Focus Financial Network Inc. Grows Stock Position in ServiceNow, Inc. (NYSE:NOW)

Focus Financial Network Inc. increased its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 17.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,645 shares of the information technology services provider's stock after acquiring an additional 3,028 shares during the quarter. Focus Financial Network Inc.'s holdings in ServiceNow were worth $16,436,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of NOW. GAMMA Investing LLC raised its holdings in shares of 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 valued at $2,141,108,000 after buying an additional 2,686,291 shares during the last quarter. Norges Bank acquired a new position in ServiceNow in the 4th quarter valued at about $2,603,360,000. Proficio Capital Partners LLC raised its stake in ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock valued at $667,000 after acquiring an additional 666,383 shares during the last quarter. Alphinity Investment Management Pty Ltd purchased a new position in shares of ServiceNow in the 4th quarter valued at approximately $682,468,000. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after purchasing an additional 509,467 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on NOW shares. Royal Bank of Canada increased their price target on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. JMP Securities restated a "market outperform" rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Tuesday, May 6th. Bank of America dropped their price target on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. BMO Capital Markets increased their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock an "outperform" rating in a report on Wednesday, May 14th. Finally, Wall Street Zen lowered ServiceNow from a "buy" rating to a "hold" rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $1,062.50.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of ServiceNow stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the transaction, the insider now owns 3,000 shares in the company, valued at approximately $3,060,000. The trade was a 28.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anita M. Sands sold 248 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $1,009.14, for a total value of $250,266.72. Following the completion of the sale, the director now owns 10,643 shares of the company's stock, valued at approximately $10,740,277.02. This represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Trading Up 0.2%

Shares of NOW traded up $1.70 during trading hours on Thursday, hitting $1,006.03. The stock had a trading volume of 846,899 shares, compared to its average volume of 1,480,445. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The firm has a market cap of $208.23 billion, a P/E ratio of 147.30, a P/E/G ratio of 4.51 and a beta of 0.95. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company's fifty day simple moving average is $939.30 and its 200 day simple moving average is $974.01.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping analysts' consensus estimates of $3.78 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The company's quarterly revenue was up 18.6% compared to the same quarter last year. During the same period last year, the business posted $3.41 EPS. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal 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.