Van ECK Associates Corp Has $10.41 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Van ECK Associates Corp trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOWFree Report) by 93.5% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 18,620 shares of the information technology services provider’s stock after selling 267,878 shares during the quarter. Van ECK Associates Corp’s holdings in ServiceNow were worth $10,408,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Mayflower Financial Advisors LLC raised its holdings in shares of ServiceNow by 1.4% during the 3rd quarter. Mayflower Financial Advisors LLC now owns 1,271 shares of the information technology services provider’s stock worth $710,000 after buying an additional 18 shares in the last quarter. SageView Advisory Group LLC increased its holdings in ServiceNow by 1.7% in the 2nd quarter. SageView Advisory Group LLC now owns 1,143 shares of the information technology services provider’s stock worth $642,000 after purchasing an additional 19 shares in the last quarter. JT Stratford LLC increased its holdings in ServiceNow by 4.4% in the 2nd quarter. JT Stratford LLC now owns 451 shares of the information technology services provider’s stock worth $253,000 after purchasing an additional 19 shares in the last quarter. Capital Investment Advisory Services LLC increased its holdings in ServiceNow by 3.1% in the 2nd quarter. Capital Investment Advisory Services LLC now owns 668 shares of the information technology services provider’s stock worth $375,000 after purchasing an additional 20 shares in the last quarter. Finally, Hazlett Burt & Watson Inc. increased its holdings in ServiceNow by 16.0% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 145 shares of the information technology services provider’s stock worth $81,000 after purchasing an additional 20 shares in the last quarter. Institutional investors and hedge funds own 87.14% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW opened at $813.27 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $166.72 billion, a price-to-earnings ratio of 96.70, a PEG ratio of 5.09 and a beta of 0.99. The stock has a 50 day moving average of $726.08 and a 200 day moving average of $634.09. ServiceNow, Inc. has a 12 month low of $405.37 and a 12 month high of $815.32.

ServiceNow (NYSE:NOWGet Free Report) last issued its quarterly earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, beating analysts’ consensus estimates of $2.77 by $0.34. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.40 billion. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. ServiceNow’s revenue was up 25.6% on a year-over-year basis. During the same period last year, the business posted $0.88 earnings per share. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 6.11 earnings per share for the current year.

Insider Activity at ServiceNow

In related news, COO Chirantan Jitendra Desai sold 3,150 shares of the stock in a transaction that occurred on Friday, November 24th. The stock was sold at an average price of $671.84, for a total transaction of $2,116,296.00. Following the completion of the sale, the chief operating officer now directly owns 38,904 shares of the company’s stock, valued at $26,137,263.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ServiceNow news, COO Chirantan Jitendra Desai sold 3,150 shares of the firm’s stock in a transaction on Friday, November 24th. The stock was sold at an average price of $671.84, for a total value of $2,116,296.00. Following the completion of the sale, the chief operating officer now directly owns 38,904 shares of the company’s stock, valued at $26,137,263.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul John Smith sold 1,795 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total value of $1,402,002.70. Following the completion of the sale, the insider now directly owns 994 shares of the company’s stock, valued at $776,373.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,575 shares of company stock valued at $6,602,686. 0.24% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Morgan Stanley increased their price target on ServiceNow from $630.00 to $648.00 and gave the company an “overweight” rating in a research note on Thursday, October 26th. Stifel Nicolaus increased their price target on ServiceNow from $740.00 to $820.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Barclays increased their price target on ServiceNow from $765.00 to $870.00 and gave the company an “overweight” rating in a research note on Tuesday, January 23rd. BMO Capital Markets upped their target price on ServiceNow from $630.00 to $850.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Finally, Truist Financial upped their target price on ServiceNow from $700.00 to $750.00 and gave the company a “hold” rating in a research report on Thursday, January 25th. Two investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $750.93.

Read Our Latest Report on NOW

About ServiceNow

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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