ServiceNow, Inc. $NOW Shares Newly Purchased by Focused Alpha LLC

Focused Alpha LLC acquired a new stake in ServiceNow, Inc. (NYSE:NOW) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,496 shares of the information technology services provider’s stock, valued at approximately $737,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. purchased a new stake in ServiceNow during the second quarter worth approximately $9,536,615,000. Bank of New York Mellon Corp acquired a new position in ServiceNow in the second quarter valued at approximately $712,573,000. Legal & General Group Plc purchased a new position in ServiceNow in the second quarter valued at approximately $641,888,000. Bank of America Corp DE purchased a new position in ServiceNow in the second quarter valued at approximately $627,355,000. Finally, Deutsche Bank AG acquired a new stake in ServiceNow during the second quarter worth approximately $595,157,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Up 2.3%

NOW stock opened at $145.30 on Tuesday. The company has a market cap of $150.24 billion, a price-to-earnings ratio of 74.41, a price-to-earnings-growth ratio of 2.61 and a beta of 0.99. The company has a fifty day moving average price of $135.56 and a 200 day moving average price of $114.01. 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 12 month low of $81.24 and a 12 month high of $192.97.

ServiceNow (NYSE:NOW) 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, topping the consensus estimate of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.93 billion. During the same period last year, the firm posted $0.81 EPS. ServiceNow’s revenue for the quarter was up 24.0% on a year-over-year basis. Sell-side analysts expect that ServiceNow, Inc. will post 2.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on NOW shares. Yorkville Ives assumed coverage on shares of ServiceNow in a research report on Monday, October 5th. They set an “outperform” rating and a $160.00 price objective for the company. Cantor Fitzgerald lifted their price target on shares of ServiceNow from $141.00 to $174.00 and gave the stock an “overweight” rating in a research note on Monday, September 21st. Argus boosted their price target on shares of ServiceNow from $134.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, October 7th. Bank of America boosted their price target on shares of ServiceNow from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, August 19th. Finally, Needham & Company LLC upped their price objective on shares of ServiceNow from $115.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $152.29.

Insider Activity at ServiceNow

In other news, insider Paul Fipps sold 2,034 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $147.87, for a total value of $300,767.58. Following the transaction, the insider owned 18,305 shares of the company’s stock, valued at approximately $2,706,760.35. The trade was a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline P. Canney sold 7,847 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $138.00, for a total value of $1,082,886.00. Following the sale, the insider owned 30,042 shares of the company’s stock, valued at $4,145,796. This trade represents a 20.71% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 14,081 shares of company stock worth $1,937,904 in the last quarter. Company insiders own 0.34% of the company’s stock.

About ServiceNow

ServiceNow, Inc provides cloud-based software designed to help organizations digitize, automate and manage enterprise workflows. Its Now Platform connects people, processes and systems across departments, enabling customers to manage work through a centralized technology environment.

The company’s products and services address a range of business needs, including information technology service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance, and application development.