Mackenzie Financial Corp Lowers Position in ServiceNow Inc (NYSE:NOW)

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Mackenzie Financial Corp cut its stake in ServiceNow Inc (NYSE:NOW) by 96.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,051 shares of the information technology services provider’s stock after selling 28,669 shares during the quarter. Mackenzie Financial Corp’s holdings in ServiceNow were worth $289,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Cresset Asset Management LLC raised its stake in shares of ServiceNow by 28.3% in the second quarter. Cresset Asset Management LLC now owns 893 shares of the information technology services provider’s stock worth $245,000 after purchasing an additional 197 shares during the last quarter. Barings LLC raised its stake in shares of ServiceNow by 22.3% in the second quarter. Barings LLC now owns 2,910 shares of the information technology services provider’s stock worth $799,000 after purchasing an additional 531 shares during the last quarter. Marvin & Palmer Associates Inc. raised its stake in shares of ServiceNow by 7.0% in the second quarter. Marvin & Palmer Associates Inc. now owns 22,516 shares of the information technology services provider’s stock worth $6,182,000 after purchasing an additional 1,471 shares during the last quarter. Chartwell Investment Partners LLC raised its stake in shares of ServiceNow by 8.3% in the second quarter. Chartwell Investment Partners LLC now owns 19,607 shares of the information technology services provider’s stock worth $5,383,000 after purchasing an additional 1,497 shares during the last quarter. Finally, Scholtz & Company LLC purchased a new stake in shares of ServiceNow in the second quarter worth approximately $1,678,000. 90.83% of the stock is owned by hedge funds and other institutional investors.

In other news, Director Frederic B. Luddy sold 1,015 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $254.79, for a total value of $258,611.85. Following the completion of the transaction, the director now directly owns 1,213 shares of the company’s stock, valued at $309,060.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chirantan Jitendra Desai sold 1,563 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $257.28, for a total value of $402,128.64. Following the completion of the transaction, the insider now directly owns 34,103 shares of the company’s stock, valued at $8,774,019.84. The disclosure for this sale can be found here. Insiders sold 68,035 shares of company stock valued at $17,867,992 over the last three months. Company insiders own 1.00% of the company’s stock.

NYSE:NOW opened at $270.33 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.10 and a quick ratio of 1.10. The business has a fifty day simple moving average of $260.77 and a two-hundred day simple moving average of $266.19. ServiceNow Inc has a 1 year low of $147.63 and a 1 year high of $303.17. The company has a market capitalization of $49.13 billion, a P/E ratio of 1,191.00, a P/E/G ratio of 22.28 and a beta of 1.31.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 24th. The information technology services provider reported ($0.01) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.02. ServiceNow had a return on equity of 4.29% and a net margin of 0.09%. The business had revenue of $833.90 million during the quarter, compared to the consensus estimate of $831.50 million. During the same period last year, the business posted $0.49 earnings per share. The business’s revenue for the quarter was up 32.1% on a year-over-year basis. As a group, analysts anticipate that ServiceNow Inc will post 0.42 earnings per share for the current year.

NOW has been the subject of a number of research analyst reports. UBS Group increased their price target on ServiceNow to $332.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. BTIG Research reaffirmed a “buy” rating and set a $320.00 price target on shares of ServiceNow in a research report on Thursday, July 25th. ValuEngine downgraded ServiceNow from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Cleveland Research initiated coverage on ServiceNow in a research report on Monday, June 17th. They set a “buy” rating for the company. Finally, Jefferies Financial Group increased their price target on ServiceNow from $285.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. ServiceNow presently has an average rating of “Buy” and an average target price of $293.30.

ServiceNow Profile

ServiceNow, Inc provides enterprise cloud computing solutions that define, structure, manage, and automate services for enterprises worldwide. The company offers information technology (IT) service management applications, as well as digital workflow products for customer service, human resources, security operations, integrated risk management, and other enterprise departments.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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