Focus Financial Network Inc. Reduces Holdings in ServiceNow, Inc. $NOW

Key Points

• Focus Financial Network Inc. reduced its stake in ServiceNow by 6.6% during the second quarter, now holding 19,289 shares valued at approximately $19.83 million, making it the company's 23rd largest holding.
• ServiceNow's stock has received positive ratings from analysts, with Oppenheimer increasing its price target from $1,100 to $1,150 and Cantor Fitzgerald setting a target of $1,200, reflecting overall optimism about the company's performance.
• Insiders at ServiceNow have been selling shares, with notable transactions including CEO William R. McDermott selling 5,825 shares for over $5.33 million, indicating potential shifts in insider sentiment.

Focus Financial Network Inc. cut its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,289 shares of the information technology services provider's stock after selling 1,356 shares during the quarter. ServiceNow makes up 0.8% of Focus Financial Network Inc.'s holdings, making the stock its 23rd biggest holding. Focus Financial Network Inc.'s holdings in ServiceNow were worth $19,831,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Wealth Preservation Advisors LLC acquired a new stake in shares of ServiceNow during the first quarter valued at about $382,000. Corient IA LLC acquired a new stake in shares of ServiceNow during the first quarter valued at about $796,000. Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of ServiceNow during the first quarter valued at about $1,820,000. Goldman Sachs Group Inc. boosted its stake in shares of ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after purchasing an additional 840,731 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. acquired a new stake in shares of ServiceNow during the first quarter valued at about $19,278,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 1,097 shares of the company's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the transaction, the director owned 9,307 shares in the company, valued at $8,516,928.77. This represents a 10.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Fipps sold 1,452 shares of the company'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 transaction, the insider owned 457 shares of the company's stock, valued at $409,037.85. This trade represents a 76.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock valued at $17,049,775 in the last three months. Insiders own 0.38% of the company's stock.

ServiceNow Trading Up 1.6%

NOW traded up $15.47 during trading on Friday, hitting $963.21. The company's stock had a trading volume of 2,806,372 shares, compared to its average volume of 1,416,023. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. 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 stock's fifty day moving average price is $922.60 and its 200-day moving average price is $923.38. The firm has a market capitalization of $200.35 billion, a P/E ratio of 121.31, a PEG ratio of 4.27 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's revenue was up 22.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.13 earnings per share. Analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NOW. Bank of America lifted their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" 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 reaffirmed a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a research note on Thursday, July 17th. UBS Group cut their price objective on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a research note on Thursday, July 24th. Finally, Jefferies Financial Group lifted their price objective 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. One equities research 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's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

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.