Mitchell Capital Management Co. Has $7.80 Million Stock Position in ServiceNow, Inc. $NOW

Key Points

• Mitchell Capital Management Co. increased its stake in ServiceNow, Inc. by 31.7%, now owning 8,098 shares valued at approximately $7.80 million.
• ServiceNow reported earnings of $4.09 per share for the last quarter, surpassing analysts' expectations of $3.57, and achieved a 22.4% year-over-year revenue growth.
• Over 87.18% of ServiceNow's stock is owned by institutional investors, highlighting strong interest and confidence in the company’s potential.

Mitchell Capital Management Co. lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 31.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,098 shares of the information technology services provider's stock after purchasing an additional 1,947 shares during the quarter. ServiceNow makes up about 1.5% of Mitchell Capital Management Co.'s holdings, making the stock its 16th biggest position. Mitchell Capital Management Co.'s holdings in ServiceNow were worth $7,802,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of NOW. Nuveen LLC acquired a new position in shares of ServiceNow during the 1st quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after purchasing an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of ServiceNow by 131.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after purchasing an additional 840,731 shares during the last quarter. Parnassus Investments LLC bought a new stake in shares of ServiceNow during the 1st quarter worth $519,806,000. Finally, Amundi grew its stake in ServiceNow by 61.9% in the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock valued at $1,269,777,000 after buying an additional 626,623 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $888.63 on Monday. 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, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm has a fifty day moving average price of $909.21 and a two-hundred day moving average price of $932.99. The company has a market cap of $184.84 billion, a PE ratio of 111.92, a price-to-earnings-growth ratio of 4.00 and a beta of 0.92.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly 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 net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the firm earned $3.13 EPS. The business's revenue was up 22.4% on a year-over-year basis. Analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Buying and Selling at ServiceNow

In other news, insider Paul Fipps sold 1,452 shares of ServiceNow stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the sale, the insider directly owned 457 shares in the company, valued at approximately $409,037.85. The trade was a 76.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the sale, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock worth $16,798,825 in the last 90 days. 0.38% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. 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 note on Thursday, July 24th. Morgan Stanley upgraded shares of ServiceNow from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. BMO Capital Markets raised their target price on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. DA Davidson raised their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell 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 $1,122.20.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.