Compass Capital Management Inc. Makes New Investment in ServiceNow, Inc. $NOW

Key Points

• Compass Capital Management acquired 82,898 ServiceNow shares during the second quarter, valued at approximately $8.23 million. Hedge funds and other institutional investors own 87.18% of the company.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $143.76, despite some target reductions and one underweight rating.
• ServiceNow recently beat quarterly expectations, reporting $0.90 in earnings per share and $3.99 billion in revenue, with revenue rising 24% year over year.

Compass Capital Management Inc. acquired a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 82,898 shares of the information technology services provider's stock, valued at approximately $8,230,000.

Other hedge funds have also recently made changes to their positions in the company. Millstone Evans Group LLC boosted its holdings in ServiceNow by 400.0% in the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 132 shares in the last quarter. CBIZ Investment Advisory Services LLC raised its holdings in 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 purchasing an additional 135 shares in the last quarter. Blueline Advisors LLC purchased a new stake in shares of ServiceNow in the 4th quarter worth about $25,000. Measured Wealth Private Client Group LLC boosted its stake in shares of ServiceNow by 560.0% during the 4th quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 140 shares in the last quarter. Finally, Wealth Watch Advisors INC boosted its stake in shares of ServiceNow by 432.3% during the 4th quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 134 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on NOW shares. Truist Financial increased their price target on shares of ServiceNow from $120.00 to $130.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. Raymond James Financial reduced their target price on ServiceNow from $160.00 to $130.00 and set an "outperform" rating on the stock in a report on Thursday, April 23rd. Royal Bank Of Canada reissued an "outperform" rating and issued a $130.00 target price on shares of ServiceNow in a research report on Thursday, July 23rd. KeyCorp restated an "underweight" rating on shares of ServiceNow in a research note on Tuesday, July 21st. Finally, Cantor Fitzgerald lifted their price target on ServiceNow from $122.00 to $141.00 and gave the company an "overweight" rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $143.76.

ServiceNow Stock Up 0.1%

NYSE:NOW opened at $124.08 on Monday. The firm has a market cap of $128.29 billion, a P/E ratio of 77.55, a P/E/G ratio of 2.18 and a beta of 0.94. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a 50-day simple moving average of $107.08 and a two-hundred day simple moving average of $105.59. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $194.73.

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

About ServiceNow

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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