Wealthfront Advisers LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 160,440 shares of the information technology services provider’s stock, valued at approximately $15,928,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Florida Financial Advisors LLC grew its stake in shares of ServiceNow by 5.4% in the 2nd quarter. Florida Financial Advisors LLC now owns 273 shares of the information technology services provider’s stock worth $280,000 after acquiring an additional 14 shares in the last quarter. Clark Capital Management Group Inc. lifted its position in shares of ServiceNow by 3.6% during the third quarter. Clark Capital Management Group Inc. now owns 514 shares of the information technology services provider’s stock valued at $473,000 after purchasing an additional 18 shares in the last quarter. American Trust boosted its holdings in ServiceNow by 1.8% during the third quarter. American Trust now owns 1,029 shares of the information technology services provider’s stock worth $947,000 after purchasing an additional 18 shares during the last quarter. Morse Asset Management Inc boosted its holdings in ServiceNow by 0.5% during the second quarter. Morse Asset Management Inc now owns 3,488 shares of the information technology services provider’s stock worth $3,586,000 after purchasing an additional 19 shares during the last quarter. Finally, CYBER HORNET ETFs LLC grew its position in ServiceNow by 3.7% in the 3rd quarter. CYBER HORNET ETFs LLC now owns 567 shares of the information technology services provider’s stock worth $522,000 after purchasing an additional 20 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $125.60, for a total transaction of $188,400.00. Following the completion of the transaction, the director directly owned 46,690 shares of the company’s stock, valued at approximately $5,864,264. This represents a 3.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.34% of the company’s stock.
ServiceNow Stock Up 1.6%
ServiceNow (NYSE:NOW – Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.04. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. ServiceNow’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 EPS. As a group, equities analysts expect that ServiceNow, Inc. will post 2.24 earnings per share for the current year.
Key Headlines Impacting ServiceNow
Here are the key news stories impacting ServiceNow this week:
- Positive Sentiment: New ServiceNow AI-platform partnership. Tribal launched Tribal for ServiceNow, allowing enterprise teams—not only developers—to build and personalize AI agents within the ServiceNow environment. The partnership could improve platform adoption and reinforce ServiceNow’s position in enterprise workflow automation. Tribal Partners with ServiceNow
- Positive Sentiment: AI security strategy is expanding. ServiceNow’s planned $7.75 billion acquisition of Armis would add cybersecurity capabilities to its AI-powered platform and broaden its addressable market. Analysts also point to security and AI workflow opportunities as potential drivers of sustained recurring-revenue growth. ServiceNow Is Spending $7.75 Billion on AI Security
- Positive Sentiment: Analyst remains bullish. TD Cowen reaffirmed a Buy rating and a $140 price target. ServiceNow’s latest reported quarter showed revenue growth of approximately 24% year over year, supporting the case that AI is adding to—not replacing—existing platform demand. ServiceNow Earns Buy Rating
- Neutral Sentiment: Insider sale was modest and scheduled. Director Paul Edward Chamberlain sold 1,500 shares for roughly $188,400 under a pre-arranged Rule 10b5-1 plan. The transaction reduced his position by 3.11%, but provides limited insight into current management sentiment. SEC Insider Filing
- Negative Sentiment: Valuation and business-model risks remain. Commentators say NOW still looks expensive despite its steep prior decline. Parnassus CIO Todd Ahlsten also warned that AI could pressure per-seat software pricing if companies accomplish more with fewer employees. Salesforce and ServiceNow Business Model Risk
- Negative Sentiment: Software-sector rotation is a headwind. Investors have been favoring semiconductor and AI-hardware stocks over SaaS names, contributing to weakness across software. The Armis deal also creates integration and execution risks.
Analyst Upgrades and Downgrades
NOW has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of ServiceNow from $145.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. Evercore reaffirmed an “outperform” rating and issued a $160.00 target price on shares of ServiceNow in a report on Thursday, July 23rd. Mizuho decreased their price target on ServiceNow from $150.00 to $140.00 and set an “outperform” rating for the company in a research report on Thursday, April 23rd. Truist Financial lifted their price target on ServiceNow from $120.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Finally, KeyCorp reissued an “underweight” rating on shares of ServiceNow in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $143.76.
Get Our Latest Research Report on ServiceNow
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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