Avior Wealth Management LLC Cuts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Avior Wealth Management LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 5.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 600 shares of the information technology services provider’s stock after selling 33 shares during the quarter. Avior Wealth Management LLC’s holdings in ServiceNow were worth $478,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Trifecta Capital Advisors LLC grew its holdings in shares of ServiceNow by 3.7% in the first quarter. Trifecta Capital Advisors LLC now owns 8,470 shares of the information technology services provider’s stock valued at $6,743,000 after purchasing an additional 299 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of ServiceNow by 18.1% in the first quarter. Blue Trust Inc. now owns 1,364 shares of the information technology services provider’s stock valued at $1,086,000 after purchasing an additional 209 shares in the last quarter. Advisory Resource Group grew its holdings in shares of ServiceNow by 17.7% in the first quarter. Advisory Resource Group now owns 1,186 shares of the information technology services provider’s stock valued at $944,000 after purchasing an additional 178 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its holdings in shares of ServiceNow by 4.5% in the first quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 563 shares of the information technology services provider’s stock valued at $449,000 after purchasing an additional 24 shares in the last quarter. Finally, Silver Oak Securities Incorporated grew its holdings in shares of ServiceNow by 5.6% in the first quarter. Silver Oak Securities Incorporated now owns 664 shares of the information technology services provider’s stock valued at $530,000 after purchasing an additional 35 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In other news, Director Anita M. Sands sold 428 shares of the business’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the sale, the director now owns 10,891 shares in the company, valued at approximately $11,039,226.51. The trade was a 3.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 2,050 shares of the business’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer now owns 6,614 shares in the company, valued at $6,693,434.14. The trade was a 23.66% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,716 shares of company stock worth $6,611,245. Insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NOW. JMP Securities restated a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a research report on Tuesday, May 6th. Royal Bank Of Canada raised their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 6th. Truist Financial upgraded ServiceNow from a “hold” rating to a “buy” rating and raised their price target for the stock from $950.00 to $1,200.00 in a research report on Thursday, May 1st. Wall Street Zen downgraded ServiceNow from a “buy” rating to a “hold” rating in a research report on Monday, June 9th. Finally, Guggenheim lifted their target price on ServiceNow from $716.00 to $724.00 and gave the stock a “sell” rating in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $1,062.50.

ServiceNow Price Performance

NOW opened at $969.78 on Monday. The business’s 50-day moving average is $964.42 and its two-hundred day moving average is $969.26. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a market capitalization of $200.72 billion, a PE ratio of 131.76, a price-to-earnings-growth ratio of 4.48 and a beta of 0.96.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same quarter in the previous year, the firm earned $3.41 earnings per share. The firm’s quarterly revenue was up 18.6% compared to the same quarter last year. Research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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.