Miracle Mile Advisors LLC Decreases Stake in ServiceNow, Inc. (NYSE:NOW)

Miracle Mile Advisors LLC reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 6.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,299 shares of the information technology services provider’s stock after selling 167 shares during the quarter. Miracle Mile Advisors LLC’s holdings in ServiceNow were worth $1,809,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. 17 Capital Partners LLC increased its stake in ServiceNow by 5.0% during the second quarter. 17 Capital Partners LLC now owns 1,577 shares of the information technology services provider’s stock worth $1,241,000 after acquiring an additional 75 shares during the last quarter. Kennedy Investment Group bought a new position in shares of ServiceNow during the second quarter valued at approximately $516,000. LA Financiere DE L Echiquier grew its stake in shares of ServiceNow by 10.3% during the second quarter. LA Financiere DE L Echiquier now owns 72,782 shares of the information technology services provider’s stock valued at $57,255,000 after buying an additional 6,807 shares during the last quarter. Triad Wealth Partners LLC bought a new position in shares of ServiceNow during the second quarter valued at approximately $372,000. Finally, Swedbank AB grew its stake in shares of ServiceNow by 10.3% during the second quarter. Swedbank AB now owns 1,298,722 shares of the information technology services provider’s stock valued at $1,021,666,000 after buying an additional 120,983 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling at ServiceNow

In other news, insider Paul John Smith sold 602 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $769.75, for a total value of $463,389.50. Following the sale, the insider now directly owns 3,619 shares of the company’s stock, valued at approximately $2,785,725.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Kevin Thomas Mcbride sold 100 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $825.00, for a total transaction of $82,500.00. Following the sale, the insider now directly owns 2,994 shares of the company’s stock, valued at $2,470,050. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul John Smith sold 602 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $769.75, for a total transaction of $463,389.50. Following the sale, the insider now directly owns 3,619 shares in the company, valued at $2,785,725.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,178 shares of company stock worth $7,760,105. 0.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. TD Cowen upped their target price on ServiceNow from $870.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Royal Bank of Canada boosted their price target on ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. KeyCorp lowered their price target on ServiceNow from $950.00 to $920.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. UBS Group lowered their price target on ServiceNow from $920.00 to $875.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Finally, JMP Securities boosted their price target on ServiceNow from $825.00 to $850.00 and gave the company a “market outperform” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $849.62.

ServiceNow Stock Performance

ServiceNow stock traded down $4.55 during mid-day trading on Friday, reaching $827.56. 835,507 shares of the company traded hands, compared to its average volume of 1,322,462. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow, Inc. has a fifty-two week low of $527.24 and a fifty-two week high of $850.33. The company has a market capitalization of $169.65 billion, a price-to-earnings ratio of 88.51, a price-to-earnings-growth ratio of 4.82 and a beta of 0.99. The firm’s fifty day moving average is $770.45 and its two-hundred day moving average is $757.41.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (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 business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the prior year, the business posted $0.77 EPS. ServiceNow’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, equities research analysts expect that ServiceNow, Inc. will post 6.84 earnings per share 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.