MayTech Global Investments LLC Has $40.96 Million Position in ServiceNow, Inc. (NYSE:NOW)

MayTech Global Investments LLC boosted its holdings in ServiceNow, Inc. (NYSE:NOW) by 17.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,791 shares of the information technology services provider’s stock after acquiring an additional 6,713 shares during the quarter. ServiceNow accounts for approximately 5.4% of MayTech Global Investments LLC’s holdings, making the stock its 7th largest position. MayTech Global Investments LLC’s holdings in ServiceNow were worth $40,955,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Truvestments Capital LLC bought a new stake in shares of ServiceNow in the third quarter worth approximately $30,000. Versant Capital Management Inc grew its position in ServiceNow by 466.7% in the 2nd 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. DT Investment Partners LLC raised its stake in ServiceNow by 77.3% during the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares during the last quarter. Ridgewood Investments LLC bought a new position in shares of ServiceNow during the 2nd quarter valued at $32,000. Finally, Oakworth Capital Inc. boosted its stake in shares of ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock worth $39,000 after buying an additional 14 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William R. Mcdermott sold 12,271 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,329 shares of company stock worth $20,547,241 in the last three months. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the topic of a number of recent research reports. UBS Group increased their target price on ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Evercore ISI raised their price objective on shares of ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Piper Sandler upped their target price on shares of ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Scotiabank assumed coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price target on the stock. Finally, Oppenheimer raised their target price on ServiceNow from $825.00 to $1,020.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $989.07.

ServiceNow Stock Performance

NYSE NOW opened at $1,041.42 on Thursday. The stock has a market capitalization of $214.53 billion, a PE ratio of 161.96, a P/E/G ratio of 6.04 and a beta of 0.98. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,072.84. The business has a 50 day simple moving average of $958.40 and a two-hundred day simple moving average of $842.41. 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) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating 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 firm had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. During the same period last year, the firm posted $1.21 earnings per share. ServiceNow’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, research analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

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.