Kornitzer Capital Management Inc. KS Has $2.91 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Kornitzer Capital Management Inc. KS decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 18.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,657 shares of the information technology services provider’s stock after selling 833 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in ServiceNow were worth $2,911,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in NOW. Janus Henderson Group PLC raised its stake in ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider’s stock worth $874,258,000 after acquiring an additional 12,533 shares in the last quarter. FMR LLC grew its holdings in shares of ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after purchasing an additional 272,506 shares during the last quarter. Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of ServiceNow during the 1st quarter worth about $1,820,000. Nicholas Investment Partners LP lifted its holdings in ServiceNow by 223.5% during the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider’s stock valued at $2,974,000 after purchasing an additional 1,938 shares during the last quarter. Finally, OMNI 360 Wealth Inc. bought a new position in ServiceNow during the 1st quarter valued at about $285,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NOW has been the subject of several recent analyst reports. Bank of America dropped their price objective on shares of ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Citigroup raised their price target on ServiceNow from $1,128.00 to $1,160.00 and gave the company a “buy” rating in a report on Wednesday, May 7th. Needham & Company LLC reissued a “buy” rating and issued a $1,050.00 price objective on shares of ServiceNow in a research note on Tuesday, May 6th. Truist Financial upgraded ServiceNow from a “hold” rating to a “buy” rating and increased their target price for the stock from $950.00 to $1,200.00 in a report on Thursday, May 1st. Finally, UBS Group reaffirmed a “buy” rating and issued a $1,025.00 price target (up from $900.00) on shares of ServiceNow in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-one have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,068.23.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the sale, the insider owned 3,000 shares of the company’s stock, valued at $3,060,000. The trade was a 28.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Russell S. Elmer sold 62 shares of the company’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $1,023.00, for a total value of $63,426.00. Following the sale, the general counsel owned 4,332 shares in the company, valued at $4,431,636. The trade was a 1.41% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,601 shares of company stock worth $6,577,363. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Stock Performance

NOW stock opened at $957.31 on Wednesday. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15. The firm has a market cap of $198.14 billion, a PE ratio of 130.07, a P/E/G ratio of 4.42 and a beta of 0.94. The business’s 50-day moving average price is $1,007.54 and its two-hundred day moving average price is $957.77.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same period in the prior year, the business earned $3.41 EPS. ServiceNow’s revenue for the quarter was up 18.6% compared to the same quarter last year. As a group, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current 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.