Sheets Smith Wealth Management Has $3.92 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Sheets Smith Wealth Management trimmed its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 8.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,927 shares of the information technology services provider's stock after selling 474 shares during the quarter. Sheets Smith Wealth Management's holdings in ServiceNow were worth $3,923,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Quarry LP bought a new position in ServiceNow during the fourth quarter worth $27,000. Atala Financial Inc bought a new position in ServiceNow during the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA bought a new position in ServiceNow during the fourth quarter worth $32,000. Noble Wealth Management PBC bought a new position in ServiceNow during the fourth quarter worth $34,000. Finally, Heck Capital Advisors LLC bought a new position in ServiceNow during the fourth quarter worth $37,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Up 0.9%

Shares of NYSE NOW opened at $979.72 on Tuesday. The firm's 50-day simple moving average is $968.01 and its 200 day simple moving average is $968.25. The company has a market cap of $202.78 billion, a price-to-earnings ratio of 133.11, a price-to-earnings-growth ratio of 4.48 and a beta of 0.96. 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, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (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 the consensus estimate 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% compared to the same quarter last year. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on NOW shares. Citigroup boosted their target price 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. BMO Capital Markets boosted their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 14th. Erste Group Bank raised shares of ServiceNow from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 30th. Evercore ISI boosted 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. Finally, JPMorgan Chase & Co. lowered their price target on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,062.50.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 66 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 value of $67,518.00. Following the completion of the sale, the insider now directly owns 3,027 shares of the company's stock, valued at $3,096,621. This represents a 2.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Anita M. Sands sold 248 shares of the company'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 sale, the director now directly owns 10,643 shares of the company's stock, valued at approximately $10,740,277.02. This trade represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,716 shares of company stock worth $6,611,245. Company insiders own 0.38% of the company's stock.

ServiceNow 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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