Uniting Wealth Partners LLC Acquires New Holdings in ServiceNow, Inc. $NOW

Key Points

• Uniting Wealth Partners acquired 11,428 ServiceNow shares in the second quarter, valued at approximately $1.14 million. Institutional investors collectively own 87.18% of the company.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $143.76, despite some firms reducing their targets.
• ServiceNow exceeded quarterly expectations, reporting adjusted earnings of $0.90 per share versus $0.86 expected and revenue of $3.99 billion, up 24% year over year.

Uniting Wealth Partners LLC acquired a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 11,428 shares of the information technology services provider's stock, valued at approximately $1,135,000.

A number of other hedge funds also recently bought and sold shares of NOW. Vanguard Group Inc. increased its holdings in shares of ServiceNow by 404.5% in the 4th 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 raised its position in shares of ServiceNow by 406.6% in the 4th quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider's stock worth $7,337,280,000 after acquiring an additional 38,441,898 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of 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 stake in shares of 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 worth $3,591,425,000 after purchasing an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley boosted its position in ServiceNow by 335.6% during the fourth 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 in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Raymond James Financial cut their target price on ServiceNow from $160.00 to $130.00 and set an "outperform" rating on the stock in a research note on Thursday, April 23rd. Barclays reissued an "overweight" rating and set a $134.00 price target (up from $132.00) on shares of ServiceNow in a research report on Tuesday, May 5th. Citigroup restated a "market outperform" rating on shares of ServiceNow in a report on Thursday, July 23rd. Benchmark reaffirmed a "buy" rating on shares of ServiceNow in a research report on Friday, July 17th. Finally, Argus reduced their price objective on shares of ServiceNow from $180.00 to $134.00 and set a "buy" rating for the company in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $143.76.

ServiceNow Trading Up 0.1%

Shares of NYSE:NOW opened at $124.08 on Monday. The business's 50-day moving average is $107.08 and its 200 day moving average is $105.59. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $194.73. The firm has a market capitalization of $128.29 billion, a P/E ratio of 77.55, a P/E/G ratio of 2.18 and a beta of 0.94.

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

About ServiceNow

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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