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

MAI Capital Management trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW) by 30.0% during the 3rd quarter, HoldingsChannel.com reports. The firm 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 hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Creekmur Asset Management LLC purchased a new stake in shares of ServiceNow in the first quarter worth approximately $25,000. Versant Capital Management Inc increased its stake in ServiceNow by 466.7% in the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after purchasing an additional 28 shares during the period. EntryPoint Capital LLC lifted its position in shares of ServiceNow by 3,900.0% during the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 39 shares during the last quarter. Ridgewood Investments LLC purchased a new stake in shares of ServiceNow during the second quarter valued at $32,000. Finally, DT Investment Partners LLC grew its holdings in shares of ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Truist Financial boosted their price objective on shares of ServiceNow from $780.00 to $900.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. UBS Group increased their price objective on ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. KeyCorp raised their price objective on ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Citigroup upped their target price on ServiceNow from $1,068.00 to $1,071.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Oppenheimer raised their price target on ServiceNow from $825.00 to $1,020.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $974.04.

ServiceNow Price Performance

Shares of NYSE NOW opened at $1,004.53 on Tuesday. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,061.66. The company has a market cap of $206.93 billion, a PE ratio of 156.23, a P/E/G ratio of 5.80 and a beta of 0.98. 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 business has a 50-day simple moving average of $935.45 and a two-hundred day simple moving average of $827.30.

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

Insider Activity

In related news, insider Jacqueline P. Canney sold 66 shares of ServiceNow stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,173,173.83. The trade was a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jeffrey A. Miller sold 2,879 shares of the 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 transaction, the director now owns 42,920 shares in the company, valued at approximately $43,740,630.40. This trade represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,231 shares of company stock valued at $4,947,292 over the last ninety days. 0.25% of the stock is currently owned by insiders.

ServiceNow Company 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.