Miracle Mile Advisors LLC Raises Stock Position in ServiceNow, Inc. (NYSE:NOW)

Miracle Mile Advisors LLC increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 1.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,344 shares of the information technology services provider’s stock after purchasing an additional 68 shares during the period. Miracle Mile Advisors LLC’s holdings in ServiceNow were worth $3,459,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Quarry LP purchased a new position in ServiceNow in the fourth quarter valued at $27,000. Atala Financial Inc purchased a new position in ServiceNow in the fourth quarter valued at $28,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow in the fourth quarter valued at $32,000. Noble Wealth Management PBC purchased a new position in ServiceNow in the fourth quarter valued at $34,000. Finally, FPC Investment Advisory Inc. increased its holdings in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after buying an additional 29 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In other news, CEO William R. Mcdermott sold 2,050 shares of the business’s stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer now directly owns 6,614 shares of the company’s stock, valued at approximately $6,693,434.14. The trade was a 23.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Russell S. Elmer sold 191 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total transaction of $188,135.00. Following the sale, the general counsel now directly owns 4,332 shares in the company, valued at approximately $4,267,020. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,716 shares of company stock valued at $6,611,245. Company insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the company an “overweight” rating in a report on Thursday, April 24th. JMP Securities reissued a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research note on Tuesday, May 6th. Canaccord Genuity Group cut their target price on shares of ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Sanford C. Bernstein reissued an “outperform” rating and set a $1,003.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Wall Street Zen cut shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,062.50.

ServiceNow Stock Performance

NYSE:NOW opened at $1,030.70 on Monday. The company’s 50-day moving average is $919.44 and its two-hundred day moving average is $974.12. The firm has a market capitalization of $213.34 billion, a price-to-earnings ratio of 150.91, a PEG ratio of 4.51 and a beta of 0.95. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.78 by $0.26. The business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business’s revenue was up 18.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.41 EPS. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.