Focus Financial Network Inc. Has $9.69 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Focus Financial Network Inc. increased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 5.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,158 shares of the information technology services provider’s stock after purchasing an additional 678 shares during the quarter. Focus Financial Network Inc.’s holdings in ServiceNow were worth $9,685,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Creekmur Asset Management LLC purchased a new position in ServiceNow during the first quarter worth about $25,000. Versant Capital Management Inc raised its position in ServiceNow by 466.7% in the second quarter. Versant Capital Management Inc now owns 34 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 28 shares during the period. EntryPoint Capital LLC raised its position in ServiceNow by 3,900.0% in the first quarter. EntryPoint Capital LLC now owns 40 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 39 shares during the period. University of Texas Texas AM Investment Managment Co. bought a new stake in ServiceNow in the fourth quarter worth about $29,000. Finally, Sachetta LLC bought a new stake in ServiceNow in the fourth quarter worth about $35,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NOW. TD Cowen lifted their price objective on shares of ServiceNow from $870.00 to $900.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $920.00 to $935.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Truist Financial lifted their price objective on shares of ServiceNow from $750.00 to $780.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Morgan Stanley boosted their price target on shares of ServiceNow from $814.00 to $830.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Finally, JPMorgan Chase & Co. boosted their price target on shares of ServiceNow from $780.00 to $820.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $849.62.

ServiceNow Price Performance

NOW stock traded up $5.34 during midday trading on Tuesday, reaching $838.22. The company had a trading volume of 784,660 shares, compared to its average volume of 1,314,847. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow, Inc. has a 1 year low of $527.24 and a 1 year high of $850.33. The company has a market capitalization of $171.84 billion, a P/E ratio of 89.60, a P/E/G ratio of 4.82 and a beta of 0.99. The firm has a 50-day moving average price of $772.92 and a 200-day moving average price of $757.59.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 EPS for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter in the previous year, the company earned $0.77 EPS. The business’s quarterly revenue was up 22.2% compared to the same quarter last year. On average, research analysts anticipate that ServiceNow, Inc. will post 6.84 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Kevin Thomas Mcbride sold 100 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $825.00, for a total value of $82,500.00. Following the completion of the sale, the insider now owns 2,994 shares of the company’s stock, valued at approximately $2,470,050. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other ServiceNow news, General Counsel Russell S. Elmer sold 1,937 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total transaction of $1,510,491.97. Following the completion of the sale, the general counsel now owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kevin Thomas Mcbride sold 100 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $825.00, for a total transaction of $82,500.00. Following the sale, the insider now directly owns 2,994 shares of the company’s stock, valued at approximately $2,470,050. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,576 shares of company stock valued at $7,296,716. Corporate insiders own 0.25% of the company’s stock.

About ServiceNow

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.