Avity Investment Management Inc. Sells 1,781 Shares of ServiceNow, Inc. $NOW

Key Points

• Avity Investment Management Inc. reduced its stake in ServiceNow, Inc. by 3.5%, selling 1,781 shares, which now represents 3.7% of the fund's overall holdings.
• Analysts have mixed views on ServiceNow, with price targets ranging from $724.00 to $1,150.00, and a consensus rating of "Moderate Buy."
• ServiceNow reported earnings of $4.09 per share for the last quarter, outperforming the consensus estimate of $3.57 and showcasing a revenue increase of 22.4% year-over-year.

Avity Investment Management Inc. cut its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,882 shares of the information technology services provider's stock after selling 1,781 shares during the period. ServiceNow accounts for 3.7% of Avity Investment Management Inc.'s holdings, making the stock its 6th largest position. Avity Investment Management Inc.'s holdings in ServiceNow were worth $50,255,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in NOW. Brighton Jones LLC boosted its stake in shares of ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after acquiring an additional 30 shares during the last quarter. Silvercrest Asset Management Group LLC boosted its stake in shares of ServiceNow by 11.3% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 3,213 shares of the information technology services provider's stock worth $3,406,000 after acquiring an additional 326 shares during the last quarter. Sherbrooke Park Advisers LLC acquired a new stake in shares of ServiceNow in the fourth quarter worth approximately $457,000. Strive Asset Management LLC acquired a new stake in shares of ServiceNow in the fourth quarter worth approximately $1,015,000. Finally, Strategic Wealth Partners Ltd. acquired a new stake in shares of ServiceNow in the fourth quarter worth approximately $241,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NOW. Piper Sandler boosted their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Wall Street Zen lowered ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Oppenheimer reissued an "outperform" rating and set a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Finally, Guggenheim restated a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a research report on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Price Performance

NOW stock opened at $930.04 on Monday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $193.45 billion, a PE ratio of 117.13, a P/E/G ratio of 4.18 and a beta of 0.91. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The business's fifty day moving average price is $927.34 and its 200 day moving average price is $922.34.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.13 EPS. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Buying and Selling at ServiceNow

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the transaction, the general counsel directly owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of 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 disclosure for this sale can be found here. In the last quarter, insiders sold 18,976 shares of company stock worth $17,049,775. Corporate insiders own 0.38% of the company's stock.

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.

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