Kornitzer Capital Management Inc. KS Has $4.16 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Kornitzer Capital Management Inc. KS grew its position in ServiceNow, Inc. (NYSE:NOW) by 6.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 4,651 shares of the information technology services provider’s stock after buying an additional 299 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in ServiceNow were worth $4,160,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Jackson Square Capital LLC increased its stake in shares of ServiceNow by 9.0% in the 3rd quarter. Jackson Square Capital LLC now owns 412 shares of the information technology services provider’s stock valued at $368,000 after buying an additional 34 shares during the period. Advisor Resource Council acquired a new stake in shares of ServiceNow during the third quarter worth $256,000. Graypoint LLC grew its stake in shares of ServiceNow by 6.5% during the third quarter. Graypoint LLC now owns 2,503 shares of the information technology services provider’s stock worth $2,239,000 after purchasing an additional 152 shares during the period. Blake Schutter Theil Wealth Advisors LLC acquired a new stake in shares of ServiceNow during the third quarter worth $478,000. Finally, M&G PLC grew its stake in shares of ServiceNow by 34.5% during the third quarter. M&G PLC now owns 6,492 shares of the information technology services provider’s stock worth $5,804,000 after purchasing an additional 1,666 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 804 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total transaction of $652,848.00. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $2,457,924. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Kevin Thomas Mcbride sold 100 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $825.00, for a total transaction of $82,500.00. Following the transaction, the insider now owns 2,994 shares of the company’s stock, valued at $2,470,050. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jacqueline P. Canney sold 804 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total transaction of $652,848.00. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $2,457,924. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,343 shares of company stock worth $2,791,181. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of analyst reports. Robert W. Baird lifted their price objective on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Oppenheimer lifted 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. Wells Fargo & Company lifted their target price on ServiceNow from $1,025.00 to $1,050.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Jefferies Financial Group lifted their target price on ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, KeyCorp lifted their target price on ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $970.33.

ServiceNow Stock Performance

NYSE NOW opened at $1,015.45 on Friday. The company has a market capitalization of $209.18 billion, a price-to-earnings ratio of 157.92, a PEG ratio of 5.48 and a beta of 0.98. ServiceNow, Inc. has a twelve month low of $615.54 and a twelve month high of $1,024.44. The stock has a fifty day simple moving average of $905.83 and a 200 day simple moving average of $809.18. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data 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 return on equity of 16.03% and a net margin of 12.77%. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same period in the prior year, the business posted $1.21 earnings per share. ServiceNow’s quarterly revenue was up 22.2% on a year-over-year basis. Sell-side analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current year.

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.