Acorn Financial Advisory Services Inc. ADV Sells 11 Shares of ServiceNow, Inc. $NOW

Acorn Financial Advisory Services Inc. ADV trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 1.7% during the second quarter, HoldingsChannel reports. The fund owned 620 shares of the information technology services provider’s stock after selling 11 shares during the quarter. Acorn Financial Advisory Services Inc. ADV’s holdings in ServiceNow were worth $637,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in NOW. Brighton Jones LLC grew its holdings in ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after acquiring an additional 30 shares during the last quarter. GAMMA Investing LLC grew its holdings in ServiceNow by 10.0% during the 1st quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider’s stock worth $2,689,000 after acquiring an additional 308 shares during the last quarter. Stock Yards Bank & Trust Co. grew its holdings in ServiceNow by 79.7% during the 1st quarter. Stock Yards Bank & Trust Co. now owns 496 shares of the information technology services provider’s stock worth $395,000 after acquiring an additional 220 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new stake in ServiceNow during the 1st quarter worth approximately $1,275,000. Finally, Ritholtz Wealth Management grew its holdings in ServiceNow by 12.3% during the 1st quarter. Ritholtz Wealth Management now owns 2,868 shares of the information technology services provider’s stock worth $2,283,000 after acquiring an additional 315 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of research reports. Morgan Stanley raised shares of ServiceNow from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $1,040.00 to $1,250.00 in a report on Wednesday, September 24th. Bank of America boosted their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Oppenheimer restated an “outperform” rating and issued a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. JMP Securities restated a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a research report on Monday, August 4th. Finally, Erste Group Bank restated a “hold” rating on shares of ServiceNow in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $1,122.20.

ServiceNow Stock Up 3.9%

ServiceNow stock opened at $923.44 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The firm’s fifty day moving average is $909.24 and its 200 day moving average is $933.88. The company has a market capitalization of $192.07 billion, a PE ratio of 116.30, a PEG ratio of 4.00 and a beta of 0.92.

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

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 5,825 shares of the business’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the transaction, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. The trade was a 46.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Gina Mastantuono sold 1,762 shares of the business’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares in the company, valued at $10,594,950.60. The trade was a 12.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,737 shares of company stock worth $16,798,825 over the last ninety days. 0.38% of the stock is owned by corporate insiders.

About ServiceNow

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.