MAI Capital Management Sells 5,158 Shares of ServiceNow, Inc. (NYSE:NOW)

MAI Capital Management reduced its position in shares of ServiceNow, Inc. (NYSE:NOW) by 30.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,026 shares of the information technology services provider’s stock after selling 5,158 shares during the quarter. MAI Capital Management’s holdings in ServiceNow were worth $10,756,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of NOW. International Assets Investment Management LLC boosted its position in shares of ServiceNow by 89,137.0% during the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after buying an additional 1,183,739 shares during the last quarter. Swedbank AB purchased a new stake in shares of ServiceNow during the 1st quarter valued at about $897,908,000. AustralianSuper Pty Ltd purchased a new stake in shares of ServiceNow during the 2nd quarter valued at about $218,786,000. Canada Pension Plan Investment Board grew its stake in shares of ServiceNow by 59.4% in the second quarter. Canada Pension Plan Investment Board now owns 635,919 shares of the information technology services provider’s stock worth $500,258,000 after acquiring an additional 237,086 shares during the period. Finally, abrdn plc raised its holdings in shares of ServiceNow by 110.2% during the third quarter. abrdn plc now owns 442,382 shares of the information technology services provider’s stock valued at $392,477,000 after purchasing an additional 231,900 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on NOW shares. Truist Financial raised their target price on shares of ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a report on Wednesday, October 23rd. Piper Sandler raised their price target on ServiceNow from $850.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Needham & Company LLC upped their price objective on ServiceNow from $900.00 to $1,075.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Canaccord Genuity Group raised their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Finally, StockNews.com raised shares of ServiceNow from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $974.04.

ServiceNow Price Performance

NOW stock opened at $1,004.53 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The company’s fifty day moving average price is $935.45 and its 200-day moving average price is $827.30. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,061.66. The company has a market capitalization of $206.93 billion, a PE ratio of 156.23, a price-to-earnings-growth ratio of 5.80 and a beta of 0.98.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, topping the consensus estimate of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The business’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.21 EPS. On average, equities analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,173,173.83. This trade represents a 2.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Tzitzon sold 1,857 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the sale, the insider now directly owns 3,649 shares in the company, valued at $3,027,502.32. The trade was a 33.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,231 shares of company stock valued at $4,947,292. Insiders own 0.25% 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.