Miracle Mile Advisors LLC Purchases 37 Shares of ServiceNow, Inc. (NYSE:NOW)

Miracle Mile Advisors LLC lifted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 1.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,466 shares of the information technology services provider’s stock after acquiring an additional 37 shares during the period. Miracle Mile Advisors LLC’s holdings in ServiceNow were worth $1,880,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in NOW. Norges Bank bought a new stake in shares of ServiceNow during the fourth quarter valued at approximately $1,648,259,000. International Assets Investment Management LLC grew its position in ServiceNow by 69,354.6% in the 4th quarter. International Assets Investment Management LLC now owns 821,648 shares of the information technology services provider’s stock worth $580,486,000 after purchasing an additional 820,465 shares during the period. Global Assets Advisory LLC bought a new stake in ServiceNow in the 1st quarter worth approximately $403,034,000. Cerity Partners LLC grew its position in ServiceNow by 1,073.7% in the 4th quarter. Cerity Partners LLC now owns 406,262 shares of the information technology services provider’s stock worth $287,020,000 after purchasing an additional 371,648 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in ServiceNow by 18.3% in the 4th 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 worth $1,239,198,000 after purchasing an additional 271,153 shares during the period. Institutional investors own 87.18% of the company’s stock.

Insiders Place Their Bets

In other ServiceNow news, insider Nicholas Tzitzon sold 2,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $690.99, for a total value of $1,381,980.00. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $2,521,422.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Paul John Smith sold 602 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 3,619 shares of the company’s stock, valued at approximately $2,785,725.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nicholas Tzitzon sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the completion of the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $2,521,422.51. The disclosure for this sale can be found here. Insiders have sold 5,530 shares of company stock worth $3,997,012 in the last three months. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on NOW. KeyCorp cut their target price on shares of ServiceNow from $1,000.00 to $950.00 and set an “overweight” rating for the company in a research report on Thursday, April 25th. UBS Group cut their target price on shares of ServiceNow from $920.00 to $875.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $900.00 target price on shares of ServiceNow in a research report on Tuesday, June 18th. BMO Capital Markets cut their target price on shares of ServiceNow from $850.00 to $830.00 and set an “outperform” rating for the company in a research report on Thursday, April 25th. Finally, Robert W. Baird boosted their price objective on shares of ServiceNow from $870.00 to $885.00 and gave the company an “outperform” rating in a research report on Tuesday, May 7th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $814.48.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $788.96 on Tuesday. The company has a market capitalization of $161.74 billion, a price-to-earnings ratio of 84.38, a PEG ratio of 4.93 and a beta of 0.99. ServiceNow, Inc. has a 12 month low of $527.24 and a 12 month high of $815.32. The firm’s 50-day moving average is $726.55 and its 200 day moving average is $741.24. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.18.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 24th. The information technology services provider reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.41. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.59 billion. ServiceNow had a net margin of 20.34% and a return on equity of 13.59%. Research analysts predict that ServiceNow, Inc. will post 6.5 EPS for the current year.

About ServiceNow

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.