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

Sawgrass Asset Management LLC increased its position in ServiceNow, Inc. (NYSE:NOW) by 1.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,873 shares of the information technology services provider’s stock after purchasing an additional 202 shares during the quarter. ServiceNow makes up 1.5% of Sawgrass Asset Management LLC’s holdings, making the stock its 18th largest position. Sawgrass Asset Management LLC’s holdings in ServiceNow were worth $12,637,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Quarry LP acquired a new position in shares of ServiceNow during the 4th quarter worth approximately $27,000. Atala Financial Inc bought a new position in shares of ServiceNow in the fourth quarter valued at about $28,000. LFA Lugano Financial Advisors SA bought a new stake in ServiceNow during the 4th quarter worth $32,000. FPC Investment Advisory Inc. raised its holdings in 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 buying an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC bought a new position in shares of ServiceNow during the fourth quarter valued at $34,000. Institutional investors own 87.18% of the company’s stock.

Insider Activity

In related 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 sale, the general counsel now directly owns 4,332 shares in the company, valued at $4,431,636. This represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 6,614 shares in the company, valued at approximately $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,716 shares of company stock valued at $6,611,245. Corporate insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. JMP Securities reiterated a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research report on Tuesday, May 6th. Bank of America cut their target price on ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Wall Street Zen downgraded ServiceNow from a “buy” rating to a “hold” rating in a research note on Monday, June 9th. William Blair reiterated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Finally, Barclays set a $1,085.00 price target on ServiceNow in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,062.50.

ServiceNow Trading Down 1.3%

Shares of NOW stock opened at $969.78 on Monday. The business has a 50-day moving average price of $964.42 and a two-hundred day moving average price of $969.26. 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 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15. The firm has a market cap of $200.72 billion, a P/E ratio of 131.76, a price-to-earnings-growth ratio of 4.48 and a beta of 0.96.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter in the previous year, the company posted $3.41 EPS. ServiceNow’s quarterly revenue was up 18.6% compared to the same quarter last year. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.