Flputnam Investment Management Co. Acquires New Stake in ServiceNow, Inc. $NOW

Flputnam Investment Management Co. bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 99,856 shares of the information technology services provider’s stock, valued at approximately $9,914,000.

Other institutional investors also recently bought and sold shares of the company. Covenant Asset Management LLC lifted its holdings in ServiceNow by 169.2% during the 4th quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider’s stock worth $3,196,000 after buying an additional 13,114 shares during the last quarter. Norges Bank purchased a new position in shares of ServiceNow in the 4th quarter valued at about $2,020,992,000. World Investment Advisors increased its holdings in shares of ServiceNow by 411.7% in the 4th quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock valued at $7,346,000 after acquiring an additional 38,583 shares during the last quarter. Moors & Cabot Inc. raised its position in shares of ServiceNow by 387.7% during the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock worth $6,990,000 after acquiring an additional 36,274 shares in the last quarter. Finally, Torray Investment Partners LLC raised its position in shares of ServiceNow by 390.5% during the 4th quarter. Torray Investment Partners LLC now owns 40,629 shares of the information technology services provider’s stock worth $6,224,000 after acquiring an additional 32,345 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on NOW shares. Morgan Stanley set a $180.00 price target on ServiceNow in a report on Tuesday, July 21st. Evercore reissued an “outperform” rating and set a $160.00 price objective on shares of ServiceNow in a report on Thursday, July 23rd. FBN Securities reduced their price objective on shares of ServiceNow from $160.00 to $120.00 in a research report on Thursday, April 23rd. Raymond James Financial reduced their price objective on shares of ServiceNow from $160.00 to $130.00 and set an “outperform” rating for the company in a research report on Thursday, April 23rd. Finally, Guggenheim raised shares of ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $143.76.

ServiceNow Trading Up 0.1%

NYSE:NOW opened at $124.08 on Monday. The stock’s 50 day moving average price is $107.08 and its 200 day moving average price is $105.59. The company has a market capitalization of $128.29 billion, a PE ratio of 77.55, a P/E/G ratio of 2.18 and a beta of 0.94. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $194.73.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS 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 company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. During the same quarter in the previous year, the company posted $0.81 earnings per share. The firm’s revenue was up 24.0% compared to the same quarter last year. On average, research analysts anticipate that ServiceNow, Inc. will post 2.24 EPS for the current 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.