ServiceNow, Inc. $NOW is Avity Investment Management Inc.’s 6th Largest Position

Avity Investment Management Inc. cut its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 3.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 48,882 shares of the information technology services provider’s stock after selling 1,781 shares during the period. ServiceNow makes up 3.7% of Avity Investment Management Inc.’s investment portfolio, making the stock its 6th biggest holding. Avity Investment Management Inc.’s holdings in ServiceNow were worth $50,255,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Webster Bank N. A. raised its stake in ServiceNow by 0.4% during the 2nd quarter. Webster Bank N. A. now owns 4,600 shares of the information technology services provider’s stock valued at $4,729,000 after acquiring an additional 20 shares during the last quarter. MRA Advisory Group raised its stake in ServiceNow by 26.9% during the 2nd quarter. MRA Advisory Group now owns 496 shares of the information technology services provider’s stock valued at $510,000 after acquiring an additional 105 shares during the last quarter. Canandaigua National Bank & Trust Co. raised its stake in ServiceNow by 26.3% during the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 1,239 shares of the information technology services provider’s stock valued at $1,274,000 after acquiring an additional 258 shares during the last quarter. RMR Wealth Builders raised its stake in ServiceNow by 12.9% during the 2nd quarter. RMR Wealth Builders now owns 1,798 shares of the information technology services provider’s stock valued at $1,848,000 after acquiring an additional 206 shares during the last quarter. Finally, NBC Securities Inc. raised its stake in ServiceNow by 47.3% during the 2nd quarter. NBC Securities Inc. now owns 2,901 shares of the information technology services provider’s stock valued at $2,982,000 after acquiring an additional 931 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on the company. Wall Street Zen downgraded ServiceNow from a “buy” rating to a “hold” rating in a research note on Saturday, August 30th. Mizuho increased their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an “outperform” rating in a research note on Thursday, June 12th. Needham & Company LLC increased their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Jefferies Financial Group increased their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Finally, Bank of America increased their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,115.20.

ServiceNow Stock Performance

NYSE NOW opened at $930.04 on Monday. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a market capitalization of $193.45 billion, a P/E ratio of 117.13, a PEG ratio of 4.18 and a beta of 0.91. The business has a 50 day moving average price of $927.34 and a 200 day moving average price of $922.34. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the business posted $3.13 EPS. ServiceNow’s quarterly revenue was up 22.4% on a year-over-year basis. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 5,825 shares of the firm’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total value of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock worth $17,049,775 over the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

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.