Fluent Financial LLC Raises Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Fluent Financial LLC increased its ServiceNow holdings by 164.8% in the second quarter, owning 24,717 shares valued at approximately $2.45 million. Institutional investors collectively own 87.18% of the company.
• ServiceNow reported quarterly earnings of $0.90 per share, exceeding estimates of $0.86, while revenue rose 24% year over year to $3.99 billion.
• Analysts maintain a broadly positive view, with a consensus “Moderate Buy” rating and an average price target of $143.39, although company directors sold shares in recent transactions.

Fluent Financial LLC raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 164.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,717 shares of the information technology services provider's stock after purchasing an additional 15,382 shares during the quarter. ServiceNow accounts for 0.9% of Fluent Financial LLC's portfolio, making the stock its 25th largest position. Fluent Financial LLC's holdings in ServiceNow were worth $2,454,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of NOW. Vanguard Group Inc. increased its stake in shares of ServiceNow by 404.5% in the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider's stock worth $15,619,771,000 after buying an additional 81,752,460 shares during the last quarter. State Street Corp boosted its stake in ServiceNow by 406.6% during the 4th quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider's stock valued at $7,337,280,000 after acquiring an additional 38,441,898 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in ServiceNow by 371.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider's stock valued at $4,962,692,000 after acquiring an additional 25,517,218 shares during the last quarter. Geode Capital Management LLC grew its holdings in ServiceNow by 404.8% during the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider's stock worth $3,591,425,000 after acquiring an additional 18,854,775 shares in the last quarter. Finally, Morgan Stanley increased its position in shares of ServiceNow by 335.6% in the 4th quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider's stock worth $3,482,543,000 after purchasing an additional 17,514,679 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other ServiceNow news, Director Anita M. Sands sold 16,445 shares of the company's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the completion of the transaction, the director owned 30,090 shares in the company, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul Edward Chamberlain sold 1,500 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $87.23, for a total transaction of $130,845.00. Following the completion of the sale, the director owned 44,930 shares in the company, valued at $3,919,243.90. The trade was a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 18,993 shares of company stock worth $1,716,436. Insiders own 0.34% of the company's stock.

ServiceNow Stock Performance

Shares of NOW opened at $124.91 on Monday. The firm has a fifty day moving average of $106.73 and a 200-day moving average of $105.71. The company has a market cap of $129.16 billion, a price-to-earnings ratio of 78.07, a price-to-earnings-growth ratio of 2.20 and a beta of 0.94. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.04. The business had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The company's revenue for the quarter was up 24.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 EPS. As a group, equities analysts anticipate that ServiceNow, Inc. will post 2.24 earnings per share for the current year.

Analyst Ratings Changes

NOW has been the topic of several research analyst reports. Wolfe Research set a $125.00 price target on shares of ServiceNow in a research report on Thursday, April 23rd. Stifel Nicolaus cut their price objective on ServiceNow from $135.00 to $120.00 and set a "buy" rating on the stock in a research note on Thursday, April 23rd. Capital One Financial increased their target price on ServiceNow from $105.00 to $120.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. JPMorgan Chase & Co. lifted their target price on ServiceNow from $145.00 to $150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 23rd. Finally, Citic Securities decreased their target price on ServiceNow from $168.00 to $140.00 and set a "buy" rating for the company in a research report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $143.39.

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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