ServiceNow, Inc. (NYSE:NOW) Shares Sold by MAI Capital Management

MAI Capital Management lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 30.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,026 shares of the information technology services provider's stock after selling 5,158 shares during the period. MAI Capital Management's holdings in ServiceNow were worth $10,756,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. International Assets Investment Management LLC lifted its stake in shares of ServiceNow by 89,137.0% in 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 purchasing an additional 1,183,739 shares during the period. Swedbank AB acquired a new stake in shares of ServiceNow in the 1st quarter worth approximately $897,908,000. AustralianSuper Pty Ltd acquired a new position in ServiceNow during the second quarter worth $218,786,000. Canada Pension Plan Investment Board grew its holdings in 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 valued at $500,258,000 after purchasing an additional 237,086 shares during the last quarter. Finally, abrdn plc increased its position in shares of ServiceNow by 110.2% in the third quarter. abrdn plc now owns 442,382 shares of the information technology services provider's stock valued at $392,477,000 after buying an additional 231,900 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Stock Performance

Shares of NOW stock traded up $16.76 during trading hours on Tuesday, reaching $1,022.10. The stock had a trading volume of 1,809,871 shares, compared to its average volume of 1,285,592. The firm has a market capitalization of $210.55 billion, a PE ratio of 156.35, a price-to-earnings-growth ratio of 5.80 and a beta of 0.98. The firm has a 50-day simple moving average of $935.45 and a 200-day simple moving average of $827.30. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,061.66. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. ServiceNow's revenue was up 22.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.21 earnings per share. As a group, equities analysts forecast that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on NOW. Royal Bank of Canada raised their target price on shares of ServiceNow from $985.00 to $1,045.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. Needham & Company LLC increased their price target on shares of ServiceNow from $900.00 to $1,075.00 and gave the stock a "buy" rating in a research note on Thursday, October 24th. Mizuho upped their price objective on ServiceNow from $980.00 to $1,070.00 and gave the stock an "outperform" rating in a report on Tuesday. Oppenheimer lifted their price target on shares of ServiceNow from $825.00 to $1,020.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. Finally, Evercore ISI increased their price objective on shares of ServiceNow from $950.00 to $1,000.00 and gave the stock an "outperform" rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $986.39.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of the business's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,027,502.32. The trade was a 33.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the sale, the director now directly owns 42,920 shares of the company's stock, valued at approximately $43,740,630.40. This represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,231 shares of company stock valued at $4,947,292 in the last quarter. Corporate 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.