ServiceNow, Inc. (NYSE:NOW) Shares Sold by Avity Investment Management Inc.

Avity Investment Management Inc. cut its position in shares of ServiceNow, Inc. (NYSE:NOW) by 4.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 54,621 shares of the information technology services provider’s stock after selling 2,764 shares during the quarter. ServiceNow accounts for 3.4% of Avity Investment Management Inc.’s investment portfolio, making the stock its 11th biggest holding. Avity Investment Management Inc.’s holdings in ServiceNow were worth $41,643,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. University of Texas Texas AM Investment Managment Co. purchased a new stake in shares of ServiceNow in the fourth quarter valued at $29,000. AdvisorNet Financial Inc raised its holdings in shares of ServiceNow by 266.7% in the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 32 shares during the period. Disciplined Equity Management Inc. acquired a new stake in ServiceNow during the 4th quarter worth approximately $35,000. Sachetta LLC purchased a new position in ServiceNow in the fourth quarter valued at approximately $35,000. Finally, Fortitude Family Office LLC purchased a new stake in ServiceNow during the fourth quarter worth approximately $41,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Price Performance

NYSE:NOW traded up $12.54 during trading hours on Friday, reaching $786.67. 1,721,786 shares of the company’s stock were exchanged, compared to its average volume of 1,451,259. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $161.27 billion, a P/E ratio of 84.19, a price-to-earnings-growth ratio of 4.85 and a beta of 0.96. ServiceNow, Inc. has a 12 month low of $527.24 and a 12 month high of $815.32. The business’s 50-day simple moving average is $726.55 and its two-hundred day simple moving average is $740.89.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.41. ServiceNow had a return on equity of 13.59% and a net margin of 20.34%. The business had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Sell-side analysts expect that ServiceNow, Inc. will post 6.5 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Nicholas Tzitzon sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total value of $1,381,980.00. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at approximately $2,521,422.51. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Nicholas Tzitzon sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $690.99, for a total value of $1,381,980.00. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $2,521,422.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul John Smith sold 190 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $718.78, for a total transaction of $136,568.20. Following the transaction, the insider now directly owns 3,010 shares in the company, valued at $2,163,527.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,530 shares of company stock worth $3,997,012. Company insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. KeyCorp cut their target price on shares of ServiceNow from $1,000.00 to $950.00 and set an “overweight” rating on the stock in a research note on Thursday, April 25th. Jefferies Financial Group raised their price objective on ServiceNow from $885.00 to $900.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Wells Fargo & Company upped their price target on ServiceNow from $875.00 to $900.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Guggenheim reaffirmed a “neutral” rating on shares of ServiceNow in a report on Monday, April 15th. Finally, JMP Securities restated a “market outperform” rating and set a $825.00 price objective on shares of ServiceNow in a research note on Tuesday, May 7th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus price target of $814.48.

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.