Sequoia Financial Advisors LLC Reduces Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Sequoia Financial Advisors LLC reduced its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 45.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,656 shares of the information technology services provider's stock after selling 9,593 shares during the quarter. Sequoia Financial Advisors LLC's holdings in ServiceNow were worth $9,280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the period. Norges Bank purchased a new stake in ServiceNow in the fourth quarter valued at approximately $2,603,360,000. Proficio Capital Partners LLC raised its position in shares of ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock valued at $667,000 after buying an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new position in shares of ServiceNow during the 4th quarter valued at about $682,468,000. Finally, Price T Rowe Associates Inc. MD grew its position in ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after acquiring an additional 509,467 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on NOW shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $1,048.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Erste Group Bank upgraded ServiceNow from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Wall Street Zen cut shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Monday, June 9th. Stifel Nicolaus increased their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,065.32.

Insider Activity

In other ServiceNow news, Director Anita M. Sands sold 248 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $1,009.14, for a total value of $250,266.72. Following the completion of the transaction, the director now directly owns 10,643 shares in the company, valued at approximately $10,740,277.02. The trade was a 2.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 66 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at $3,096,621. This represents a 2.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Up 0.8%

NYSE NOW opened at $1,012.73 on Friday. The stock's 50-day moving average price is $980.58 and its 200-day moving average price is $967.95. The company has a market capitalization of $209.61 billion, a P/E ratio of 137.60, a price-to-earnings-growth ratio of 4.62 and a beta of 0.95. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter in the previous year, the firm earned $3.41 earnings per share. The company's quarterly revenue was up 18.6% compared to the same quarter last year. On average, equities research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current 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.

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