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

Avity Investment Management Inc. lowered its position in shares of ServiceNow, Inc. (NYSE:NOW) by 9.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of NOW. Vanguard Group Inc. raised its stake in ServiceNow by 404.5% during the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock valued at $15,619,771,000 after buying an additional 81,752,460 shares during the last quarter. State Street Corp boosted its stake in ServiceNow by 406.6% in the 4th quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock worth $7,337,280,000 after purchasing an additional 38,441,898 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in ServiceNow by 371.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock valued at $4,962,692,000 after purchasing an additional 25,517,218 shares during the last quarter. Geode Capital Management LLC raised its holdings in ServiceNow by 404.8% in the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock worth $3,591,425,000 after buying an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley lifted its stake in shares of ServiceNow by 335.6% in the fourth quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock worth $3,482,543,000 after buying an additional 17,514,679 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Piper Sandler restated an “overweight” rating and issued a $140.00 price objective on shares of ServiceNow in a report on Thursday, July 23rd. KeyCorp reaffirmed an “underweight” rating on shares of ServiceNow in a research report on Tuesday, July 21st. Jefferies Financial Group reissued a “buy” rating and issued a $140.00 target price (up from $135.00) on shares of ServiceNow in a research report on Thursday, July 23rd. Canaccord Genuity Group reduced their price target on shares of ServiceNow from $200.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, April 23rd. Finally, Truist Financial increased their price objective on shares of ServiceNow from $120.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. One 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $143.39.

ServiceNow Stock Up 6.4%

Shares of NOW stock opened at $124.91 on Friday. The company’s fifty day simple moving average is $106.73 and its two-hundred day simple moving average is $105.86. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $194.73. The stock has a market cap of $129.16 billion, a P/E ratio of 78.07, a PEG ratio of 2.20 and a beta of 0.94. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43.

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

Insider Activity

In related news, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the transaction, the director directly owned 44,930 shares of the company’s stock, valued at approximately $3,919,243.90. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anita M. Sands sold 16,445 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the sale, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. The trade was a 35.34% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 18,993 shares of company stock worth $1,716,436. 0.34% of the stock is currently owned by insiders.

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.