MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Raises Holdings in ServiceNow, Inc. $NOW

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in ServiceNow, Inc. by 2.8%, owning approximately $161.12 million worth of the company as of its latest SEC filing.
• ServiceNow's stock has been given multiple target price upgrades by analysts, with Cantor Fitzgerald setting a price target of $1,200.00 and Wells Fargo raising it to $1,225.00.
• Insiders, including CEO William R. McDermott, have sold significant amounts of stock recently, with McDermott selling 5,825 shares valued at over $5 million.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 202,223 shares of the information technology services provider's stock after buying an additional 5,440 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.10% of ServiceNow worth $161,123,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NOW. Haverford Trust Co boosted its position in ServiceNow by 0.9% during the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after acquiring an additional 10 shares during the last quarter. Edgemoor Investment Advisors Inc. raised its stake in shares of ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after acquiring an additional 11 shares during the period. Integrated Investment Consultants LLC raised its stake in shares of ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after acquiring an additional 11 shares during the period. one8zero8 LLC raised its stake in shares of ServiceNow by 3.2% in the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after acquiring an additional 11 shares during the period. Finally, Capital Investment Advisory Services LLC increased its stake in ServiceNow by 2.1% during the 1st quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after buying an additional 12 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NOW. BMO Capital Markets upped their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. JMP Securities reiterated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. Mizuho increased their price target on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Oppenheimer reiterated an "outperform" rating and issued a $1,150.00 price objective (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Finally, Wells Fargo & Company raised their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Activity

In related news, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the transaction, the chief financial officer directly owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,353,394.90. Following the sale, the insider directly owned 3,027 shares in the company, valued at approximately $2,622,744.15. This trade represents a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is owned by company insiders.

ServiceNow Stock Performance

Shares of ServiceNow stock traded up $26.25 during trading on Monday, hitting $940.05. 1,617,830 shares of the stock were exchanged, compared to its average volume of 1,710,868. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market cap of $195.53 billion, a PE ratio of 118.39, a P/E/G ratio of 4.12 and a beta of 0.91. The stock's fifty day moving average is $936.79 and its 200 day moving average is $922.19.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the prior year, the company earned $3.13 EPS. The firm's quarterly revenue was up 22.4% on a year-over-year basis. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.