Torray Investment Partners LLC boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 35.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,854 shares of the information technology services provider’s stock after purchasing an additional 14,225 shares during the quarter. Torray Investment Partners LLC’s holdings in ServiceNow were worth $5,735,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of NOW. Noble Wealth Management PBC increased its stake in shares of ServiceNow by 400.0% during the fourth quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 128 shares during the period. Millstone Evans Group LLC boosted its stake 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 purchasing an additional 132 shares during the period. CBIZ Investment Advisory Services LLC boosted its stake in 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 valued at $25,000 after purchasing an additional 135 shares during the period. Blueline Advisors LLC acquired a new position in ServiceNow in the 4th quarter valued at $25,000. Finally, Measured Wealth Private Client Group LLC grew its holdings in 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 valued at $25,000 after buying an additional 140 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
NOW has been the subject of a number of research reports. Needham & Company LLC reissued a “buy” rating and set a $115.00 target price on shares of ServiceNow in a report on Tuesday, May 5th. BNP Paribas Exane raised ServiceNow from a “neutral” rating to an “outperform” rating and set a $140.00 price target on the stock in a research report on Monday, March 16th. Deutsche Bank Aktiengesellschaft lowered their price objective on ServiceNow from $180.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, April 16th. Jefferies Financial Group reissued a “buy” rating and set a $135.00 target price (down from $175.00) on shares of ServiceNow in a report on Thursday, April 23rd. Finally, KeyCorp set a $85.00 price objective on shares of ServiceNow and gave the stock an “underweight” rating in a research report on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $141.47.
Insider Buying and Selling
In other ServiceNow news, Director Anita M. Sands sold 16,445 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the completion of the sale, the director owned 30,090 shares of the company’s stock, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul Fipps sold 1,048 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $98.51, for a total transaction of $103,238.48. Following the transaction, the insider owned 12,072 shares of the company’s stock, valued at approximately $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. Over the last three months, insiders have sold 28,071 shares of company stock valued at $2,529,956. Insiders own 0.34% of the company’s stock.
ServiceNow News Summary
Here are the key news stories impacting ServiceNow this week:
- Positive Sentiment: ServiceNow rallied after reports that a large international electronics company is teaming up with the company on a new AI-powered product that will be available on ServiceNow’s platform, reinforcing its role in enterprise AI. Why ServiceNow Stock Crushed it on Thursday
- Positive Sentiment: Truist Financial raised its price target on ServiceNow from $120 to $130 and kept a buy rating, signaling continued analyst confidence in the company’s growth prospects. Benzinga report on Truist price target increase
- Positive Sentiment: Investor sentiment around software improved as AI spending expectations shifted in favor of application software, helping ServiceNow participate in the broader rotation toward software names. Chip Stocks Drop 12% as Software Rebounds in AI Trade Shift
- Neutral Sentiment: Several market updates described ServiceNow as consolidating or trading flat while investors digested the AI partnership news and a more constructive analyst tone, suggesting a pause after the recent move rather than a fresh fundamental shift. ServiceNow Stock Consolidates as Accenture Launches Agentic AI Offerings
- Negative Sentiment: Friday trading saw ServiceNow slip as investors appeared to take profits and reassess whether the recent AI enthusiasm has already been priced in. ServiceNow Stock Falls Friday: What’s Going On?
ServiceNow Trading Down 0.9%
Shares of NYSE:NOW traded down $1.03 during mid-day trading on Friday, reaching $107.81. 11,058,890 shares of the company’s stock were exchanged, compared to its average volume of 20,996,616. The firm has a market capitalization of $111.16 billion, a price-to-earnings ratio of 64.25, a PEG ratio of 1.81 and a beta of 0.96. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $210.20. The business’s fifty day moving average price is $102.49 and its 200-day moving average price is $111.27. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84.
ServiceNow (NYSE:NOW – Get Free Report) last announced its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.75 billion. During the same period last year, the company earned $0.81 EPS. ServiceNow’s revenue for the quarter was up 22.1% compared to the same quarter last year. On average, research analysts predict that ServiceNow, Inc. will post 2.34 EPS for the current fiscal 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.
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