Stoneridge Investment Partners LLC Makes New $1.40 Million Investment in ServiceNow, Inc. $NOW

Key Points

• Stoneridge Investment Partners purchased 12,597 ServiceNow shares worth approximately $1.40 million during the second quarter, making the stock 0.9% of its portfolio.
• Institutional investors own 87.18% of ServiceNow, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $143.76.
• ServiceNow exceeded quarterly expectations, reporting $0.90 in earnings per share and $3.99 billion in revenue, with revenue growing 24% year over year.

Stoneridge Investment Partners LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 12,597 shares of the information technology services provider's stock, valued at approximately $1,401,000. ServiceNow accounts for approximately 0.9% of Stoneridge Investment Partners LLC's investment portfolio, making the stock its 20th biggest position.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Millstone Evans Group LLC increased its holdings in ServiceNow by 400.0% in the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after buying an additional 132 shares in the last quarter. CBIZ Investment Advisory Services LLC boosted its stake in shares of ServiceNow by 540.0% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 135 shares in the last quarter. Blueline Advisors LLC acquired a new stake in shares of ServiceNow in the 4th quarter worth approximately $25,000. Measured Wealth Private Client Group LLC grew its holdings in shares of ServiceNow by 560.0% in the 4th quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 140 shares during the period. Finally, Wealth Watch Advisors INC grew its holdings in shares of ServiceNow by 432.3% in the 4th quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 134 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on NOW shares. Argus reduced their price objective on ServiceNow from $180.00 to $134.00 and set a "buy" rating for the company in a report on Friday, April 24th. Weiss Ratings lowered ServiceNow from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, July 10th. Barclays restated an "overweight" rating and issued a $134.00 price target (up from $132.00) on shares of ServiceNow in a research report on Tuesday, May 5th. TD Cowen reiterated a "buy" rating and issued a $140.00 price objective on shares of ServiceNow in a research report on Friday, July 17th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $130.00 price objective on shares of ServiceNow in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $143.76.

Insiders Place Their Bets

In related news, insider Paul Fipps sold 1,048 shares of the business's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $98.51, for a total value of $103,238.48. Following the completion of the transaction, the insider owned 12,072 shares of the company's stock, valued at approximately $1,189,212.72. The trade was a 7.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.34% of the company's stock.

ServiceNow Stock Performance

ServiceNow stock opened at $124.08 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a fifty day moving average of $107.08 and a two-hundred day moving average of $105.80. The company has a market capitalization of $128.29 billion, a price-to-earnings ratio of 77.55, a PEG ratio of 2.18 and a beta of 0.94. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.04. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The business's revenue was up 24.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 earnings per share. On average, analysts anticipate that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

ServiceNow Profile

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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