Sawgrass Asset Management LLC Has $14.86 Million Position in ServiceNow, Inc. (NYSE:NOW)

Sawgrass Asset Management LLC trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 4.2% in the third quarter, Holdings Channel.com reports. The firm owned 16,615 shares of the information technology services provider’s stock after selling 730 shares during the quarter. ServiceNow comprises approximately 1.5% of Sawgrass Asset Management LLC’s investment portfolio, making the stock its 19th biggest position. Sawgrass Asset Management LLC’s holdings in ServiceNow were worth $14,860,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. International Assets Investment Management LLC increased its holdings in ServiceNow by 89,137.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock worth $1,059,912,000 after purchasing an additional 1,183,739 shares in the last quarter. Swedbank AB bought a new stake in shares of ServiceNow during the first quarter worth about $897,908,000. AustralianSuper Pty Ltd bought a new stake in shares of ServiceNow during the second quarter worth about $218,786,000. Canada Pension Plan Investment Board increased its stake in shares of ServiceNow by 59.4% in the second quarter. Canada Pension Plan Investment Board now owns 635,919 shares of the information technology services provider’s stock valued at $500,258,000 after buying an additional 237,086 shares during the period. Finally, abrdn plc raised its holdings in ServiceNow by 110.2% in the 3rd quarter. abrdn plc now owns 442,382 shares of the information technology services provider’s stock valued at $392,477,000 after buying an additional 231,900 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company boosted their target price on shares of ServiceNow from $1,050.00 to $1,150.00 and gave the stock an “overweight” rating in a report on Tuesday, November 12th. Royal Bank of Canada boosted their price objective on shares of ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Evercore ISI raised their target price on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Jefferies Financial Group upped their price target on ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, Robert W. Baird raised their price objective on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $974.04.

ServiceNow Price Performance

Shares of NOW opened at $1,011.39 on Friday. The stock has a market cap of $208.35 billion, a P/E ratio of 157.29, a P/E/G ratio of 5.80 and a beta of 0.98. The business’s fifty day moving average is $932.47 and its 200 day moving average is $824.15. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,061.66. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

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

Insider Activity

In related news, insider Jacqueline P. Canney sold 66 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,173,173.83. This trade represents a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total value of $2,934,046.48. Following the completion of the transaction, the director now owns 42,920 shares in the company, valued at $43,740,630.40. The trade was a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,325 shares of company stock worth $5,024,928 over the last 90 days. 0.25% 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.