Mackenzie Financial Corp Decreases Holdings in ServiceNow, Inc. (NYSE:NOW)

Mackenzie Financial Corp trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 10.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 154,860 shares of the information technology services provider’s stock after selling 19,036 shares during the period. Mackenzie Financial Corp owned 0.07% of ServiceNow worth $123,290,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NOW. Brighton Jones LLC lifted its holdings in ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after purchasing an additional 30 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of ServiceNow in the fourth quarter valued at about $269,000. Brown Brothers Harriman & Co. raised its position in shares of ServiceNow by 5.1% in the fourth quarter. Brown Brothers Harriman & Co. now owns 1,170 shares of the information technology services provider’s stock valued at $1,240,000 after buying an additional 57 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in shares of ServiceNow by 248.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 90,640 shares of the information technology services provider’s stock valued at $95,089,000 after buying an additional 64,609 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC raised its position in shares of ServiceNow by 11.8% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 23,572 shares of the information technology services provider’s stock valued at $24,989,000 after buying an additional 2,493 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Price Performance

Shares of NOW opened at $985.51 on Tuesday. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The stock has a market cap of $203.98 billion, a PE ratio of 124.12, a P/E/G ratio of 4.42 and a beta of 0.94. The firm has a 50-day simple moving average of $999.53 and a two-hundred day simple moving average of $951.58. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm posted $3.13 earnings per share. The business’s revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm’s stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the transaction, the insider owned 3,000 shares of the company’s stock, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 428 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the completion of the transaction, the director directly owned 10,891 shares of the company’s stock, valued at approximately $11,039,226.51. The trade was a 3.78% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,233 shares of company stock valued at $5,297,758. 0.38% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

NOW has been the subject of a number of recent research reports. Barclays set a $1,210.00 target price on shares of ServiceNow in a research report on Thursday. JMP Securities reiterated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research report on Tuesday, July 22nd. Oppenheimer reiterated an “outperform” rating and issued a $1,150.00 target price (up from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. Raymond James Financial increased their target price on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an “outperform” rating in a research report on Thursday, July 24th. Finally, Truist Financial upgraded shares of ServiceNow from a “hold” rating to a “buy” rating and raised their price objective for the stock from $950.00 to $1,200.00 in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,115.20.

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.