Miracle Mile Advisors LLC Boosts Holdings in ServiceNow, Inc. (NYSE:NOW)

Miracle Mile Advisors LLC grew its position in shares of ServiceNow, Inc. (NYSE:NOW) by 1.5% during the first quarter, HoldingsChannel reports. The firm owned 2,466 shares of the information technology services provider’s stock after buying 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 SEC filing.

A number of other hedge funds also recently made changes to their positions in NOW. University of Texas Texas AM Investment Managment Co. purchased a new stake in shares of ServiceNow during the fourth quarter valued at approximately $29,000. AdvisorNet Financial Inc increased its stake in shares of ServiceNow by 266.7% in the fourth quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after buying an additional 32 shares during the last quarter. Disciplined Equity Management Inc. bought a new stake in shares of ServiceNow in the fourth quarter worth $35,000. Sachetta LLC bought a new stake in shares of ServiceNow in the fourth quarter worth $35,000. Finally, Fortitude Family Office LLC bought a new stake in shares of ServiceNow in the fourth quarter worth $41,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling

In related 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 completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at $2,521,422.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $738.88, for a total value of $1,329,984.00. Following the completion of the sale, the chief financial officer now directly owns 13,290 shares of the company’s stock, valued at approximately $9,819,715.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 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 $2,521,422.51. The disclosure for this sale can be found here. Insiders sold 5,530 shares of company stock valued at $3,997,012 over the last 90 days. 0.25% of the stock is currently owned by company insiders.

ServiceNow Stock Performance

Shares of NOW opened at $788.96 on Tuesday. The company has a market cap of $161.74 billion, a price-to-earnings ratio of 84.38, a price-to-earnings-growth ratio of 4.93 and a beta of 0.99. The firm has a fifty day moving average of $726.55 and a 200-day moving average of $741.24. ServiceNow, Inc. has a 1 year low of $527.24 and a 1 year high of $815.32. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.05 and a current ratio of 1.05.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 24th. The information technology services provider reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.41. The business had revenue of $2.60 billion during 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%. As a group, equities analysts anticipate that ServiceNow, Inc. will post 6.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $900.00 price target on shares of ServiceNow in a research note on Tuesday, June 18th. KeyCorp dropped their price target on shares of ServiceNow from $1,000.00 to $950.00 and set an “overweight” rating for the company in a research note on Thursday, April 25th. StockNews.com lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Citigroup boosted their target price on shares of ServiceNow from $896.00 to $906.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Finally, Guggenheim reiterated a “neutral” rating on shares of ServiceNow in a research note on Monday, April 15th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $814.48.

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.