1ST Source Bank Purchases New Position in ServiceNow, Inc. $NOW

Key Points

• 1ST Source Bank acquired 15,194 ServiceNow shares during the second quarter, valued at approximately $1.51 million. Institutional investors and hedge funds collectively own 87.18% of the company.
• Wall Street remains broadly positive on ServiceNow, with an overall “Moderate Buy” rating and an average price target of $143.76; 36 analysts rate the stock a Buy.
• ServiceNow reported quarterly EPS of $0.90 versus the $0.86 consensus estimate, while revenue reached $3.99 billion, up 24% year over year. Shares opened at $124.08, with a market capitalization of about $128.3 billion.

1ST Source Bank acquired a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,194 shares of the information technology services provider's stock, valued at approximately $1,508,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Millstone Evans Group LLC lifted its stake in ServiceNow by 400.0% during the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 132 shares during the last quarter. CBIZ Investment Advisory Services LLC lifted its stake in shares of ServiceNow by 540.0% in the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 135 shares during the period. Blueline Advisors LLC bought a new position in ServiceNow during the 4th quarter valued at $25,000. Measured Wealth Private Client Group LLC boosted its stake in ServiceNow by 560.0% during the fourth quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after buying an additional 140 shares in the last quarter. Finally, Wealth Watch Advisors INC grew its stake in shares of ServiceNow by 432.3% in the 4th quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 134 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on NOW shares. JPMorgan Chase & Co. boosted their price objective on ServiceNow from $145.00 to $150.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. Benchmark reissued a "buy" rating on shares of ServiceNow in a research report on Friday, July 17th. BTIG Research restated a "buy" rating and set a $150.00 price target on shares of ServiceNow in a research note on Wednesday, July 22nd. Citigroup reissued a "market outperform" rating on shares of ServiceNow in a research note on Thursday, July 23rd. Finally, BMO Capital Markets upped their price target on shares of ServiceNow from $115.00 to $118.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $143.76.

ServiceNow Trading Up 0.1%

NYSE:NOW opened at $124.08 on Monday. The business's 50-day moving average price is $107.08 and its two-hundred day moving average price is $105.59. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $194.73. The firm has a market capitalization of $128.29 billion, a price-to-earnings ratio of 77.55, a PEG ratio of 2.18 and a beta of 0.94. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.04. The firm had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The company's revenue was up 24.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 earnings per share. On average, equities analysts expect that ServiceNow, Inc. will post 2.24 earnings per share for the current year.

ServiceNow Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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