Kornitzer Capital Management Inc. KS Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

Kornitzer Capital Management Inc. KS lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 4.2% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 4,352 shares of the information technology services provider’s stock after selling 189 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in ServiceNow were worth $3,424,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in ServiceNow by 1.8% in the first quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after acquiring an additional 331,797 shares during the last quarter. Norges Bank acquired a new position in shares of ServiceNow during the fourth quarter worth $1,648,259,000. Massachusetts Financial Services Co. MA increased its holdings in ServiceNow by 3.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock valued at $1,612,032,000 after buying an additional 81,028 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in ServiceNow by 18.3% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,754,027 shares of the information technology services provider’s stock valued at $1,239,198,000 after buying an additional 271,153 shares in the last quarter. Finally, Bank of New York Mellon Corp raised 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 valued at $1,203,157,000 after buying an additional 34,855 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NOW. Truist Financial upped their price objective on ServiceNow from $750.00 to $780.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. BMO Capital Markets increased their price target on shares of ServiceNow from $830.00 to $860.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Piper Sandler boosted their price objective on shares of ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Stifel Nicolaus increased their target price on shares of ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Finally, KeyCorp reduced their price target on shares of ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $849.62.

ServiceNow Stock Up 0.1 %

Shares of ServiceNow stock opened at $835.35 on Friday. The company has a market cap of $171.25 billion, a P/E ratio of 89.34, a PEG ratio of 5.13 and a beta of 0.99. The firm has a fifty day moving average of $798.57 and a two-hundred day moving average of $762.37. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. ServiceNow, Inc. has a one year low of $527.24 and a one year high of $863.85.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter last year, the firm earned $0.77 earnings per share. The firm’s revenue was up 22.2% compared to the same quarter last year. On average, analysts forecast that ServiceNow, Inc. will post 6.78 earnings per share for the current year.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 1,937 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the transaction, the general counsel now owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the sale, the general counsel now directly owns 6,736 shares in the company, valued at approximately $5,252,800.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the transaction, the chief financial officer now directly owns 11,490 shares in the company, valued at $9,479,250. The disclosure for this sale can be found here. Insiders sold 6,914 shares of company stock valued at $5,608,936 in the last three months. 0.25% of the stock is currently owned by company insiders.

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.