Sawgrass Asset Management LLC Has $12.64 Million Position in ServiceNow, Inc. (NYSE:NOW)

Sawgrass Asset Management LLC lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 1.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 15,873 shares of the information technology services provider’s stock after acquiring an additional 202 shares during the period. ServiceNow makes up about 1.5% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 18th biggest position. Sawgrass Asset Management LLC’s holdings in ServiceNow were worth $12,637,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the business. Brighton Jones LLC grew its stake in shares of ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after purchasing an additional 30 shares during the period. Union Bancaire Privee UBP SA acquired a new position in ServiceNow during the fourth quarter worth $48,802,000. FPC Investment Advisory Inc. boosted its stake in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares in the last quarter. Wealthspire Advisors LLC increased its position in shares of ServiceNow by 12.6% during the 4th quarter. Wealthspire Advisors LLC now owns 2,258 shares of the information technology services provider’s stock worth $2,394,000 after purchasing an additional 253 shares in the last quarter. Finally, Valliance Asset Management Ltd bought a new position in ServiceNow during the 4th quarter valued at about $2,120,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Down 1.3%

NYSE:NOW opened at $969.78 on Monday. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The stock has a 50-day moving average price of $964.42 and a two-hundred day moving average price of $969.26. The stock has a market cap of $200.72 billion, a price-to-earnings ratio of 131.76, a PEG ratio of 4.48 and a beta of 0.96. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last released its quarterly earnings data 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 return on equity of 17.34% and a net margin of 13.41%. The business had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the previous year, the business posted $3.41 EPS. ServiceNow’s revenue for the quarter was up 18.6% on a year-over-year basis. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NOW. Piper Sandler reduced their target price on ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a report on Thursday, April 24th. TD Securities restated a “buy” rating and issued a $1,100.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $1,048.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. Morgan Stanley upped their target price 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. Finally, UBS Group reissued a “buy” rating and issued a $1,025.00 price target (up previously from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $1,062.50.

Insider Transactions at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 62 shares of the 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 completion of the transaction, the general counsel now owns 4,332 shares in the company, valued at approximately $4,431,636. This represents a 1.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anita M. Sands sold 428 shares of the company’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total value of $433,825.08. Following the transaction, the director now directly owns 10,891 shares of the company’s stock, valued at $11,039,226.51. This represents a 3.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,716 shares of company stock valued at $6,611,245 over the last quarter. Corporate 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.