Sawgrass Asset Management LLC Sells 730 Shares of ServiceNow, Inc. (NYSE:NOW)

Sawgrass Asset Management LLC trimmed its holdings in ServiceNow, Inc. (NYSE:NOW) by 4.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,615 shares of the information technology services provider’s stock after selling 730 shares during the period. ServiceNow accounts for approximately 1.5% of Sawgrass Asset Management LLC’s holdings, making the stock its 19th largest position. Sawgrass Asset Management LLC’s holdings in ServiceNow were worth $14,860,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Catalyst Financial Partners LLC boosted its position in shares of ServiceNow by 1.0% during the third quarter. Catalyst Financial Partners LLC now owns 1,146 shares of the information technology services provider’s stock worth $1,025,000 after purchasing an additional 11 shares in the last quarter. First Affirmative Financial Network raised its holdings in shares of ServiceNow by 1.4% during the third quarter. First Affirmative Financial Network now owns 895 shares of the information technology services provider’s stock worth $801,000 after acquiring an additional 12 shares during the period. Capital Advisors Ltd. LLC raised its stake in shares of ServiceNow by 14.6% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 94 shares of the information technology services provider’s stock valued at $84,000 after purchasing an additional 12 shares during the period. BluePointe Capital Management LLC lifted its holdings in shares of ServiceNow by 0.6% in the third quarter. BluePointe Capital Management LLC now owns 2,014 shares of the information technology services provider’s stock valued at $1,801,000 after purchasing an additional 12 shares in the last quarter. Finally, Morling Financial Advisors LLC boosted its position in shares of ServiceNow by 2.5% during the second quarter. Morling Financial Advisors LLC now owns 527 shares of the information technology services provider’s stock worth $415,000 after buying an additional 13 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the transaction, the insider now owns 4,019 shares in the company, valued at approximately $3,319,372.48. This trade represents a 2.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas Tzitzon sold 1,857 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the completion of the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,027,502.32. This represents a 33.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,325 shares of company stock valued at $5,024,928. 0.25% of the stock is currently owned by company insiders.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $1,011.39 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a market cap of $208.35 billion, a price-to-earnings ratio of 157.29, a P/E/G ratio of 5.80 and a beta of 0.98. The stock’s fifty day moving average price is $932.47 and its two-hundred day moving average price is $824.15. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,061.66.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same period in the prior year, the company posted $1.21 earnings per share. ServiceNow’s revenue was up 22.2% compared to the same quarter last year. On average, equities analysts forecast that ServiceNow, Inc. will post 7.07 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Canaccord Genuity Group boosted their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. JMP Securities boosted their price target on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research report on Thursday, October 17th. Mizuho raised their price objective on ServiceNow from $850.00 to $980.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Stifel Nicolaus upped their target price on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Finally, Citigroup raised their price target on ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $974.04.

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.