Moran Wealth Management LLC acquired a new stake in ServiceNow, Inc. (NYSE:NOW – Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 67,165 shares of the information technology services provider’s stock, valued at approximately $7,022,000.
A number of other hedge funds have also modified their holdings of NOW. Florida Financial Advisors LLC raised its position in ServiceNow by 5.4% in the 2nd quarter. Florida Financial Advisors LLC now owns 273 shares of the information technology services provider’s stock valued at $280,000 after purchasing an additional 14 shares during the last quarter. First Affirmative Financial Network grew its position in ServiceNow by 1.7% during the 3rd quarter. First Affirmative Financial Network now owns 892 shares of the information technology services provider’s stock worth $821,000 after purchasing an additional 15 shares during the last quarter. Nicolet Advisory Services LLC grew its position in ServiceNow by 1.1% during the 3rd quarter. Nicolet Advisory Services LLC now owns 1,462 shares of the information technology services provider’s stock worth $1,322,000 after purchasing an additional 16 shares during the last quarter. Perennial Investment Advisors LLC increased its stake in ServiceNow by 6.7% in the third quarter. Perennial Investment Advisors LLC now owns 270 shares of the information technology services provider’s stock valued at $248,000 after purchasing an additional 17 shares during the period. Finally, Opes Wealth Management LLC increased its stake in ServiceNow by 3.5% in the third quarter. Opes Wealth Management LLC now owns 507 shares of the information technology services provider’s stock valued at $467,000 after purchasing an additional 17 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.
Key ServiceNow News
Here are the key news stories impacting ServiceNow this week:
- Positive Sentiment: Guggenheim upgraded ServiceNow to Buy, saying AI fears have been overdone and that the stock offers meaningful upside from current levels. ServiceNow (NOW) Rating Upgraded by Guggenheim to Buy from Neutral
- Positive Sentiment: Other commentary framed ServiceNow as a “golden opportunity” for patient investors, reinforcing the view that the recent selloff may be excessive relative to its growth outlook. ServiceNow (NOW): A Golden Opportunity for Patient Investors
- Positive Sentiment: Analysts and investors continue to highlight demand for ServiceNow’s AI Control Tower and AI-enabled workflow tools, which supports the company’s long-term growth narrative. ServiceNow Trades at Premium Valuation: How to Play the Stock
- Neutral Sentiment: Several articles discuss ServiceNow’s premium valuation, which may limit near-term upside even as growth remains solid. Does Guggenheim’s Upgrade Reframe ServiceNow (NOW) as an AI Workflow Enabler Rather Than a Disruption Risk?
- Negative Sentiment: Some reports still point to concerns about AI disruption, delayed large deal closures, acquisition-related margin pressure, and overall valuation risk, which could temper enthusiasm. ServiceNow Stock Plunges 50% — Why NOW Stock Is a Buy Here
ServiceNow Trading Down 0.2%
ServiceNow (NYSE:NOW – Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting analysts’ consensus estimates of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter last year, the firm earned $0.81 earnings per share. The firm’s revenue was up 22.1% compared to the same quarter last year. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 2.34 earnings per share for the current year.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on NOW shares. Evercore increased their target price on shares of ServiceNow from $140.00 to $150.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. UBS Group restated an “outperform” rating on shares of ServiceNow in a research report on Tuesday, May 26th. Jefferies Financial Group reaffirmed a “buy” rating and set a $135.00 price objective (down from $175.00) on shares of ServiceNow in a research note on Thursday, April 23rd. DA Davidson reiterated a “buy” rating and issued a $190.00 target price on shares of ServiceNow in a research note on Tuesday, May 5th. Finally, Sanford C. Bernstein reissued an “outperform” rating on shares of ServiceNow in a report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average price target of $141.68.
Insiders Place Their Bets
In related news, Director Paul Edward Chamberlain sold 1,500 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the transaction, the director owned 44,930 shares of the company’s stock, valued at $3,919,243.90. This represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 1,048 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the completion of the transaction, the insider owned 12,072 shares of the company’s stock, valued at $1,189,212.72. The trade was a 7.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 28,071 shares of company stock valued at $2,529,956. Corporate insiders own 0.34% of the company’s stock.
About ServiceNow
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.
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