Flputnam Investment Management Co. Acquires Shares of 99,856 ServiceNow, Inc. $NOW

Key Points

• Flputnam Investment Management acquired 99,856 ServiceNow shares during the second quarter, valued at approximately $9.9 million. Institutional investors collectively own 87.18% of the company.
• ServiceNow reported quarterly earnings of $0.90 per share, beating estimates of $0.86, while revenue rose 24% year over year to $3.99 billion.
• Analysts maintain a generally positive view, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $143.76.

Flputnam Investment Management Co. bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 99,856 shares of the information technology services provider's stock, valued at approximately $9,914,000.

Other large investors have also modified their holdings of the company. Florida Financial Advisors LLC boosted its position in ServiceNow by 5.4% during the second quarter. Florida Financial Advisors LLC now owns 273 shares of the information technology services provider's stock worth $280,000 after acquiring an additional 14 shares during the last quarter. Clark Capital Management Group Inc. raised its holdings in ServiceNow by 3.6% in the 3rd quarter. Clark Capital Management Group Inc. now owns 514 shares of the information technology services provider's stock valued at $473,000 after acquiring an additional 18 shares during the last quarter. American Trust raised its holdings in ServiceNow by 1.8% in the 3rd quarter. American Trust now owns 1,029 shares of the information technology services provider's stock valued at $947,000 after acquiring an additional 18 shares during the last quarter. Morse Asset Management Inc lifted its stake in ServiceNow by 0.5% in the 2nd quarter. Morse Asset Management Inc now owns 3,488 shares of the information technology services provider's stock worth $3,586,000 after purchasing an additional 19 shares in the last quarter. Finally, CYBER HORNET ETFs LLC lifted its stake in ServiceNow by 3.7% in the 3rd quarter. CYBER HORNET ETFs LLC now owns 567 shares of the information technology services provider's stock worth $522,000 after purchasing an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Stock Up 0.1%

Shares of NOW opened at $124.08 on Monday. The company's 50-day moving average price is $107.08 and its 200 day moving average price is $105.59. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month 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. The firm has a market cap of $128.29 billion, a P/E ratio of 77.55, a price-to-earnings-growth ratio of 2.18 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, topping 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 company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.93 billion. During the same quarter last year, the firm posted $0.81 earnings per share. ServiceNow's revenue was up 24.0% compared to the same quarter last year. On average, sell-side analysts forecast that ServiceNow, Inc. will post 2.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on NOW shares. BMO Capital Markets upped their price target on ServiceNow from $115.00 to $118.00 and gave the company an "outperform" rating in a research report on Thursday, July 23rd. Jefferies Financial Group reiterated a "buy" rating and set a $140.00 price objective (up from $135.00) on shares of ServiceNow in a research report on Thursday, July 23rd. Canaccord Genuity Group lowered their price objective on ServiceNow from $200.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, April 23rd. The Goldman Sachs Group restated a "buy" rating on shares of ServiceNow in a report on Monday, August 3rd. Finally, DA Davidson set a $170.00 price target on ServiceNow and gave the stock a "buy" rating in a report on Monday, July 20th. One research 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 company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $143.76.

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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