Envestnet Portfolio Solutions Inc. Grows Stake in ServiceNow, Inc. (NYSE:NOW)

Envestnet Portfolio Solutions Inc. raised its stake in ServiceNow, Inc. (NYSE:NOW) by 5.7% during the second quarter, Holdings Channel reports. The fund owned 26,725 shares of the information technology services provider’s stock after buying an additional 1,445 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in ServiceNow were worth $21,024,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. GPS Wealth Strategies Group LLC boosted its stake in ServiceNow by 4.9% in the second quarter. GPS Wealth Strategies Group LLC now owns 8,336 shares of the information technology services provider’s stock valued at $6,558,000 after acquiring an additional 389 shares during the last quarter. ORG Partners LLC boosted its stake in ServiceNow by 1,623.8% in the second quarter. ORG Partners LLC now owns 724 shares of the information technology services provider’s stock valued at $571,000 after acquiring an additional 682 shares during the last quarter. Deltec Asset Management LLC purchased a new position in ServiceNow in the second quarter valued at about $971,000. Monetary Management Group Inc. boosted its stake in ServiceNow by 14.1% in the second quarter. Monetary Management Group Inc. now owns 1,010 shares of the information technology services provider’s stock valued at $795,000 after acquiring an additional 125 shares during the last quarter. Finally, Great Valley Advisor Group Inc. boosted its stake in ServiceNow by 36.2% in the second quarter. Great Valley Advisor Group Inc. now owns 8,078 shares of the information technology services provider’s stock valued at $6,354,000 after acquiring an additional 2,148 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NOW. BMO Capital Markets upped their price target on shares of ServiceNow from $830.00 to $860.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Royal Bank of Canada upped their price target on shares of ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Morgan Stanley upped their price target on shares of ServiceNow from $814.00 to $830.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. TD Cowen upped their price target on shares of ServiceNow from $870.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, JPMorgan Chase & Co. upped their price target on shares of ServiceNow from $780.00 to $820.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $842.22.

ServiceNow Price Performance

Shares of NYSE:NOW traded up $0.22 during trading on Wednesday, reaching $819.02. The company had a trading volume of 681,006 shares, compared to its average volume of 1,326,590. The company has a fifty day moving average of $765.31 and a two-hundred day moving average of $756.61. The stock has a market capitalization of $167.90 billion, a P/E ratio of 87.60, a price-to-earnings-growth ratio of 4.82 and a beta of 0.99. ServiceNow, Inc. has a 12 month low of $527.24 and a 12 month high of $850.33. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter in the prior year, the company earned $0.77 EPS. The firm’s revenue was up 22.2% on a year-over-year basis. Equities research analysts forecast that ServiceNow, Inc. will post 6.84 earnings per share for the current year.

Insider Activity

In other news, insider Paul John Smith sold 187 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $795.58, for a total value of $148,773.46. Following the completion of the sale, the insider now owns 3,779 shares of the company’s stock, valued at approximately $3,006,496.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Paul John Smith sold 187 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $795.58, for a total value of $148,773.46. Following the completion of the sale, the insider now owns 3,779 shares of the company’s stock, valued at approximately $3,006,496.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the general counsel now directly owns 6,736 shares of the company’s stock, valued at approximately $5,252,800.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,943 shares of company stock valued at $7,566,635. 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.