Trifecta Capital Advisors LLC Makes New $4.05 Million Investment in ServiceNow, Inc. $NOW

Key Points

• Trifecta Capital Advisors purchased 40,819 ServiceNow shares worth approximately $4.05 million during the second quarter. Institutional investors and hedge funds collectively own 87.18% of the company.
• Analysts maintain a broadly positive outlook, with 36 Buy ratings, one Strong Buy, two Holds and three Sells; the consensus rating is “Moderate Buy” with a $143.76 price target.
• ServiceNow exceeded quarterly expectations, reporting $0.90 in EPS versus $0.86 expected and $3.99 billion in revenue, up 24% year over year.

Trifecta Capital Advisors LLC acquired a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 40,819 shares of the information technology services provider's stock, valued at approximately $4,053,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of ServiceNow by 404.5% during the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider's stock valued at $15,619,771,000 after acquiring an additional 81,752,460 shares during the period. State Street Corp increased its position in ServiceNow by 406.6% in the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider's stock worth $7,337,280,000 after purchasing an additional 38,441,898 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in ServiceNow by 371.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider's stock worth $4,962,692,000 after purchasing an additional 25,517,218 shares during the last quarter. Geode Capital Management LLC lifted its position in ServiceNow by 404.8% during the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider's stock valued at $3,591,425,000 after purchasing an additional 18,854,775 shares during the period. Finally, Morgan Stanley boosted its stake in shares of ServiceNow by 335.6% in the 4th quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider's stock valued at $3,482,543,000 after purchasing an additional 17,514,679 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of recent analyst reports. Argus lowered their price objective on shares of ServiceNow from $180.00 to $134.00 and set a "buy" rating for the company in a research report on Friday, April 24th. Citigroup reissued a "market outperform" rating on shares of ServiceNow in a research note on Thursday, July 23rd. Canaccord Genuity Group lowered their price target on ServiceNow from $200.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, April 23rd. Jefferies Financial Group reiterated a "buy" rating and set a $140.00 price objective (up from $135.00) on shares of ServiceNow in a report on Thursday, July 23rd. Finally, Benchmark reiterated a "buy" rating on shares of ServiceNow in a research report on Friday, July 17th. One research 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 given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $143.76.

Insider Activity

In related news, insider Paul Fipps sold 1,048 shares of ServiceNow stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the sale, the insider owned 12,072 shares of the company's stock, valued at approximately $1,189,212.72. This trade represents a 7.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 Price Performance

NOW stock opened at $124.08 on Friday. The stock has a 50-day moving average price of $107.08 and a two-hundred day moving average price of $105.80. The stock has a market cap of $128.29 billion, a PE ratio of 77.55, a price-to-earnings-growth ratio of 2.24 and a beta of 0.94. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results 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 firm 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 company's revenue for the quarter was up 24.0% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. Equities analysts forecast 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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