Abacus FCF Advisors LLC Purchases 918 Shares of ServiceNow, Inc. $NOW

Key Points

• Abacus FCF Advisors LLC increased its stake in ServiceNow by 6.1%, owning 15,896 shares valued at approximately $16.34 million.
• ServiceNow reported earnings of $4.09 per share, exceeding expectations by $0.52, with quarterly revenue growth of 22.4% year-over-year.
• Despite a recent downgrade by Wall Street Zen, multiple analysts have set a consensus price target for ServiceNow at approximately $1,115.20, reflecting a generally positive outlook.

Abacus FCF Advisors LLC raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,896 shares of the information technology services provider's stock after buying an additional 918 shares during the quarter. ServiceNow comprises 2.3% of Abacus FCF Advisors LLC's investment portfolio, making the stock its 18th largest holding. Abacus FCF Advisors LLC's holdings in ServiceNow were worth $16,342,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of ServiceNow by 1.6% in the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after purchasing 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 ServiceNow by 7.1% in 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 buying an additional 188,292 shares during the last quarter. GAMMA Investing LLC increased its position in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after buying an additional 2,686,291 shares during the last quarter. Nuveen LLC bought a new position in shares of ServiceNow in the first quarter worth $1,817,535,000. Finally, Alliancebernstein L.P. lifted its stake in 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 during the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Up 1.6%

NOW traded up $15.47 during trading hours on Friday, reaching $963.21. 2,806,372 shares of the stock traded hands, compared to its average volume of 1,502,164. The firm's fifty day simple moving average is $922.60 and its two-hundred day simple moving average is $923.83. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The company has a market cap of $200.35 billion, a price-to-earnings ratio of 121.31, a PEG ratio of 4.33 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.52. The company 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 business's revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.13 EPS. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. This represents a 28.16% 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 firm's stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 6,614 shares of the company's stock, valued at $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. 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 quarter. 0.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on NOW. Jefferies Financial Group lifted their price target on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. UBS Group reduced their target price on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a report on Thursday, July 24th. Oppenheimer restated an "outperform" rating and issued a $1,150.00 price target (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. Raymond James Financial upped their price objective on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Finally, Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. One investment 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 company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

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.