Avity Investment Management Inc. Reduces Holdings in ServiceNow, Inc. (NYSE:NOW)

Avity Investment Management Inc. lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,663 shares of the information technology services provider's stock after selling 980 shares during the quarter. ServiceNow accounts for about 3.3% of Avity Investment Management Inc.'s investment portfolio, making the stock its 9th largest position. Avity Investment Management Inc.'s holdings in ServiceNow were worth $40,335,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Avidian Wealth Enterprises LLC grew its position in ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider's stock worth $527,000 after acquiring an additional 9 shares during the last quarter. TBH Global Asset Management LLC increased its position in ServiceNow by 3.8% in the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider's stock valued at $320,000 after acquiring an additional 11 shares during the period. Onefund LLC increased its position in ServiceNow by 2.0% in the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock valued at $585,000 after acquiring an additional 11 shares during the period. Cassady Schiller Wealth Management LLC increased its position in ServiceNow by 44.0% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider's stock valued at $38,000 after acquiring an additional 11 shares during the period. Finally, Valley Brook Capital Group Inc. increased its position in ServiceNow by 2.7% in the 4th quarter. Valley Brook Capital Group Inc. now owns 459 shares of the information technology services provider's stock valued at $487,000 after acquiring an additional 12 shares during the period. Institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on NOW shares. UBS Group restated a "buy" rating and issued a $1,025.00 price target (up from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. Raymond James reduced their price target on ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 8th. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and upped their price target for the company from $950.00 to $1,200.00 in a research report on Thursday, May 1st. JPMorgan Chase & Co. reduced their price target on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Finally, Canaccord Genuity Group reduced their price target on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,062.50.

Insider Activity at ServiceNow

In related news, Director Anita M. Sands sold 248 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $1,009.14, for a total transaction of $250,266.72. Following the transaction, the director now directly owns 10,643 shares of the company's stock, valued at $10,740,277.02. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William R. Mcdermott sold 2,050 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the transaction, the chief executive officer now directly owns 6,614 shares in the company, valued at $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock valued at $6,611,245 over the last ninety days. Corporate insiders own 0.38% of the company's stock.

ServiceNow Stock Down 0.3%

Shares of NOW stock traded down $3.16 during trading hours on Monday, reaching $1,027.05. The company had a trading volume of 905,586 shares, compared to its average volume of 1,482,474. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The business has a fifty day simple moving average of $919.44 and a 200-day simple moving average of $974.12. The company has a market cap of $212.58 billion, a price-to-earnings ratio of 150.37, a price-to-earnings-growth ratio of 4.51 and a beta of 0.95.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same quarter last year, the company earned $3.41 earnings per share. The company's revenue for the quarter was up 18.6% on a year-over-year basis. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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.