Schechter Investment Advisors LLC Cuts Stake in ServiceNow, Inc. (NYSE:NOW)

Schechter Investment Advisors LLC lessened its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 21.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,135 shares of the information technology services provider's stock after selling 861 shares during the quarter. Schechter Investment Advisors LLC's holdings in ServiceNow were worth $2,496,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Cassady Schiller Wealth Management LLC raised its position in ServiceNow by 44.0% during the fourth quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider's stock worth $38,000 after acquiring an additional 11 shares in the last quarter. Plancorp LLC grew its stake in ServiceNow by 4.1% in the 4th quarter. Plancorp LLC now owns 308 shares of the information technology services provider's stock valued at $327,000 after buying an additional 12 shares during the last quarter. Capital Investment Advisory Services LLC grew its stake in shares of ServiceNow by 2.1% in the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after acquiring an additional 12 shares in the last quarter. Kesler Norman & Wride LLC grew its stake in shares of ServiceNow by 1.2% in the fourth quarter. Kesler Norman & Wride LLC now owns 1,092 shares of the information technology services provider's stock valued at $1,157,000 after acquiring an additional 13 shares in the last quarter. Finally, Sepio Capital LP grew its stake in shares of ServiceNow by 3.8% in the fourth quarter. Sepio Capital LP now owns 359 shares of the information technology services provider's stock valued at $381,000 after acquiring an additional 13 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 62 shares of the company'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 $63,426.00. Following the sale, the general counsel directly owned 4,332 shares in the company, valued at $4,431,636. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the transaction, the insider directly owned 3,000 shares of the company's stock, valued at $3,060,000. The trade was a 28.07% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,601 shares of company stock valued at $6,577,363. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Performance

Shares of NYSE NOW traded up $9.86 during mid-day trading on Wednesday, reaching $966.78. 984,145 shares of the company's stock were exchanged, compared to its average volume of 1,486,825. The firm has a market capitalization of $200.10 billion, a price-to-earnings ratio of 131.36, a price-to-earnings-growth ratio of 4.42 and a beta of 0.94. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a 50-day moving average price of $1,007.54 and a two-hundred day moving average price of $957.77.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The company had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. During the same period in the prior year, the company posted $3.41 EPS. ServiceNow's revenue was up 18.6% compared to the same quarter last year. Analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on NOW. The Goldman Sachs Group reiterated a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and raised their price objective for the company from $950.00 to $1,200.00 in a report on Thursday, May 1st. Stifel Nicolaus raised their price objective on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Wells Fargo & Company raised their price target on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, April 24th. Finally, Canaccord Genuity Group lowered their price target on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty-one have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $1,073.13.

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.