Miracle Mile Advisors LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 9.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 823 shares of the information technology services provider’s stock after selling 85 shares during the quarter. Miracle Mile Advisors LLC’s holdings in ServiceNow were worth $391,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of NOW. Edgewood Management LLC purchased a new position in ServiceNow in the 1st quarter valued at $1,515,281,000. Norges Bank purchased a new position in ServiceNow during the fourth quarter valued at approximately $1,117,096,000. Fisher Asset Management LLC grew its position in ServiceNow by 57.9% during the first quarter. Fisher Asset Management LLC now owns 1,413,079 shares of the information technology services provider’s stock valued at $786,930,000 after buying an additional 518,349 shares during the period. Capital International Investors raised its holdings in ServiceNow by 18.1% in the first quarter. Capital International Investors now owns 3,207,748 shares of the information technology services provider’s stock valued at $1,786,783,000 after buying an additional 491,835 shares during the last quarter. Finally, Vanguard Group Inc. raised. its position in ServiceNow by 1.9% in the first quarter. The Vanguard Group Inc. now owns 16,295,607 shares of the information technology services provider’s stock valued at $9,074,862,000 after acquiring an additional 306,106 shares during the period. 87.49% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts weigh in
NOW has been the subject of several research reports. KeyCorp reduced their price target on shares of ServiceNow from $567.00 to $520.00 and set an “overweight” rating for the company in a research report on Thursday, July 28th. Cowen reduced their price objective on ServiceNow from $590.00 to $580.00 and set an “outperform” rating for the company in a report on Thursday, July 28th. Guggenheim initiated coverage on ServiceNow in a research note on Friday, August 12th. They issued a “neutral” rating and a $510.00 target price on the stock. JMP Securities cut their price target on ServiceNow from $705.00 to $553.00 and set a “market outperform” rating for the company in a research note on Thursday, July 28th. Finally, Wells Fargo & Company dropped their price objective on ServiceNow from $600.00 to $550.00 and set an “overweight” rating on the stock in a research note on Monday, July 25th. Two analysts have rated the stock with a sell rating, four have given a hold rating and twenty-eight have given a buy rating to the stock. According to data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and an average target price of $593.29.
ServiceNow Stock Drops 2.6%
Shares of NYSE NOW opened at $377.04 on Monday. ServiceNow, Inc. has a 12 month low of $374.36 and a 12 month high of $707.60. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $76.16 billion, a price-to-earnings ratio of 414.33, a PEG ratio of 7.67 and a beta of 0.94. The business has a 50-day moving average of $453.76 and a 200-day moving average of $477.37.
ServiceNow (NYSE:NOW – Get Rating) last released its quarterly earnings data on Wednesday, July 27th. The information technology services provider reported $0.20 EPS for the quarter, topping the consensus estimate of $0.12 by $0.08. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The company had revenue of $1.75 billion in the quarter, compared to analyst estimates of $1.76 billion. In the same quarter last year, the company earned $0.38 earnings per share. ServiceNow’s revenue increased 24.3% on a year-over-year basis. sell-side analysts expect that ServiceNow, Inc. will post 1.72 earnings per share for the current fiscal year.
ServiceNow Insider Transactions
In other news, CFO Gina Mastantuono sold 4,262 shares of the business’s stock in a transaction dated Monday, August 29. The stock was sold at an average price of $439.10, for a total transaction worth $1,871,444.20. Following the completion of the transaction, the chief financial officer now owns 4,262 shares of the company’s stock, valued at $1,871,444.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ServiceNow news, CFO Gina Mastantuono sold 4,262 shares of the company’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $439.10, for a total value of $1,871,444.20. Following the completion of the sale, the chief financial officer now owns 4,262 shares of the company’s stock, valued at $1,871,444.20. The sale was disclosed in a legal filing with the SEC, which can be accessed via this link. Also, Director Frederic B. Luddy sold 6,600 shares of the firm’s stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $497.01, for a total value of $3,280,266.00. Following the completion of the sale, the director now directly owns 33,600 shares of the company’s stock, valued at approximately $16,699,536. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,922 shares of company stock valued at $15,146,557. 0.28% of the stock is owned by corporate insiders.
ServiceNow Company Profile
ServiceNow, Inc provides enterprise cloud computing solutions that define, build, integrate, manage, and automate services for businesses worldwide. It powers the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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