Sawgrass Asset Management LLC Sells 944 Shares of ServiceNow, Inc. (NYSE:NOW)

Sawgrass Asset Management LLC reduced its position in shares of ServiceNow, Inc. (NYSE:NOW) by 5.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 15,671 shares of the information technology services provider’s stock after selling 944 shares during the period. ServiceNow makes up about 1.8% of Sawgrass Asset Management LLC’s portfolio, making the stock its 9th biggest holding. Sawgrass Asset Management LLC’s holdings in ServiceNow were worth $16,613,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. State Street Corp grew its holdings in shares of ServiceNow by 2.6% during the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock worth $8,118,867,000 after purchasing an additional 226,023 shares during the last quarter. FMR LLC boosted its holdings in ServiceNow by 9.9% in the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after purchasing an additional 502,845 shares in the last quarter. World Investment Advisors LLC lifted its position in shares of ServiceNow by 499,668.1% during the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after acquiring an additional 4,771,830 shares during the period. Geode Capital Management LLC raised its position in shares of ServiceNow by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock worth $3,753,828,000 after purchasing an additional 78,378 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of ServiceNow by 24.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after purchasing an additional 615,797 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NOW. JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a report on Thursday, January 30th. Citigroup lowered their price objective on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Wells Fargo & Company upped their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $900.00 to $960.00 in a research report on Monday, October 21st. Finally, Robert W. Baird cut their price objective on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,129.72.

Insider Buying and Selling

In related news, insider Nicholas Tzitzon sold 313 shares of ServiceNow stock in a transaction on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total value of $333,219.80. Following the transaction, the insider now owns 3,649 shares in the company, valued at $3,884,725.40. This trade represents a 7.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total transaction of $95,554.76. Following the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,077,066.58. The trade was a 3.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,224 shares of company stock valued at $25,593,525. Company insiders own 0.25% of the company’s stock.

ServiceNow Trading Down 2.7 %

Shares of NYSE:NOW opened at $981.42 on Thursday. The stock has a market capitalization of $202.17 billion, a price-to-earnings ratio of 143.69, a PEG ratio of 4.76 and a beta of 0.99. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a 50 day moving average price of $1,078.82 and a 200 day moving average price of $969.48.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has initiated a stock repurchase program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

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.