Anchor Investment Management LLC Sells 5,657 Shares of ServiceNow, Inc. $NOW

Anchor Investment Management LLC cut its position in shares of ServiceNow, Inc. (NYSE:NOW) by 76.9% in the first quarter, Holdings Channel.com reports. The firm owned 1,698 shares of the information technology services provider’s stock after selling 5,657 shares during the quarter. Anchor Investment Management LLC’s holdings in ServiceNow were worth $178,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NOW. Vanguard Group Inc. boosted its holdings in ServiceNow by 404.5% during the 4th 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 acquiring an additional 81,752,460 shares during the period. State Street Corp increased its stake in ServiceNow by 406.6% in the fourth 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 during the period. Price T Rowe Associates Inc. MD increased its stake in ServiceNow by 371.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock worth $4,962,692,000 after purchasing an additional 25,517,218 shares during the period. Geode Capital Management LLC lifted its position in shares of ServiceNow by 404.8% during 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 purchasing an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley lifted its position in shares of ServiceNow by 335.6% during 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 purchasing an additional 17,514,679 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Up 3.4%

Shares of NYSE NOW opened at $111.32 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a market capitalization of $114.77 billion, a P/E ratio of 66.34, a price-to-earnings-growth ratio of 1.79 and a beta of 0.96. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $210.20. The business has a fifty day moving average price of $102.95 and a 200 day moving average price of $110.65.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter last year, the company earned $0.81 earnings per share. The firm’s revenue for the quarter was up 22.1% compared to the same quarter last year. Equities research analysts expect that ServiceNow, Inc. will post 2.34 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. FBN Securities cut their price target on shares of ServiceNow from $160.00 to $120.00 in a report on Thursday, April 23rd. JPMorgan Chase & Co. decreased their price objective on shares of ServiceNow from $195.00 to $145.00 and set an “overweight” rating for the company in a report on Thursday, April 23rd. Morgan Stanley lowered their price objective on shares of ServiceNow from $210.00 to $180.00 and set an “overweight” rating for the company in a research report on Thursday, April 23rd. KeyCorp set a $85.00 target price on shares of ServiceNow and gave the stock an “underweight” rating in a research note on Thursday, April 23rd. Finally, Wells Fargo & Company reduced their target price on shares of ServiceNow from $185.00 to $160.00 and set an “overweight” rating on the stock in a research report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $141.47.

Insider Activity

In related news, insider Paul Fipps sold 1,048 shares of the business’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 transaction of $103,238.48. Following the completion of the transaction, the insider owned 12,072 shares in the company, valued at $1,189,212.72. The trade was a 7.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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. Also, Director Anita M. Sands sold 16,445 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $2,712,312.60. The trade was a 35.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 28,071 shares of company stock valued at $2,529,956. Corporate insiders own 0.34% of the company’s stock.

ServiceNow 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.