Flputnam Investment Management Co. Trims Stake in ServiceNow, Inc. (NYSE:NOW)

Flputnam Investment Management Co. reduced its position in shares of ServiceNow, Inc. (NYSE:NOW) by 1.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 950 shares of the information technology services provider’s stock after selling 18 shares during the period. Flputnam Investment Management Co.’s holdings in ServiceNow were worth $671,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in NOW. Sandbox Financial Partners LLC grew its position in ServiceNow by 8.6% in the fourth quarter. Sandbox Financial Partners LLC now owns 835 shares of the information technology services provider’s stock worth $590,000 after acquiring an additional 66 shares in the last quarter. Raymond James & Associates grew its position in ServiceNow by 5.9% in the fourth quarter. Raymond James & Associates now owns 331,406 shares of the information technology services provider’s stock worth $234,135,000 after acquiring an additional 18,442 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in ServiceNow by 15.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 25,726 shares of the information technology services provider’s stock worth $18,175,000 after purchasing an additional 3,438 shares during the last quarter. Fifth Third Bancorp lifted its stake in ServiceNow by 4.7% in the fourth quarter. Fifth Third Bancorp now owns 70,150 shares of the information technology services provider’s stock worth $49,560,000 after purchasing an additional 3,154 shares during the last quarter. Finally, F M Investments LLC bought a new stake in ServiceNow in the third quarter worth $1,624,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research reports. The Goldman Sachs Group increased their price target on shares of ServiceNow from $800.00 to $910.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. KeyCorp started coverage on shares of ServiceNow in a research report on Thursday, March 21st. They issued an “overweight” rating and a $1,000.00 price target on the stock. Citigroup raised their price objective on shares of ServiceNow from $862.00 to $896.00 and gave the company a “buy” rating in a research report on Friday, January 26th. Oppenheimer raised their target price on shares of ServiceNow from $750.00 to $800.00 and gave the company an “outperform” rating in a research note on Thursday, January 18th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $820.00 target price on shares of ServiceNow in a research note on Wednesday, March 20th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $780.00.

Insider Activity

In related news, insider Paul John Smith sold 1,180 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total value of $905,201.60. Following the sale, the insider now owns 1,392 shares of the company’s stock, valued at $1,067,831.04. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other ServiceNow news, insider Paul John Smith sold 1,180 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $767.12, for a total transaction of $905,201.60. Following the sale, the insider now owns 1,392 shares of the company’s stock, valued at $1,067,831.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 5,030 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total transaction of $3,787,992.40. Following the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at approximately $12,935,655.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,164 shares of company stock valued at $9,940,303. 0.25% of the stock is currently owned by company insiders.

ServiceNow Trading Down 1.2 %

Shares of NOW stock opened at $735.68 on Thursday. The company has a 50-day moving average of $767.53 and a two-hundred day moving average of $700.42. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.06 and a quick ratio of 1.06. ServiceNow, Inc. has a 1-year low of $427.68 and a 1-year high of $815.32. The firm has a market cap of $151.09 billion, a PE ratio of 87.48, a price-to-earnings-growth ratio of 4.71 and a beta of 0.97.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, beating the consensus estimate of $2.77 by $0.34. ServiceNow had a net margin of 19.30% and a return on equity of 11.85%. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same quarter last year, the firm posted $0.88 earnings per share. The business’s revenue for the quarter was up 25.6% compared to the same quarter last year. On average, analysts predict that ServiceNow, Inc. will post 6.16 EPS for the current year.

ServiceNow Company 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.