Lyell Wealth Management LP Has $17.44 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Lyell Wealth Management LP cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 2.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,680 shares of the information technology services provider’s stock after selling 590 shares during the quarter. ServiceNow makes up 2.0% of Lyell Wealth Management LP’s investment portfolio, making the stock its 10th largest holding. Lyell Wealth Management LP’s holdings in ServiceNow were worth $17,436,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Wealth Management Partners LLC lifted its position in shares of ServiceNow by 2.7% during the 4th quarter. Wealth Management Partners LLC now owns 531 shares of the information technology services provider’s stock valued at $375,000 after buying an additional 14 shares during the last quarter. Oliver Lagore Vanvalin Investment Group increased its holdings in ServiceNow by 30.4% in the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 60 shares of the information technology services provider’s stock worth $42,000 after acquiring an additional 14 shares during the last quarter. Trust Co. of Vermont raised its stake in ServiceNow by 8.6% in the 3rd quarter. Trust Co. of Vermont now owns 190 shares of the information technology services provider’s stock valued at $106,000 after acquiring an additional 15 shares during the period. Claro Advisors LLC lifted its holdings in ServiceNow by 3.6% during the fourth quarter. Claro Advisors LLC now owns 428 shares of the information technology services provider’s stock valued at $302,000 after purchasing an additional 15 shares during the last quarter. Finally, Country Club Bank GFN boosted its position in ServiceNow by 1.6% during the fourth quarter. Country Club Bank GFN now owns 951 shares of the information technology services provider’s stock worth $668,000 after purchasing an additional 15 shares during the period. Institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on NOW. Wells Fargo & Company boosted their price target on shares of ServiceNow from $875.00 to $900.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Royal Bank of Canada increased their target price on ServiceNow from $840.00 to $850.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. JMP Securities reiterated a “market outperform” rating and issued a $825.00 price target on shares of ServiceNow in a research report on Tuesday. Piper Sandler boosted their price objective on ServiceNow from $750.00 to $830.00 and gave the company an “overweight” rating in a research note on Thursday, January 25th. Finally, Guggenheim restated a “neutral” rating on shares of ServiceNow in a research note on Monday, April 15th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $780.37.

ServiceNow Price Performance

NOW stock traded up $5.44 during mid-day trading on Wednesday, hitting $746.39. 1,702,385 shares of the stock were exchanged, compared to its average volume of 1,186,092. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market capitalization of $153.29 billion, a price-to-earnings ratio of 88.75, a PEG ratio of 4.56 and a beta of 0.97. The business has a fifty day moving average price of $761.32 and a 200 day moving average price of $706.74. ServiceNow, Inc. has a 12 month low of $427.68 and a 12 month high of $815.32.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.34. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same quarter in the prior year, the firm earned $0.88 earnings per share. ServiceNow’s revenue for the quarter was up 25.6% on a year-over-year basis. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 6.16 EPS for the current year.

Insider Transactions at ServiceNow

In related news, insider Paul John Smith sold 1,180 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total transaction of $905,201.60. Following the transaction, the insider now owns 1,392 shares of the company’s stock, valued at approximately $1,067,831.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Paul John Smith sold 1,180 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $767.12, for a total value of $905,201.60. Following the completion of the sale, the insider now owns 1,392 shares of the company’s stock, valued at approximately $1,067,831.04. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the transaction, the chief executive officer now owns 17,177 shares in the company, valued at $12,935,655.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,164 shares of company stock worth $9,940,303. 0.25% of the stock is currently 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.