Fifth Third Wealth Advisors LLC Raises Stake in ServiceNow, Inc. $NOW

Key Points

• Fifth Third Wealth Advisors LLC increased its stake in ServiceNow, Inc. by 21.8%, bringing its total holdings to $2,884,000 with 2,805 shares.
• Several other institutional investors also boosted their positions in ServiceNow, indicating strong interest, with hedge funds holding 87.18% of the stock.
• Wall Street analysts have differing ratings on ServiceNow, with one Strong Buy, thirty Buy, and one Sell, and a consensus price target of $1,122.20.

Fifth Third Wealth Advisors LLC boosted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 21.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,805 shares of the information technology services provider's stock after buying an additional 502 shares during the period. Fifth Third Wealth Advisors LLC's holdings in ServiceNow were worth $2,884,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Bogart Wealth LLC boosted its position in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new stake in ServiceNow in the 1st quarter worth approximately $26,000. WASHINGTON TRUST Co boosted its position in ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares in the last quarter. Global X Japan Co. Ltd. purchased a new stake in ServiceNow in the 2nd quarter worth approximately $30,000. Finally, Dagco Inc. purchased a new stake in ServiceNow in the 1st quarter worth approximately $33,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares of the company's stock, valued at $2,599,350. This trade represents a 36.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Anita M. Sands sold 1,097 shares of the firm's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the sale, the director directly owned 9,307 shares of the company's stock, valued at $8,516,928.77. This trade represents a 10.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on NOW shares. Guggenheim restated a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. Cantor Fitzgerald reiterated an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a research report on Thursday, July 24th. Jefferies Financial Group increased their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Barclays set a $1,210.00 target price on ServiceNow in a research report on Thursday, July 24th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of ServiceNow in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,122.20.

ServiceNow Stock Down 3.2%

NYSE NOW opened at $888.63 on Friday. The business has a fifty day moving average price of $909.21 and a 200 day moving average price of $931.62. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market cap of $184.84 billion, a P/E ratio of 111.92, a P/E/G ratio of 4.13 and a beta of 0.92.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the company earned $3.13 EPS. The firm's revenue was up 22.4% compared to the same quarter last year. Research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.

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