Annex Advisory Services LLC Cuts Position in ServiceNow, Inc. (NYSE:NOW)

Annex Advisory Services LLC decreased its holdings in ServiceNow, Inc. (NYSE:NOW) by 96.3% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 816 shares of the information technology services provider’s stock after selling 21,131 shares during the period. Annex Advisory Services LLC’s holdings in ServiceNow were worth $650,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Quarry LP purchased a new position in ServiceNow in the fourth quarter valued at approximately $27,000. Atala Financial Inc purchased a new stake in shares of ServiceNow during the fourth quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of ServiceNow during the fourth quarter valued at approximately $32,000. FPC Investment Advisory Inc. raised its stake in shares of ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the period. Finally, Noble Wealth Management PBC purchased a new stake in shares of ServiceNow during the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Evercore ISI lifted their price objective on shares of ServiceNow from $925.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. The Goldman Sachs Group reiterated a “buy” rating on shares of ServiceNow in a research note on Thursday, April 24th. Sanford C. Bernstein reiterated an “outperform” rating and set a $1,003.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. Mizuho dropped their price target on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research note on Tuesday, March 11th. Finally, Erste Group Bank upgraded shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,062.50.

Insiders Place Their Bets

In other news, Director Jonathan Chadwick sold 770 shares of the company’s stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $931.62, for a total value of $717,347.40. Following the completion of the sale, the director now directly owns 3,205 shares of the company’s stock, valued at approximately $2,985,842.10. This represents a 19.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,096,621. This represents a 2.13% 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 worth $6,611,245. Insiders own 0.38% of the company’s stock.

ServiceNow Price Performance

NYSE NOW opened at $1,017.81 on Friday. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market cap of $210.67 billion, a price-to-earnings ratio of 149.02, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97. The company has a 50-day moving average price of $915.04 and a two-hundred day moving average price of $974.91.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the prior year, the firm earned $3.41 EPS. ServiceNow’s quarterly revenue was up 18.6% on a year-over-year basis. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current 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.