ARK Investment Management LLC Sells 15,704 Shares of ServiceNow, Inc. (NYSE:NOW)

ARK Investment Management LLC lessened its holdings in ServiceNow, Inc. (NYSE:NOW) by 99.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54 shares of the information technology services provider’s stock after selling 15,704 shares during the period. ARK Investment Management LLC’s holdings in ServiceNow were worth $42,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of NOW. Vanguard Group Inc. raised its holdings in ServiceNow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 18,450,570 shares of the information technology services provider’s stock worth $14,066,715,000 after purchasing an additional 331,797 shares during the last quarter. Norges Bank bought a new position in ServiceNow in the 4th quarter valued at $1,648,259,000. Massachusetts Financial Services Co. MA grew its position in shares of ServiceNow by 3.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,281,748 shares of the information technology services provider’s stock valued at $1,612,032,000 after acquiring an additional 81,028 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of ServiceNow by 18.3% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,754,027 shares of the information technology services provider’s stock valued at $1,239,198,000 after buying an additional 271,153 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in ServiceNow by 2.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock worth $1,203,157,000 after buying an additional 34,855 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NYSE NOW traded up $3.66 during mid-day trading on Tuesday, hitting $831.52. 321,530 shares of the company were exchanged, compared to its average volume of 1,292,435. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow, Inc. has a 1-year low of $527.24 and a 1-year high of $850.33. The firm has a market cap of $170.46 billion, a price-to-earnings ratio of 88.54, a price-to-earnings-growth ratio of 4.82 and a beta of 0.99. The stock has a 50 day simple moving average of $784.05 and a 200-day simple moving average of $759.14.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. The business had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 earnings per share. On average, sell-side analysts forecast that ServiceNow, Inc. will post 6.84 EPS for the current fiscal year.

Insider Activity

In related news, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $825.92, for a total transaction of $77,636.48. Following the completion of the sale, the insider now directly owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Christopher Bedi sold 215 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $700.00, for a total value of $150,500.00. Following the sale, the insider now owns 15,892 shares in the company, valued at approximately $11,124,400. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 94 shares of ServiceNow stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the transaction, the insider now owns 4,019 shares of the company’s stock, valued at $3,319,372.48. The disclosure for this sale can be found here. Insiders sold 7,272 shares of company stock valued at $5,600,700 in the last ninety days. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $900.00 price target on shares of ServiceNow in a research note on Thursday, July 25th. BMO Capital Markets upped their target price on shares of ServiceNow from $830.00 to $860.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Piper Sandler boosted their price objective on shares of ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Royal Bank of Canada boosted their price target on shares of ServiceNow from $850.00 to $880.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Stifel Nicolaus upped their target price on ServiceNow from $820.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $849.62.

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.