Cabot Wealth Management Inc. Sells 58 Shares of ServiceNow, Inc. $NOW

Cabot Wealth Management Inc. decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 1.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,845 shares of the information technology services provider’s stock after selling 58 shares during the period. Cabot Wealth Management Inc.’s holdings in ServiceNow were worth $4,981,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in NOW. Brighton Jones LLC increased its position 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 buying an additional 30 shares during the period. GAMMA Investing LLC increased its position in shares of ServiceNow by 10.0% in the first quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider’s stock worth $2,689,000 after purchasing an additional 308 shares during the period. Perpetual Ltd increased its position in shares of ServiceNow by 8.9% in the first quarter. Perpetual Ltd now owns 3,895 shares of the information technology services provider’s stock worth $3,101,000 after purchasing an additional 318 shares during the period. Transcend Capital Advisors LLC increased its position in shares of ServiceNow by 19.8% in the first quarter. Transcend Capital Advisors LLC now owns 1,649 shares of the information technology services provider’s stock worth $1,313,000 after purchasing an additional 273 shares during the period. Finally, Bartlett & CO. Wealth Management LLC increased its position in shares of ServiceNow by 56.9% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 193 shares of the information technology services provider’s stock worth $154,000 after purchasing an additional 70 shares during the period. Institutional investors own 87.18% of the company’s stock.

Insider Activity

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider directly owned 3,000 shares of the company’s stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 1,698 shares of ServiceNow stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel directly owned 4,332 shares in the company, valued at $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Jefferies Financial Group raised their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Raymond James Financial raised their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an “outperform” 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. Cowen restated a “buy” rating on shares of ServiceNow in a research report on Friday. Finally, Guggenheim reaffirmed a “sell” rating and issued a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,124.17.

ServiceNow Stock Performance

NYSE:NOW opened at $929.77 on Friday. The stock’s 50-day simple moving average is $917.85 and its 200 day simple moving average is $942.45. The firm has a market capitalization of $193.39 billion, a PE ratio of 117.10, a price-to-earnings-growth ratio of 4.19 and a beta of 0.92. 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 twelve month low of $678.66 and a twelve month high of $1,198.09.

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%.ServiceNow’s revenue was up 22.4% compared to the same quarter last year. During the same period last year, the firm posted $3.13 earnings per share. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow Company 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.