Schechter Investment Advisors LLC Lowers Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Schechter Investment Advisors LLC reduced its position in shares of ServiceNow, Inc. (NYSE:NOW) by 21.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,135 shares of the information technology services provider’s stock after selling 861 shares during the period. Schechter Investment Advisors LLC’s holdings in ServiceNow were worth $2,496,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Cassady Schiller Wealth Management LLC boosted its position in shares of ServiceNow by 44.0% during the fourth quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider’s stock worth $38,000 after buying an additional 11 shares during the period. Plancorp LLC boosted its position in shares of ServiceNow by 4.1% during the fourth quarter. Plancorp LLC now owns 308 shares of the information technology services provider’s stock worth $327,000 after buying an additional 12 shares during the period. Capital Investment Advisory Services LLC boosted its holdings in ServiceNow by 2.1% in the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider’s stock valued at $459,000 after purchasing an additional 12 shares during the period. Kesler Norman & Wride LLC boosted its holdings in ServiceNow by 1.2% in the fourth quarter. Kesler Norman & Wride LLC now owns 1,092 shares of the information technology services provider’s stock valued at $1,157,000 after purchasing an additional 13 shares during the period. Finally, Sepio Capital LP boosted its holdings in ServiceNow by 3.8% in the fourth quarter. Sepio Capital LP now owns 359 shares of the information technology services provider’s stock valued at $381,000 after purchasing an additional 13 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Scotiabank set a $1,100.00 target price on ServiceNow and gave the company an “outperform” rating in a report on Wednesday, May 7th. Needham & Company LLC reiterated a “buy” rating and issued a $1,050.00 target price on shares of ServiceNow in a report on Tuesday, May 6th. Wells Fargo & Company lifted their target price on ServiceNow from $1,100.00 to $1,150.00 and gave the company an “overweight” rating in a report on Thursday, April 24th. Piper Sandler decreased their target price on ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating for the company in a report on Thursday, April 24th. Finally, Barclays set a $1,085.00 price target on ServiceNow in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, two have given a hold rating, thirty-one have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,068.23.

ServiceNow Price Performance

Shares of NOW opened at $937.12 on Friday. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The stock’s 50 day moving average is $1,008.08 and its two-hundred day moving average is $959.58. The firm has a market capitalization of $193.97 billion, a PE ratio of 127.33, a P/E/G ratio of 4.31 and a beta of 0.94. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates 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 company earned $3.41 EPS. The firm’s revenue for the quarter 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 year.

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 2,050 shares of the business’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the sale, the chief executive officer owned 6,614 shares of the company’s stock, valued at $6,693,434.14. The trade was a 23.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 145 shares of the business’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $147,900.00. Following the sale, the insider directly owned 3,027 shares in the company, valued at $3,087,540. This trade represents a 4.57% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,955 shares of company stock worth $6,862,195. Corporate insiders own 0.38% of the company’s stock.

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.