ServiceNow, Inc. (NYSE:NOW) Shares Sold by CMH Wealth Management LLC

CMH Wealth Management LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 29.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,566 shares of the information technology services provider's stock after selling 3,607 shares during the period. ServiceNow comprises approximately 1.7% of CMH Wealth Management LLC's investment portfolio, making the stock its 28th biggest holding. CMH Wealth Management LLC's holdings in ServiceNow were worth $6,820,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NOW. GAMMA Investing LLC raised its position in shares of ServiceNow by 87,501.3% in 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 acquiring an additional 2,686,291 shares during the period. Norges Bank acquired a new position in shares of ServiceNow in the fourth quarter worth about $2,603,360,000. Proficio Capital Partners LLC raised its position in shares of ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after acquiring an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd acquired a new position in shares of ServiceNow in the fourth quarter worth about $682,468,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of ServiceNow by 6.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after acquiring an additional 509,467 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Trading Down 0.6%

Shares of ServiceNow stock traded down $6.13 during mid-day trading on Wednesday, hitting $1,003.66. The stock had a trading volume of 741,971 shares, compared to its average volume of 1,482,236. The firm has a 50-day moving average of $933.88 and a two-hundred day moving average of $974.34. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market cap of $207.74 billion, a P/E ratio of 146.95, a price-to-earnings-growth ratio of 4.51 and a beta of 0.95.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share 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 business had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. During the same quarter in the prior year, the company posted $3.41 EPS. The business's revenue for the quarter was up 18.6% on a year-over-year basis. Sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NOW. UBS Group reiterated a "buy" rating and issued a $1,025.00 price objective (up previously from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. Royal Bank of Canada upped their price objective on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Morgan Stanley upped their price objective on shares of ServiceNow from $881.00 to $950.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 24th. Citigroup upped their price objective on shares of ServiceNow from $1,128.00 to $1,160.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $1,062.50.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 62 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $63,426.00. Following the completion of the transaction, the general counsel now owns 4,332 shares of the company's stock, valued at approximately $4,431,636. This trade represents a 1.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was 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 of the company's stock, valued at $6,693,434.14. The trade was a 23.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,716 shares of company stock valued at $6,611,245 in the last 90 days. Company insiders own 0.38% of the company's stock.

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.