519,000 after buying an additional 188,292 shares in the last quarter. Nuveen LLC purchased a new position in shares of ServiceNow in the first quarter valued at $1,817,535,000. Alliancebernstein L.P. increased its position in ServiceNow by 16.2% during the 1st quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider’s stock worth $1,379,461,000 after purchasing an additional 242,132 shares in the last quarter. Finally, Amundi increased its position in ServiceNow by 61.9% during the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock worth $1,269,777,000 after purchasing an additional 626,623 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Bank of America lifted their price objective on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. BMO Capital Markets lifted their price objective on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an “outperform” rating in a research report on Thursday, July 24th. Piper Sandler lifted their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. Morgan Stanley upgraded ServiceNow from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Finally, Needham & Company LLC lifted their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $1,122.20.

ServiceNow Stock Down 2.2%

Shares of NYSE:NOW opened at $920.51 on Wednesday. The firm has a market cap of $191.47 billion, a price-to-earnings ratio of 115.93, a PEG ratio of 4.24 and a beta of 0.91. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock’s 50-day moving average price is $918.47 and its two-hundred day moving average price is $928.42.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company’s revenue was up 22.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.13 EPS. On average, research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the transaction, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at $6,062,590.82. The trade was a 46.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 1,562 shares of ServiceNow stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the completion of the transaction, the insider directly owned 3,027 shares in the company, valued at $2,622,744.15. This represents a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is owned by 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.