Raymond James & Associates Sells 8,324 Shares of ServiceNow, Inc. (NYSE:NOW)

Raymond James & Associates cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 2.5% during the first quarter, HoldingsChannel.com reports. The firm owned 323,082 shares of the information technology services provider’s stock after selling 8,324 shares during the period. Raymond James & Associates’ holdings in ServiceNow were worth $246,317,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. University of Texas Texas AM Investment Managment Co. acquired a new position in shares of ServiceNow during the fourth quarter worth $29,000. AdvisorNet Financial Inc increased its position in shares of ServiceNow by 266.7% in the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock valued at $31,000 after acquiring an additional 32 shares during the period. Sachetta LLC acquired a new position in shares of ServiceNow in the 4th quarter valued at $35,000. PFG Private Wealth Management LLC acquired a new position in shares of ServiceNow in the 3rd quarter valued at $28,000. Finally, Disciplined Equity Management Inc. acquired a new position in shares of ServiceNow in the 4th quarter valued at $35,000. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

ServiceNow stock traded up $7.30 during midday trading on Friday, reaching $723.55. The company had a trading volume of 1,445,884 shares, compared to its average volume of 1,087,368. The company has a market capitalization of $148.60 billion, a P/E ratio of 77.39, a P/E/G ratio of 4.57 and a beta of 0.97. ServiceNow, Inc. has a 12-month low of $427.68 and a 12-month high of $815.32. The firm’s fifty day simple moving average is $759.21 and its 200-day simple moving average is $710.01. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.05 and a quick ratio of 1.06.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.34. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.40 billion. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. ServiceNow’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same period last year, the company posted $0.88 EPS. As a group, equities analysts anticipate that ServiceNow, Inc. will post 6.16 EPS for the current year.

Insider Activity at ServiceNow

In related news, insider Paul John Smith sold 1,795 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $781.06, for a total value of $1,402,002.70. Following the transaction, the insider now directly owns 994 shares of the company’s stock, valued at approximately $776,373.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other ServiceNow news, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the transaction, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at approximately $12,935,655.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul John Smith sold 1,795 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the completion of the transaction, the insider now directly owns 994 shares in the company, valued at $776,373.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,164 shares of company stock valued at $9,940,303. 0.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on NOW shares. UBS Group cut their target price on ServiceNow from $920.00 to $875.00 and set a “buy” rating on the stock in a research report on Thursday. Oppenheimer upped their target price on ServiceNow from $750.00 to $800.00 and gave the company an “outperform” rating in a research report on Thursday, January 18th. Citigroup increased their price target on ServiceNow from $896.00 to $906.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Robert W. Baird increased their price target on ServiceNow from $780.00 to $870.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Finally, Jefferies Financial Group increased their price target on ServiceNow from $885.00 to $900.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Four analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $792.00.

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.