Massachusetts Financial Services Co. MA Has $773.35 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Massachusetts Financial Services Co. MA lessened its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 27.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 971,371 shares of the information technology services provider's stock after selling 374,957 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.47% of ServiceNow worth $773,347,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Janus Henderson Group PLC raised its stake in ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after acquiring an additional 12,533 shares in the last quarter. FMR LLC boosted its stake in shares of ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock valued at $6,232,339,000 after purchasing an additional 272,506 shares in the last quarter. Parr Mcknight Wealth Management Group LLC bought a new stake in shares of ServiceNow during the 1st quarter valued at approximately $1,820,000. Nicholas Investment Partners LP increased its position in ServiceNow by 223.5% during the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock worth $2,974,000 after purchasing an additional 1,938 shares in the last quarter. Finally, OMNI 360 Wealth Inc. bought a new position in ServiceNow in the 1st quarter valued at approximately $285,000. Institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Bank of America decreased their target price on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Piper Sandler cut their price objective on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. Wells Fargo & Company boosted their price objective on ServiceNow from $1,100.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. Mizuho upped their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Finally, UBS Group reiterated a "buy" rating and issued a $1,025.00 target price (up from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-one have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $1,068.23.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the sale, the chief executive officer directly owned 6,614 shares of the company's stock, valued at approximately $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jonathan Chadwick sold 770 shares of the stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $931.62, for a total transaction of $717,347.40. Following the transaction, the director directly owned 3,205 shares in the company, valued at $2,985,842.10. This trade represents a 19.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,955 shares of company stock valued at $6,862,195 over the last 90 days. Insiders own 0.38% of the company's stock.

ServiceNow Trading Up 2.5%

Shares of ServiceNow stock traded up $23.10 on Monday, hitting $961.88. 1,812,471 shares of the company's stock traded hands, compared to its average volume of 1,699,326. The company has a fifty day moving average of $1,008.08 and a two-hundred day moving average of $958.61. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company has a market capitalization of $199.09 billion, a price-to-earnings ratio of 130.69, a price-to-earnings-growth ratio of 4.31 and a beta of 0.94. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12.

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