Ithaka Group LLC Has $41.31 Million Holdings in ServiceNow, Inc. (NYSE:NOW)

Ithaka Group LLC reduced its position in ServiceNow, Inc. (NYSE:NOW) by 3.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,186 shares of the information technology services provider’s stock after selling 1,749 shares during the quarter. ServiceNow accounts for approximately 7.8% of Ithaka Group LLC’s investment portfolio, making the stock its 3rd largest holding. Ithaka Group LLC’s holdings in ServiceNow were worth $41,308,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Quent Capital LLC grew its stake in shares of ServiceNow by 4.1% during the first quarter. Quent Capital LLC now owns 770 shares of the information technology services provider’s stock worth $587,000 after acquiring an additional 30 shares during the last quarter. Edgestream Partners L.P. acquired a new stake in shares of ServiceNow during the first quarter worth about $210,000. EntryPoint Capital LLC lifted its holdings in ServiceNow by 3,900.0% in the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock valued at $30,000 after acquiring an additional 39 shares during the period. CreativeOne Wealth LLC lifted its holdings in ServiceNow by 81.8% in the first quarter. CreativeOne Wealth LLC now owns 640 shares of the information technology services provider’s stock valued at $488,000 after acquiring an additional 288 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in ServiceNow by 22.5% in the first quarter. Advisors Asset Management Inc. now owns 7,905 shares of the information technology services provider’s stock valued at $6,027,000 after acquiring an additional 1,453 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Morgan Stanley downgraded ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $900.00 to $960.00 in a report on Monday, October 21st. Robert W. Baird upped their target price on ServiceNow from $900.00 to $975.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Canaccord Genuity Group upped their target price on ServiceNow from $850.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Stifel Nicolaus upped their target price on ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Finally, Needham & Company LLC upped their target price on ServiceNow from $900.00 to $1,075.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $986.39.

ServiceNow Price Performance

NOW opened at $1,048.34 on Friday. The stock’s 50-day moving average price is $944.90 and its 200 day moving average price is $832.32. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,061.66. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. The firm has a market cap of $215.96 billion, a price-to-earnings ratio of 163.04, a PEG ratio of 5.87 and a beta of 0.98.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same quarter in the prior year, the company earned $1.21 EPS. ServiceNow’s revenue was up 22.2% on a year-over-year basis. As a group, sell-side analysts expect that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Nicholas Tzitzon sold 1,857 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,027,502.32. This represents a 33.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,173,173.83. The trade was a 2.13 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,644 shares of company stock valued at $19,381,744. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Company 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.