MayTech Global Investments LLC Raises Position in ServiceNow, Inc. (NYSE:NOW)

MayTech Global Investments LLC lifted its stake in ServiceNow, Inc. (NYSE:NOW) by 17.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,791 shares of the information technology services provider’s stock after acquiring an additional 6,713 shares during the period. ServiceNow makes up about 5.4% of MayTech Global Investments LLC’s holdings, making the stock its 7th largest holding. MayTech Global Investments LLC’s holdings in ServiceNow were worth $40,955,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the stock. Versant Capital Management Inc lifted its stake 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 in the last quarter. Truvestments Capital LLC bought a new position in shares of ServiceNow in the third quarter worth $30,000. Ridgewood Investments LLC purchased a new stake in shares of ServiceNow in the second quarter worth $32,000. DT Investment Partners LLC boosted its stake in ServiceNow by 77.3% during the third 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 period. Finally, American Capital Advisory LLC purchased a new position in ServiceNow during the second quarter worth about $39,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Trading Down 2.7 %

NYSE:NOW opened at $1,041.42 on Thursday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,072.84. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $958.40 and a 200-day moving average price of $842.41. The stock has a market cap of $214.53 billion, a price-to-earnings ratio of 161.96, a P/E/G ratio of 6.04 and a beta of 0.98.

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, topping analysts’ consensus estimates of $3.46 by $0.26. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.21 EPS. Equities analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current year.

Analysts Set New Price Targets

NOW has been the subject of a number of research analyst reports. Canaccord Genuity Group lifted their price target on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. boosted their price target on shares of ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Citigroup raised their price objective on shares of ServiceNow from $1,068.00 to $1,071.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Truist Financial upped their target price on shares of ServiceNow from $780.00 to $900.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. Finally, Sanford C. Bernstein lifted their price target on ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $989.07.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 76 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $1,010.94, for a total value of $76,831.44. Following the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,060,115.38. This represents a 2.45 % 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, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the transaction, the director now 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,329 shares of company stock worth $20,547,241. 0.25% of the stock is owned by corporate insiders.

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.