Firetrail Investments PTY Ltd. Takes $5.63 Million Position in ServiceNow, Inc. $NOW

Firetrail Investments PTY Ltd. bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the 2nd quarter, Holdings Channel.com reports. The firm bought 57,097 shares of the information technology services provider’s stock, valued at approximately $5,634,000. ServiceNow makes up approximately 1.6% of Firetrail Investments PTY Ltd.’s holdings, making the stock its 26th largest position.

Other hedge funds have also recently bought and sold shares of the company. Millstone Evans Group LLC lifted its holdings in ServiceNow by 400.0% in the 4th quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 132 shares during the last quarter. CBIZ Investment Advisory Services LLC grew its stake in shares of ServiceNow by 540.0% in the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 135 shares during the last quarter. Blueline Advisors LLC acquired a new position in shares of ServiceNow in the 4th quarter worth approximately $25,000. Measured Wealth Private Client Group LLC raised its holdings in shares of ServiceNow by 560.0% in the 4th quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 140 shares in the last quarter. Finally, Wealth Watch Advisors INC raised its holdings in shares of ServiceNow by 432.3% in the 4th quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 134 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Price Performance

NOW opened at $124.08 on Monday. The firm has a market capitalization of $128.29 billion, a P/E ratio of 77.55, a PEG ratio of 2.18 and a beta of 0.94. The stock has a fifty day moving average of $107.08 and a 200-day moving average of $105.59. 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 12-month low of $81.24 and a 12-month high of $194.73.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.ServiceNow’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.81 earnings per share. Equities analysts forecast that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NOW has been the subject of several recent research reports. Wells Fargo & Company reissued an “overweight” rating and set a $175.00 target price (up from $160.00) on shares of ServiceNow in a research note on Wednesday. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $130.00 price target on shares of ServiceNow in a report on Thursday, July 23rd. Argus cut their price objective on ServiceNow from $180.00 to $134.00 and set a “buy” rating for the company in a research report on Friday, April 24th. JPMorgan Chase & Co. raised their price objective on ServiceNow from $145.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, July 23rd. Finally, Guggenheim raised 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 research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $143.76.

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.