ServiceNow Inc (NOW) Position Reduced by Sheets Smith Wealth Management

Sheets Smith Wealth Management lowered its stake in ServiceNow Inc (NYSE:NOW) by 3.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 31,800 shares of the information technology services provider’s stock after selling 1,000 shares during the period. ServiceNow makes up about 1.0% of Sheets Smith Wealth Management’s investment portfolio, making the stock its 24th largest holding. Sheets Smith Wealth Management’s holdings in ServiceNow were worth $4,146,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of NOW. Capital World Investors bought a new position in shares of ServiceNow in the second quarter valued at $259,594,000. Coatue Management LLC bought a new position in shares of ServiceNow in the second quarter valued at $184,317,000. Capital Research Global Investors bought a new position in shares of ServiceNow in the second quarter valued at $93,763,000. Vanguard Group Inc. increased its holdings in shares of ServiceNow by 5.6% in the second quarter. Vanguard Group Inc. now owns 13,985,997 shares of the information technology services provider’s stock valued at $1,482,516,000 after buying an additional 741,341 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of ServiceNow by 59.2% in the second quarter. Renaissance Technologies LLC now owns 1,708,100 shares of the information technology services provider’s stock valued at $181,059,000 after buying an additional 635,500 shares in the last quarter.

ServiceNow Inc (NOW) traded up $0.61 during midday trading on Friday, reaching $138.19. 1,197,371 shares of the company’s stock traded hands, compared to its average volume of 1,407,833. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.66 and a current ratio of 1.66. ServiceNow Inc has a 12-month low of $81.29 and a 12-month high of $139.06. The stock has a market cap of $23,590.00, a PE ratio of -151.86 and a beta of 1.06.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 25th. The information technology services provider reported $0.38 EPS for the quarter, beating the consensus estimate of $0.32 by $0.06. ServiceNow had a negative net margin of 8.68% and a negative return on equity of 22.11%. The business had revenue of $498.20 million for the quarter, compared to analysts’ expectations of $491.62 million. During the same period in the previous year, the company posted $0.23 EPS. ServiceNow’s revenue was up 39.3% on a year-over-year basis. equities research analysts expect that ServiceNow Inc will post -0.35 earnings per share for the current fiscal year.

In other news, Director Frank Slootman sold 150,000 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $125.96, for a total transaction of $18,894,000.00. Following the transaction, the director now directly owns 216,535 shares in the company, valued at approximately $27,274,748.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Frederic B. Luddy sold 100,000 shares of the business’s stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $135.37, for a total transaction of $13,537,000.00. Following the transaction, the director now owns 240,000 shares in the company, valued at $32,488,800. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 630,174 shares of company stock worth $80,823,650. 3.30% of the stock is currently owned by corporate insiders.

Several research analysts have issued reports on the company. Cowen reaffirmed a “buy” rating and issued a $160.00 price target on shares of ServiceNow in a report on Monday, December 11th. JPMorgan Chase & Co. cut ServiceNow from an “overweight” rating to a “neutral” rating and set a $138.00 price target on the stock. in a report on Tuesday, December 12th. UBS Group upped their price target on ServiceNow from $128.00 to $168.00 and gave the company a “buy” rating in a report on Thursday, November 9th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $150.00 price target on shares of ServiceNow in a report on Monday, November 6th. Finally, Zacks Investment Research cut ServiceNow from a “hold” rating to a “sell” rating in a report on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-eight have issued a buy rating and three have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $132.17.

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ServiceNow Profile

ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.

Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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