Kornitzer Capital Management Inc. KS Sells 833 Shares of ServiceNow, Inc. (NYSE:NOW)

Kornitzer Capital Management Inc. KS reduced its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 18.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,657 shares of the information technology services provider's stock after selling 833 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in ServiceNow were worth $2,911,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bogart Wealth LLC grew its position in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after buying an additional 17 shares during the period. Graybill Wealth Management LTD. bought a new stake in ServiceNow during the first quarter valued at $26,000. Quarry LP purchased a new stake in shares of ServiceNow in the 4th quarter valued at about $27,000. WASHINGTON TRUST Co lifted its position in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares during the last quarter. Finally, Heck Capital Advisors LLC bought a new position in shares of ServiceNow in the 4th quarter worth $37,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Wall Street Analyst Weigh In

NOW has been the subject of several research reports. Canaccord Genuity Group cut their target price on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. dropped their target price on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Oppenheimer reiterated an "outperform" rating and set a $1,100.00 price target (up from $970.00) on shares of ServiceNow in a research report on Tuesday, May 6th. Wells Fargo & Company boosted their price objective on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, April 24th. Finally, Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirty-one have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,073.13.

ServiceNow Stock Down 0.9%

Shares of NYSE:NOW traded down $8.97 on Thursday, hitting $958.00. 845,316 shares of the company traded hands, compared to its average volume of 1,486,495. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15. The company has a market cap of $198.29 billion, a PE ratio of 130.16, a PEG ratio of 4.40 and a beta of 0.94. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The stock has a 50 day simple moving average of $1,007.21 and a 200-day simple moving average of $957.83.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The company had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. During the same period last year, the firm posted $3.41 earnings per share. ServiceNow's revenue was up 18.6% compared to the same quarter last year. As a group, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity

In related news, Director Jonathan Chadwick sold 770 shares of the business's stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $931.62, for a total transaction of $717,347.40. Following the completion of the transaction, the director directly owned 3,205 shares in the company, valued at approximately $2,985,842.10. The trade was a 19.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Deborah Black sold 598 shares of the firm's stock in a transaction on Friday, April 25th. The shares were sold at an average price of $940.23, for a total transaction of $562,257.54. Following the sale, the director owned 428 shares in the company, valued at $402,418.44. The trade was a 58.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,601 shares of company stock worth $6,577,363. Insiders own 0.38% of the company's stock.

ServiceNow 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.