Focus Partners Wealth Purchases 3,846 Shares of ServiceNow, Inc. $NOW

Key Points

• Focus Partners Wealth increased its stake in ServiceNow, Inc. by 3.1%, acquiring an additional 3,846 shares, bringing their total holdings to 128,973 shares valued at approximately $102.7 million.
• ServiceNow reported a quarterly earnings per share (EPS) of $4.09, exceeding analysts' expectations of $3.57, with revenues also surpassing forecasts at $3.22 billion, marking a year-over-year revenue growth of 22.4%.
• The stock has a market capitalization of $194.37 billion and currently trades at around $934.46, with analysts offering a consensus price target of approximately $1,115.20.

Focus Partners Wealth grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 128,973 shares of the information technology services provider's stock after buying an additional 3,846 shares during the period. Focus Partners Wealth owned 0.06% of ServiceNow worth $102,682,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Wealth Preservation Advisors LLC purchased a new position in shares of ServiceNow during the first quarter valued at approximately $382,000. Corient IA LLC purchased a new stake in ServiceNow in the first quarter worth $796,000. Parr Mcknight Wealth Management Group LLC purchased a new stake in ServiceNow in the first quarter worth $1,820,000. ASR Vermogensbeheer N.V. purchased a new stake in ServiceNow in the first quarter worth $19,278,000. Finally, Goldman Sachs Group Inc. grew its stake in ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after purchasing an additional 840,731 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NOW. Citigroup upped their price target 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. Raymond James Financial upped their price target 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. FBN Securities raised ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Guggenheim reissued a "sell" rating and issued a $724.00 target price on shares of ServiceNow in a research note on Thursday, July 17th. Finally, Piper Sandler increased their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Stock Down 0.9%

Shares of NYSE NOW traded down $8.24 during trading on Friday, reaching $930.04. The company had a trading volume of 711,066 shares, compared to its average volume of 1,699,172. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The stock has a market cap of $193.45 billion, a PE ratio of 117.13, a P/E/G ratio of 4.17 and a beta of 0.91. The business's 50-day moving average is $929.66 and its 200 day moving average is $922.41. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last announced 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 the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's quarterly revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.13 earnings per share. As a group, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jacqueline P. Canney sold 1,562 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the transaction, the insider directly owned 3,027 shares of the company's stock, valued at $2,622,744.15. This represents a 34.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer directly owned 12,228 shares in the company, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,976 shares of company stock valued at $17,049,775. Corporate insiders own 0.38% of the company's stock.

ServiceNow 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.