Mount Yale Investment Advisors LLC Reduces Stake in ServiceNow, Inc. (NYSE:NOW)

Mount Yale Investment Advisors LLC decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 8.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 793 shares of the information technology services provider’s stock after selling 71 shares during the quarter. Mount Yale Investment Advisors LLC’s holdings in ServiceNow were worth $624,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of NOW. Trexquant Investment LP acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $1,081,000. Quest Partners LLC purchased a new stake in ServiceNow in the fourth quarter valued at $167,000. Johnson Financial Group Inc. lifted its stake in shares of ServiceNow by 35.0% in the 4th quarter. Johnson Financial Group Inc. now owns 274 shares of the information technology services provider’s stock valued at $194,000 after purchasing an additional 71 shares during the last quarter. Intech Investment Management LLC grew its holdings in shares of ServiceNow by 47.5% during the 4th quarter. Intech Investment Management LLC now owns 1,161 shares of the information technology services provider’s stock worth $820,000 after purchasing an additional 374 shares during the period. Finally, Evermay Wealth Management LLC increased its position in shares of ServiceNow by 360.0% during the 4th quarter. Evermay Wealth Management LLC now owns 575 shares of the information technology services provider’s stock worth $406,000 after purchasing an additional 450 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Down 1.3 %

NYSE:NOW opened at $925.55 on Tuesday. The company has a market capitalization of $189.74 billion, a PE ratio of 98.99, a P/E/G ratio of 5.25 and a beta of 0.98. ServiceNow, Inc. has a 52-week low of $527.24 and a 52-week high of $945.46. The stock’s 50 day moving average price is $825.72 and its 200 day moving average price is $772.77. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, topping 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 period last year, the firm posted $0.77 earnings per share. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, research analysts anticipate that ServiceNow, Inc. will post 6.78 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Stifel Nicolaus increased their target price on shares of ServiceNow from $820.00 to $900.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft boosted their target price on ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $835.00 price objective on shares of ServiceNow in a research note on Tuesday, July 23rd. Robert W. Baird increased their target price on ServiceNow from $885.00 to $900.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Piper Sandler lifted their target price on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $855.44.

Insiders Place Their Bets

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

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.