Focus Partners Advisor Solutions LLC Boosts Position in ServiceNow, Inc. $NOW

Key Points

• Focus Partners Advisor Solutions LLC increased its holdings in ServiceNow, Inc. by 61.3% in the first quarter, now owning 2,608 shares valued at approximately $2.08 million.
• ServiceNow reported $4.09 earnings per share for the latest quarter, beating estimates, with a 22.4% year-over-year revenue increase to $3.22 billion.
• Several analysts raised their price targets for ServiceNow, with Raymond James increasing its target from $1,000.00 to $1,100.00 and Citigroup raising it from $1,160.00 to $1,234.00, contributing to a consensus rating of "Moderate Buy."

Focus Partners Advisor Solutions LLC grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 61.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,608 shares of the information technology services provider's stock after purchasing an additional 991 shares during the period. Focus Partners Advisor Solutions LLC's holdings in ServiceNow were worth $2,077,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. First Financial Bankshares Inc lifted its holdings in shares of ServiceNow by 22.5% during the 1st quarter. First Financial Bankshares Inc now owns 25,992 shares of the information technology services provider's stock valued at $20,693,000 after purchasing an additional 4,768 shares during the last quarter. Flputnam Investment Management Co. lifted its holdings in shares of ServiceNow by 903.1% during the 1st quarter. Flputnam Investment Management Co. now owns 9,881 shares of the information technology services provider's stock valued at $7,867,000 after purchasing an additional 8,896 shares during the last quarter. Cyrus J. Lawrence LLC purchased a new stake in shares of ServiceNow during the 1st quarter valued at $142,000. Quarry LP raised its stake in ServiceNow by 1,544.0% in the 1st quarter. Quarry LP now owns 411 shares of the information technology services provider's stock worth $327,000 after acquiring an additional 386 shares during the last quarter. Finally, Calton & Associates Inc. purchased a new position in ServiceNow in the 1st quarter worth $228,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of ServiceNow stock traded up $8.58 on Wednesday, reaching $920.00. The company's stock had a trading volume of 1,314,750 shares, compared to its average volume of 1,853,854. 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 company has a market capitalization of $191.36 billion, a P/E ratio of 115.87, a PEG ratio of 4.14 and a beta of 0.91. The stock has a 50-day moving average price of $941.28 and a 200-day moving average price of $924.12. 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 results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.13 EPS. Analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Raymond James Financial raised their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Guggenheim restated a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. JMP Securities restated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Monday, August 4th. Morgan Stanley restated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Finally, Citigroup raised their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Buying and Selling

In related news, insider Paul Fipps sold 1,452 shares of the business's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William R. Mcdermott sold 5,825 shares of the business'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 of the company's stock, valued at approximately $6,062,590.82. The trade was a 46.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock worth $17,049,775 in the last 90 days. 0.38% of the stock is owned by insiders.

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.