Firetrail Investments PTY Ltd. Invests $9.38 Million in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Firetrail Investments PTY Ltd. has acquired a new position in ServiceNow, purchasing 11,650 shares valued at approximately $9.4 million, making it the 20th largest position in their investment portfolio.
• ServiceNow reported a 22.4% increase in revenue year-over-year, with earnings per share of $4.09, surpassing analysts' expectations by $0.52.
• Insider trading activity shows CEO William R. Mcdermott sold 2,050 shares, reducing his stake by over 23% as insiders sold 6,003 shares worth over $6 million in the last 90 days.

Firetrail Investments PTY Ltd. purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 11,650 shares of the information technology services provider's stock, valued at approximately $9,376,000. ServiceNow makes up about 2.7% of Firetrail Investments PTY Ltd.'s investment portfolio, making the stock its 20th largest position.

Other large investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its holdings in ServiceNow by 6.8% in the fourth 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 purchasing an additional 509,467 shares during the last quarter. FMR LLC raised its position in shares of ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider's stock worth $6,232,339,000 after purchasing an additional 272,506 shares during the last quarter. Geode Capital Management LLC raised its position in shares of ServiceNow by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider's stock worth $4,560,890,000 after purchasing an additional 100,670 shares during the last quarter. GAMMA Investing LLC raised its holdings in ServiceNow by 87,501.3% in the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after acquiring an additional 2,686,291 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in ServiceNow by 3.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,654,825 shares of the information technology services provider's stock valued at $2,814,433,000 after acquiring an additional 87,876 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

Shares of NOW traded down $28.13 during mid-day trading on Friday, hitting $968.05. The company's stock had a trading volume of 1,998,443 shares, compared to its average volume of 1,429,436. The firm has a 50-day moving average price of $1,000.33 and a 200 day moving average price of $952.52. The stock has a market capitalization of $200.37 billion, a price-to-earnings ratio of 121.92, a PEG ratio of 4.43 and a beta of 0.94. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.12. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period last year, the firm posted $3.13 earnings per share. On average, research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. UBS Group lowered their price objective on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research report on Thursday. BMO Capital Markets lifted their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research note on Thursday. Canaccord Genuity Group dropped their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Royal Bank Of Canada boosted their price target on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Finally, Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,114.87.

Insiders Place Their Bets

In other news, Director Jonathan Chadwick sold 770 shares of ServiceNow stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $931.62, for a total value of $717,347.40. Following the transaction, the director directly owned 3,205 shares of the company's stock, valued at $2,985,842.10. This trade represents a 19.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Anita M. Sands sold 428 shares of ServiceNow stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the completion of the transaction, the director directly owned 10,891 shares in the company, valued at approximately $11,039,226.51. This trade represents a 3.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,003 shares of company stock valued at $6,015,106 over the last 90 days. 0.38% of the stock is owned by corporate insiders.

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.