Avity Investment Management Inc. Cuts Stock Holdings in ServiceNow, Inc. $NOW

Avity Investment Management Inc. decreased its holdings in ServiceNow, Inc. (NYSE:NOW) by 9.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 159,103 shares of the information technology services provider’s stock after selling 15,987 shares during the quarter. Avity Investment Management Inc.’s holdings in ServiceNow were worth $15,796,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Millstone Evans Group LLC boosted its position in ServiceNow by 400.0% during the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 132 shares in the last quarter. CBIZ Investment Advisory Services LLC lifted its position in shares of ServiceNow by 540.0% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 135 shares during the last quarter. Blueline Advisors LLC purchased a new stake in shares of ServiceNow during the fourth quarter valued at about $25,000. Measured Wealth Private Client Group LLC boosted its holdings in shares of ServiceNow by 560.0% in the 4th quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 140 shares in the last quarter. Finally, Wealth Watch Advisors INC boosted its holdings in shares of ServiceNow by 432.3% in the 4th quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 134 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of analyst reports. Barclays reissued an “overweight” rating and set a $134.00 target price (up from $132.00) on shares of ServiceNow in a research report on Tuesday, May 5th. Stifel Nicolaus dropped their target price on ServiceNow from $135.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, April 23rd. Oppenheimer reiterated an “outperform” rating and issued a $140.00 price target (up from $130.00) on shares of ServiceNow in a research note on Wednesday, July 15th. Benchmark restated a “buy” rating on shares of ServiceNow in a research note on Friday, July 17th. Finally, CLSA assumed coverage on shares of ServiceNow in a report on Monday, July 20th. They set an “underperform” rating and a $72.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $143.39.

ServiceNow Stock Performance

NYSE NOW opened at $124.91 on Friday. The stock has a market capitalization of $129.16 billion, a price-to-earnings ratio of 78.07, a PEG ratio of 2.20 and a beta of 0.94. The stock has a 50-day moving average of $106.73 and a 200 day moving average of $105.86. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $194.73.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.93 billion. During the same quarter in the previous year, the firm earned $0.81 EPS. The firm’s revenue was up 24.0% compared to the same quarter last year. Sell-side analysts anticipate that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

Insider Buying and Selling

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the completion of the transaction, the director owned 44,930 shares of the company’s stock, valued at $3,919,243.90. This represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 1,048 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $98.51, for a total value of $103,238.48. Following the completion of the transaction, the insider owned 12,072 shares in the company, valued at approximately $1,189,212.72. This trade represents a 7.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 18,993 shares of company stock worth $1,716,436. Insiders own 0.34% of the company’s stock.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.