Mitchell Capital Management Co. Has $7.80 Million Position in ServiceNow, Inc. $NOW

Mitchell Capital Management Co. boosted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 31.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 8,098 shares of the information technology services provider’s stock after buying an additional 1,947 shares during the period. ServiceNow accounts for about 1.5% of Mitchell Capital Management Co.’s investment portfolio, making the stock its 16th largest holding. Mitchell Capital Management Co.’s holdings in ServiceNow were worth $7,802,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in NOW. Nuveen LLC bought a new position in ServiceNow during the 1st quarter valued at about $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock valued at $742,965,000 after purchasing an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock valued at $1,178,706,000 after purchasing an additional 840,731 shares during the last quarter. Parnassus Investments LLC bought a new position in ServiceNow during the 1st quarter valued at about $519,806,000. Finally, Amundi lifted its holdings in ServiceNow by 61.9% during the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock valued at $1,269,777,000 after purchasing an additional 626,623 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NOW. Citigroup lifted their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Barclays set a $1,210.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Piper Sandler boosted their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ServiceNow in a research note on Wednesday, October 8th. Finally, Guggenheim reaffirmed a “sell” rating and issued a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $1,122.20.

ServiceNow Stock Down 3.2%

Shares of NYSE:NOW opened at $888.63 on Monday. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company has a 50 day moving average of $909.21 and a 200-day moving average of $932.99. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market cap of $184.84 billion, a price-to-earnings ratio of 111.92, a P/E/G ratio of 4.00 and a beta of 0.92.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the previous year, the company earned $3.13 EPS. ServiceNow’s revenue was up 22.4% on a year-over-year basis. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity

In related news, CFO Gina Mastantuono sold 1,762 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares in the company, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the transaction, the insider owned 3,000 shares of the company’s stock, valued at approximately $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is currently owned by company insiders.

About ServiceNow

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.