Sawtooth Solutions LLC Trims Holdings in ServiceNow Inc (NYSE:NOW)

Sawtooth Solutions LLC lessened its holdings in ServiceNow Inc (NYSE:NOW) by 39.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,789 shares of the information technology services provider’s stock after selling 1,169 shares during the period. Sawtooth Solutions LLC’s holdings in ServiceNow were worth $441,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Financial Gravity Wealth Inc. acquired a new position in ServiceNow during the 1st quarter valued at approximately $25,000. Sandy Spring Bank increased its stake in shares of ServiceNow by 118.0% in the first quarter. Sandy Spring Bank now owns 109 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 59 shares during the period. Claybrook Capital LLC acquired a new stake in shares of ServiceNow in the fourth quarter worth $28,000. Next Capital Management LLC acquired a new stake in shares of ServiceNow in the fourth quarter worth $32,000. Finally, Resources Investment Advisors Inc. acquired a new stake in shares of ServiceNow in the fourth quarter worth $36,000. 92.97% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:NOW traded up $8.94 during midday trading on Monday, hitting $283.51. The company’s stock had a trading volume of 1,491,632 shares, compared to its average volume of 1,895,409. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.13 and a current ratio of 1.13. The business’s 50 day moving average is $272.34. ServiceNow Inc has a 12-month low of $147.63 and a 12-month high of $292.98. The stock has a market cap of $50.94 billion, a P/E ratio of 1,417.55, a P/E/G ratio of 20.25 and a beta of 1.33.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 24th. The information technology services provider reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.10. ServiceNow had a negative net margin of 1.38% and a positive return on equity of 1.64%. The company had revenue of $788.93 million for the quarter, compared to the consensus estimate of $768.09 million. During the same period in the previous year, the firm earned $0.56 earnings per share. ServiceNow’s quarterly revenue was up 33.9% compared to the same quarter last year. Sell-side analysts forecast that ServiceNow Inc will post 0.48 EPS for the current year.

NOW has been the topic of a number of research reports. Mizuho initiated coverage on shares of ServiceNow in a research note on Wednesday, March 13th. They issued a “buy” rating and a $265.00 price objective on the stock. Deutsche Bank raised their price target on shares of ServiceNow from $230.00 to $270.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Barclays raised their price target on shares of ServiceNow from $235.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. Piper Jaffray Companies raised their price target on shares of ServiceNow from $230.00 to $260.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Finally, Needham & Company LLC raised their price target on shares of ServiceNow to $267.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. ServiceNow presently has a consensus rating of “Buy” and an average price target of $270.68.

In related news, Director Anita M. Sands sold 1,770 shares of ServiceNow stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $268.60, for a total value of $475,422.00. Following the completion of the transaction, the director now owns 10,784 shares in the company, valued at $2,896,582.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael Scarpelli sold 25,899 shares of ServiceNow stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $278.41, for a total transaction of $7,210,540.59. Following the completion of the transaction, the insider now owns 37,071 shares of the company’s stock, valued at approximately $10,320,937.11. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 119,018 shares of company stock valued at $31,494,143. Company insiders own 1.00% of the company’s stock.

ServiceNow Company Profile

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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