Focus Partners Advisor Solutions LLC Makes New Investment in ServiceNow, Inc. $NOW

Focus Partners Advisor Solutions LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 23,071 shares of the information technology services provider's stock, valued at approximately $2,291,000.

Several other hedge funds have also modified their holdings of the business. Covenant Asset Management LLC raised its holdings in ServiceNow by 169.2% during the fourth quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider's stock worth $3,196,000 after purchasing an additional 13,114 shares during the last quarter. Norges Bank acquired a new stake in ServiceNow in the fourth quarter valued at $2,020,992,000. World Investment Advisors increased its position in shares of ServiceNow by 411.7% in the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider's stock valued at $7,346,000 after buying an additional 38,583 shares in the last quarter. Moors & Cabot Inc. increased its position in shares of ServiceNow by 387.7% in the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider's stock valued at $6,990,000 after buying an additional 36,274 shares in the last quarter. Finally, Torray Investment Partners LLC raised its stake in shares of ServiceNow by 390.5% during the 4th quarter. Torray Investment Partners LLC now owns 40,629 shares of the information technology services provider's stock worth $6,224,000 after buying an additional 32,345 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Paul Fipps sold 1,048 shares of the company's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $98.51, for a total transaction of $103,238.48. Following the transaction, the insider owned 12,072 shares of the company's stock, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NOW shares. Guggenheim upgraded shares of ServiceNow from a "neutral" rating to a "buy" rating and set a $125.00 price objective on the stock in a research report on Wednesday, July 1st. Needham & Company LLC restated a "buy" rating and set a $115.00 target price on shares of ServiceNow in a research report on Thursday, July 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $130.00 price target on shares of ServiceNow in a report on Thursday, July 23rd. Robert W. Baird increased their price target on shares of ServiceNow from $118.00 to $125.00 and gave the company an "outperform" rating in a research report on Thursday, July 23rd. Finally, Mizuho dropped their price objective on shares of ServiceNow from $150.00 to $140.00 and set an "outperform" rating for the company in a research note on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $143.76.

ServiceNow Trading Down 2.5%

Shares of NOW stock opened at $124.08 on Friday. The company has a market capitalization of $128.29 billion, a price-to-earnings ratio of 77.55, a PEG ratio of 2.18 and a beta of 0.94. 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 50-day moving average price of $107.08 and a 200 day moving average price of $105.80. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.04. The company 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 firm's revenue for the quarter was up 24.0% compared to the same quarter last year. During the same period last year, the company earned $0.81 EPS. Research analysts forecast that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source