Sawgrass Asset Management LLC Has $16.61 Million Position in ServiceNow, Inc. (NYSE:NOW)

Sawgrass Asset Management LLC decreased its holdings in ServiceNow, Inc. (NYSE:NOW) by 5.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,671 shares of the information technology services provider’s stock after selling 944 shares during the period. ServiceNow accounts for about 1.8% of Sawgrass Asset Management LLC’s portfolio, making the stock its 9th biggest holding. Sawgrass Asset Management LLC’s holdings in ServiceNow were worth $16,613,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. State Street Corp boosted its stake in shares of ServiceNow by 2.6% in the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider’s stock worth $8,118,867,000 after acquiring an additional 226,023 shares during the period. FMR LLC boosted its stake in ServiceNow by 9.9% during the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after buying an additional 502,845 shares during the last quarter. World Investment Advisors LLC boosted its stake in ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after buying an additional 4,771,830 shares during the last quarter. Geode Capital Management LLC boosted its stake in ServiceNow by 1.9% during the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider’s stock valued at $3,753,828,000 after buying an additional 78,378 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in ServiceNow by 24.1% during the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after buying an additional 615,797 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. TD Cowen increased their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Evercore ISI increased their price target on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Jefferies Financial Group lowered their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Stifel Nicolaus increased their price target on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Finally, Cantor Fitzgerald began coverage on ServiceNow in a report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

Insiders Place Their Bets

In other news, Director Larry Quinlan sold 415 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the transaction, the director now directly owns 1,737 shares in the company, valued at $1,749,871.17. The trade was a 19.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 25,224 shares of company stock worth $25,593,525. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW opened at $981.42 on Thursday. The stock has a 50-day moving average of $1,078.82 and a two-hundred day moving average of $969.48. The stock has a market cap of $202.17 billion, a P/E ratio of 143.69, a P/E/G ratio of 4.76 and a beta of 0.99. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has authorized a stock buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

ServiceNow 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.