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

Lyell Wealth Management LP decreased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 2.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,680 shares of the information technology services provider’s stock after selling 590 shares during the quarter. ServiceNow comprises about 2.0% of Lyell Wealth Management LP’s 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 filing with the SEC.

Several other hedge funds have also bought and sold shares of NOW. Vanguard Group Inc. boosted its position in shares of ServiceNow by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock valued at $9,923,653,000 after acquiring an additional 122,577 shares during the last quarter. FMR LLC lifted its position in ServiceNow by 17.3% during the third quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after purchasing an additional 595,697 shares during the last quarter. Jennison Associates LLC grew its stake in shares of ServiceNow by 2.2% in the 4th quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock worth $1,781,195,000 after buying an additional 53,719 shares in the last quarter. Northern Trust Corp increased its holdings in shares of ServiceNow by 1.8% in the 3rd quarter. Northern Trust Corp now owns 2,202,293 shares of the information technology services provider’s stock worth $1,230,994,000 after buying an additional 39,259 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of ServiceNow by 3.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,200,720 shares of the information technology services provider’s stock valued at $1,230,114,000 after buying an additional 72,570 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insiders Place Their Bets

In related news, insider Paul John Smith sold 5,159 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the sale, the insider now directly owns 5,453 shares in the company, valued at approximately $4,064,229.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other ServiceNow news, insider Paul John Smith sold 5,159 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the sale, the insider now directly owns 5,453 shares of the company’s stock, valued at $4,064,229.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the completion of the sale, 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. Insiders sold a total of 13,164 shares of company stock worth $9,940,303 over the last 90 days. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Up 0.7 %

ServiceNow stock traded up $5.44 during midday trading on Wednesday, hitting $746.39. 1,702,385 shares of the company’s stock were exchanged, compared to its average volume of 1,186,092. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.06 and a current ratio of 1.06. The company has a market cap of $153.29 billion, a PE ratio of 88.75, a P/E/G ratio of 4.56 and a beta of 0.97. The firm has a 50-day moving average of $761.32 and a two-hundred day moving average 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 released its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.77 by $0.34. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The company’s quarterly revenue was up 25.6% on a year-over-year basis. During the same period last year, the firm earned $0.88 earnings per share. As a group, analysts expect that ServiceNow, Inc. will post 6.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NOW. Truist Financial boosted their price objective on ServiceNow from $700.00 to $750.00 and gave the stock a “hold” rating in a research note on Thursday, January 25th. Guggenheim restated a “neutral” rating on shares of ServiceNow in a report on Monday, April 15th. Robert W. Baird raised their price target on ServiceNow from $780.00 to $870.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Stifel Nicolaus reiterated a “buy” rating and set a $820.00 price objective on shares of ServiceNow in a research report on Wednesday, March 20th. Finally, Piper Sandler raised their target price on shares of ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a report on Thursday, January 25th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $780.37.

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.