Hoey Investments Inc. Sells 1,167 Shares of ServiceNow, Inc. (NYSE:NOW)

Hoey Investments Inc. lowered its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 27.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,020 shares of the information technology services provider's stock after selling 1,167 shares during the quarter. ServiceNow accounts for about 0.5% of Hoey Investments Inc.'s investment portfolio, making the stock its 17th biggest position. Hoey Investments Inc.'s holdings in ServiceNow were worth $2,404,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in NOW. Opal Wealth Advisors LLC bought a new stake in ServiceNow during the first quarter worth about $124,000. Tritonpoint Wealth LLC grew its stake in ServiceNow by 281.5% during the first quarter. Tritonpoint Wealth LLC now owns 2,964 shares of the information technology services provider's stock worth $2,360,000 after buying an additional 2,187 shares during the last quarter. Matauro LLC bought a new stake in ServiceNow during the first quarter worth about $599,000. Stock Yards Bank & Trust Co. grew its stake in ServiceNow by 79.7% during the first quarter. Stock Yards Bank & Trust Co. now owns 496 shares of the information technology services provider's stock worth $395,000 after buying an additional 220 shares during the last quarter. Finally, Salem Investment Counselors Inc. grew its stake in ServiceNow by 0.6% during the first quarter. Salem Investment Counselors Inc. now owns 4,161 shares of the information technology services provider's stock worth $3,313,000 after buying an additional 23 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Morgan Stanley raised their price target on shares of ServiceNow from $881.00 to $950.00 and gave the company an "equal weight" rating in a report on Thursday, April 24th. Evercore ISI raised their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Citigroup raised their price target on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Redburn Atlantic initiated coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They issued a "buy" rating on the stock. Finally, Jefferies Financial Group reduced their price objective on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $1,062.50.

ServiceNow Price Performance

NYSE:NOW traded down $19.66 on Friday, hitting $987.71. The company had a trading volume of 1,332,159 shares, compared to its average volume of 1,481,297. The stock has a market capitalization of $204.44 billion, a price-to-earnings ratio of 144.61, a PEG ratio of 4.51 and a beta of 0.95. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average of $944.56 and a two-hundred day moving average of $973.45. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09.

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

Insiders Place Their Bets

In related news, 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 completion of the sale, the chief executive officer now owns 6,614 shares in the company, valued at approximately $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 66 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the sale, the insider now owns 3,027 shares of the company's stock, valued at $3,096,621. This trade represents a 2.13% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,716 shares of company stock worth $6,611,245. 0.38% of the stock is currently owned by company insiders.

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.