Fifth Third Bancorp Buys 434 Shares of ServiceNow, Inc. $NOW

Key Points

• Fifth Third Bancorp increased its stake in ServiceNow, Inc. by 0.5%, acquiring an additional 434 shares to bring their total to 95,870 shares valued at approximately $98.56 million.
• ServiceNow reported a $4.09 earnings per share (EPS) for the last quarter, surpassing the consensus estimate of $3.57, with revenues totaling $3.22 billion—up 22.4% year-over-year.
• Institutional investors now hold 87.18% of ServiceNow’s stock, with several firms significantly increasing their positions in the company during the first quarter.

Fifth Third Bancorp raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 0.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 95,870 shares of the information technology services provider's stock after buying an additional 434 shares during the period. Fifth Third Bancorp's holdings in ServiceNow were worth $98,562,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in shares of 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 purchasing an additional 2,686,291 shares in the last quarter. Nuveen LLC purchased a new stake in shares of ServiceNow in the 1st quarter valued at $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of ServiceNow by 1,586.5% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after purchasing an additional 877,875 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after purchasing an additional 840,731 shares in the last quarter. Finally, Parnassus Investments LLC purchased a new stake in shares of ServiceNow in the 1st quarter valued at $519,806,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Trading Down 2.1%

NYSE:NOW opened at $928.34 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $921.75 and a 200-day moving average price of $924.54. The stock has a market cap of $193.09 billion, a price-to-earnings ratio of 116.92, a P/E/G ratio of 4.27 and a beta of 0.91. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on NOW shares. UBS Group cut 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 note on Thursday, July 24th. Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a research report on Wednesday, July 23rd. Raymond James Financial increased their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Morgan Stanley reissued an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Finally, Oppenheimer reissued an "outperform" rating and set a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. This trade represents a 28.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider directly owned 3,000 shares in the company, valued at approximately $2,599,350. The trade was a 36.43% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is owned by corporate insiders.

About ServiceNow

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.

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