L.M. Kohn & Company Increases Stake in ServiceNow, Inc. (NYSE:NOW)

L.M. Kohn & Company grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 3.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,908 shares of the information technology services provider’s stock after buying an additional 60 shares during the quarter. L.M. Kohn & Company’s holdings in ServiceNow were worth $1,706,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. FMR LLC grew its holdings in shares of ServiceNow by 9.9% in the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock worth $5,014,302,000 after purchasing an additional 502,845 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of ServiceNow by 4.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,566,949 shares of the information technology services provider’s stock worth $2,295,854,000 after buying an additional 112,380 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of ServiceNow by 3.5% in the 3rd quarter. Fisher Asset Management LLC now owns 1,662,968 shares of the information technology services provider’s stock worth $1,487,343,000 after purchasing an additional 56,830 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of ServiceNow by 11.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,620,298 shares of the information technology services provider’s stock worth $1,449,178,000 after acquiring an additional 167,847 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in ServiceNow by 2.3% in the second quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock worth $1,203,157,000 after purchasing an additional 34,855 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 76 shares of the 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 completion of the sale, the insider now directly owns 3,027 shares in the company, valued at $3,060,115.38. This represents a 2.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kevin Thomas Mcbride sold 100 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $1,023.97, for a total transaction of $102,397.00. Following the transaction, the insider now owns 3,457 shares in the company, valued at $3,539,864.29. The trade was a 2.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,329 shares of company stock worth $20,547,241. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on NOW shares. Mizuho upped their price target on ServiceNow from $980.00 to $1,070.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Canaccord Genuity Group increased their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Evercore ISI boosted their price objective on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Piper Sandler lifted their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, JPMorgan Chase & Co. upped their target price on ServiceNow from $820.00 to $950.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $989.07.

ServiceNow Stock Performance

Shares of NOW stock opened at $1,050.62 on Friday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,072.84. The business’s 50 day moving average is $963.10 and its two-hundred day moving average is $846.02. The company has a market capitalization of $216.43 billion, a P/E ratio of 163.39, a P/E/G ratio of 5.98 and a beta of 0.98.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate 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 company posted $1.21 EPS. The business’s quarterly revenue was up 22.2% on a year-over-year basis. Analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current fiscal 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.