Flputnam Investment Management Co. Boosts Stock Position in ServiceNow, Inc. $NOW

Key Points

• Flputnam Investment Management Co. significantly increased its stake in ServiceNow, Inc. by 903.1%, acquiring an additional 8,896 shares, bringing its total holdings to 9,881 shares valued at approximately $7.87 million.
• ServiceNow's recent earnings report revealed an EPS of $4.09, exceeding estimates, alongside a revenue increase of 22.4% year-over-year, totaling $3.22 billion for the quarter.
• Stock analysts have raised their price targets for ServiceNow, with Wells Fargo setting a new target at $1,225, reflecting strong market confidence in the company's growth potential.

Flputnam Investment Management Co. boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 903.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,881 shares of the information technology services provider's stock after acquiring an additional 8,896 shares during the quarter. Flputnam Investment Management Co.'s holdings in ServiceNow were worth $7,867,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Haverford Trust Co grew its holdings in ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock valued at $936,000 after purchasing an additional 10 shares during the period. Edgemoor Investment Advisors Inc. grew its holdings in ServiceNow by 2.5% in the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after purchasing an additional 11 shares during the period. Integrated Investment Consultants LLC grew its holdings in ServiceNow by 2.5% in the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after purchasing an additional 11 shares during the period. one8zero8 LLC grew its holdings in ServiceNow by 3.2% in the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after purchasing an additional 11 shares during the period. Finally, Capital Investment Advisory Services LLC grew its holdings in ServiceNow by 2.1% in the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after purchasing an additional 12 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the sale, the chief executive officer owned 6,614 shares in the company, valued at $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anita M. Sands sold 1,097 shares of ServiceNow stock in a transaction on Friday, August 29th. The shares were 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 owned 9,307 shares in the company, valued at $8,516,928.77. This represents a 10.54% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,976 shares of company stock valued at $17,049,775. 0.38% of the stock is currently owned by company insiders.

ServiceNow Trading Up 0.9%

NYSE NOW traded up $8.58 on Wednesday, reaching $920.00. 1,314,750 shares of the company were exchanged, compared to its average volume of 1,853,854. The business's fifty day moving average price is $943.00 and its 200 day moving average price is $924.15. The stock has a market capitalization of $191.36 billion, a P/E ratio of 106.56, a price-to-earnings-growth ratio of 4.14 and a beta of 0.91. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09.

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

Wall Street Analyst Weigh In

Several analysts have commented on the company. Scotiabank set a $1,100.00 price objective on ServiceNow and gave the company an "outperform" rating in a report on Wednesday, May 7th. UBS Group dropped their price objective on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a report on Thursday, July 24th. JMP Securities reissued a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Monday, August 4th. Wall Street Zen lowered ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Barclays set a $1,210.00 price target on ServiceNow in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

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.