Maytus Capital Management LLC Sells 10,500 Shares of ServiceNow, Inc. (NYSE:NOW)

Maytus Capital Management LLC reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 63.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 6,000 shares of the information technology services provider's stock after selling 10,500 shares during the period. ServiceNow makes up approximately 2.2% of Maytus Capital Management LLC's holdings, making the stock its 15th biggest holding. Maytus Capital Management LLC's holdings in ServiceNow were worth $6,361,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in ServiceNow by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider's stock valued at $20,353,517,000 after purchasing an additional 190,430 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after acquiring an additional 509,467 shares during the period. FMR LLC raised its position in shares of ServiceNow by 4.9% during the fourth quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after acquiring an additional 272,506 shares during the last quarter. Geode Capital Management LLC lifted its stake in ServiceNow by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider's stock valued at $4,560,890,000 after buying an additional 100,670 shares during the period. Finally, Norges Bank bought a new stake in ServiceNow in the 4th quarter valued at about $2,603,360,000. 87.18% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 257 shares of the company's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $253,145.00. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $2,981,595. This represents a 7.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 14,844 shares of company stock valued at $14,204,938. Company insiders own 0.38% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on NOW. Mizuho decreased their target price on ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a research report on Tuesday, March 11th. The Goldman Sachs Group reissued a "buy" rating on shares of ServiceNow in a research report on Thursday, April 24th. Raymond James reduced their target price on ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a report on Tuesday, April 8th. Oppenheimer reaffirmed an "outperform" rating and set a $1,100.00 target price (up from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. Finally, Redburn Atlantic assumed coverage on shares of ServiceNow in a report on Wednesday, February 19th. They set a "buy" rating on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and a consensus target price of $1,055.83.

ServiceNow Stock Up 3.6%

Shares of NYSE NOW opened at $1,015.60 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm's 50-day moving average is $846.83 and its two-hundred day moving average is $971.03. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a market capitalization of $210.23 billion, a PE ratio of 148.70, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. ServiceNow's revenue was up 18.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.41 earnings per share. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has approved a share repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

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.

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