Focus Partners Advisor Solutions LLC Increases Holdings in ServiceNow, Inc. $NOW

Key Points

• Focus Partners Advisor Solutions LLC increased its holdings in ServiceNow, Inc. by 11.2%, now owning 2,899 shares valued at approximately $2,980,000.
• ServiceNow's recent quarterly earnings exceeded analysts' expectations with an EPS of $4.09 and revenue of $3.22 billion, representing a 22.4% year-over-year increase.
• Insider selling occurred, with CEO William R. Mcdermott selling 5,825 shares, reducing his stake by 46.83%.

Focus Partners Advisor Solutions LLC grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 11.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,899 shares of the information technology services provider's stock after buying an additional 291 shares during the period. Focus Partners Advisor Solutions LLC's holdings in ServiceNow were worth $2,980,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in ServiceNow by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after buying an additional 297,734 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of ServiceNow by 7.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock worth $2,263,519,000 after purchasing an additional 188,292 shares in the last quarter. Nuveen LLC acquired a new stake in shares of ServiceNow during the first quarter worth about $1,817,535,000. Alliancebernstein L.P. increased its position in shares of ServiceNow by 16.2% during the first quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider's stock worth $1,379,461,000 after purchasing an additional 242,132 shares in the last quarter. Finally, Amundi increased its position in shares of ServiceNow by 61.9% during the first quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock worth $1,269,777,000 after purchasing an additional 626,623 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Down 1.0%

NOW stock opened at $929.77 on Friday. The company has a market cap of $193.39 billion, a price-to-earnings ratio of 117.10, a PEG ratio of 4.19 and a beta of 0.92. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $917.85 and a 200-day simple moving average of $942.45. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 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 EPS for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business's revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the prior year, the firm posted $3.13 EPS. On average, equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 5,825 shares of the company's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the sale, the chief executive officer directly owned 6,614 shares in the company, valued at $6,062,590.82. This represents a 46.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Paul Fipps sold 1,452 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total value of $1,299,612.60. Following the sale, the insider owned 457 shares of the company's stock, valued at approximately $409,037.85. The trade was a 76.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,737 shares of company stock worth $16,798,825. 0.38% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on NOW. Needham & Company LLC lifted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Piper Sandler lifted their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Cowen reaffirmed a "buy" rating on shares of ServiceNow in a report on Friday. Wall Street Zen raised ServiceNow from a "hold" rating to a "buy" rating in a research note on Saturday, October 18th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and a consensus target price of $1,124.17.

About ServiceNow

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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