Firetrail Investments PTY Ltd. Makes New Investment in ServiceNow, Inc. $NOW

Key Points

• Firetrail Investments PTY Ltd. purchased 57,097 ServiceNow shares during the second quarter, valued at approximately $5.63 million and representing 1.6% of its portfolio.
• ServiceNow reported stronger-than-expected quarterly results, with EPS of $0.90 versus the $0.86 consensus and revenue of $3.99 billion, up 24% year over year.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $143.76, compared with a reported share price of $124.08.

Firetrail Investments PTY Ltd. bought a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 57,097 shares of the information technology services provider's stock, valued at approximately $5,634,000. ServiceNow comprises 1.6% of Firetrail Investments PTY Ltd.'s holdings, making the stock its 26th biggest holding.

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

ServiceNow Stock Up 0.1%

NOW stock opened at $124.08 on Monday. The firm's 50-day moving average is $107.08 and its two-hundred day moving average is $105.59. The company has a market capitalization of $128.29 billion, a price-to-earnings ratio of 77.55, a price-to-earnings-growth ratio of 2.18 and a beta of 0.94. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $194.73. 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 quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The business had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $3.93 billion. During the same period last year, the firm posted $0.81 earnings per share. The business's revenue was up 24.0% on a year-over-year basis. On average, analysts forecast that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on NOW. Argus dropped their price target on shares of ServiceNow from $180.00 to $134.00 and set a "buy" rating on the stock in a research note on Friday, April 24th. Oppenheimer reiterated an "outperform" rating and set a $140.00 price objective (up from $130.00) on shares of ServiceNow in a research report on Wednesday, July 15th. UBS Group set a $248.00 price objective on ServiceNow in a report on Thursday, July 23rd. Guggenheim upgraded ServiceNow from a "neutral" rating to a "buy" rating and set a $125.00 target price on the stock in a research report on Wednesday, July 1st. Finally, Citizens Jmp reaffirmed a "market outperform" rating and set a $157.00 target price on shares of ServiceNow in a research note on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $143.76.

ServiceNow Company 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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