FORA Capital LLC Acquires 8,716 Shares of ServiceNow, Inc. $NOW

Key Points

• FORA Capital LLC increased its stake in ServiceNow, Inc. by 139.7%, acquiring an additional 8,716 shares, which now makes up about 1.2% of its investment portfolio, valued at approximately $11.9 million.
• ServiceNow reported a 22.4% year-over-year revenue growth with earnings per share (EPS) of $4.09, surpassing analysts' expectations of $3.57.
• Institutional investors hold 87.18% of ServiceNow's stock, with multiple firms, including Avalon Global and Kayne Anderson Rudnick, significantly increasing their positions in the first quarter.

FORA Capital LLC increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 139.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,953 shares of the information technology services provider's stock after purchasing an additional 8,716 shares during the quarter. ServiceNow accounts for approximately 1.2% of FORA Capital LLC's portfolio, making the stock its 9th biggest position. FORA Capital LLC's holdings in ServiceNow were worth $11,905,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bogart Wealth LLC raised its stake in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 17 shares during the period. Graybill Wealth Management LTD. acquired a new stake in ServiceNow in the 1st quarter valued at approximately $26,000. Quarry LP purchased a new stake in ServiceNow in the fourth quarter valued at approximately $27,000. WASHINGTON TRUST Co lifted its stake in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares in the last quarter. Finally, Dagco Inc. acquired a new stake in shares of ServiceNow in the first quarter valued at $33,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NOW. Citigroup increased 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. Scotiabank set a $1,100.00 price target on shares of ServiceNow and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. Truist Financial raised shares of ServiceNow from a "hold" rating to a "buy" rating and raised their price objective for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Erste Group Bank restated a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Finally, JMP Securities reiterated a "market outperform" rating and set a $1,300.00 target price on shares of ServiceNow in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

Insider Activity

In other news, insider Jacqueline P. Canney sold 1,562 shares of ServiceNow stock in a transaction dated 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 sale, the insider owned 3,027 shares in the company, valued at approximately $2,622,744.15. The trade was a 34.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction dated 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 completion of the sale, the chief financial officer directly owned 12,228 shares of the company's stock, valued at $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. Insiders sold 15,668 shares of company stock worth $14,373,737 over the last three months. Company insiders own 0.38% of the company's stock.

ServiceNow Stock Up 4.6%

NOW stock traded up $40.82 during trading on Thursday, hitting $928.80. 3,042,967 shares of the company's stock were exchanged, compared to its average volume of 1,869,002. The business has a 50-day moving average price of $947.94 and a two-hundred day moving average price of $926.80. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $193.19 billion, a price-to-earnings ratio of 103.13, a PEG ratio of 4.01 and a beta of 0.93. 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 announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm's revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the firm posted $3.13 earnings per share. As a group, equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.