CMH Wealth Management LLC decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 43.0% during the second quarter, Holdings Channel.com reports. The fund owned 43,302 shares of the information technology services provider’s stock after selling 32,640 shares during the period. CMH Wealth Management LLC’s holdings in ServiceNow were worth $4,299,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of NOW. A. D. Beadell Investment Counsel Inc. raised its position in shares of ServiceNow by 2.9% in the 2nd quarter. A. D. Beadell Investment Counsel Inc. now owns 2,818 shares of the information technology services provider’s stock valued at $279,000 after purchasing an additional 80 shares during the last quarter. M Holdings Securities Inc. increased its stake in ServiceNow by 1.9% during the 2nd quarter. M Holdings Securities Inc. now owns 14,480 shares of the information technology services provider’s stock valued at $1,450,000 after purchasing an additional 275 shares in the last quarter. Moore Capital Management LP acquired a new position in ServiceNow during the 2nd quarter valued at approximately $15,117,000. Sigma Planning Corp raised its holdings in shares of ServiceNow by 53.1% in the second quarter. Sigma Planning Corp now owns 28,720 shares of the information technology services provider’s stock worth $2,851,000 after buying an additional 9,955 shares during the last quarter. Finally, GTS Securities LLC raised its holdings in shares of ServiceNow by 90.2% in the second quarter. GTS Securities LLC now owns 45,553 shares of the information technology services provider’s stock worth $4,523,000 after buying an additional 21,607 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.
Key ServiceNow News
Here are the key news stories impacting ServiceNow this week:
- Positive Sentiment: Investor enthusiasm is being supported by reports that ServiceNow’s AI-related contracts have surpassed $1 billion, while its latest quarterly results exceeded expectations: adjusted EPS was $0.90 versus a $0.86 consensus estimate, revenue reached $3.99 billion versus $3.93 billion expected, and revenue increased 24% year over year. ServiceNow Stock Surges Nearly 5% as AI Revenue Reaches $1 Billion Benchmark
- Positive Sentiment: ServiceNow is benefiting from a broader rebound in software stocks. Recent earnings from ServiceNow and other major software companies are easing fears that generative AI will erode demand for traditional enterprise applications, instead suggesting that AI is expanding automation spending. The SaaSpocalypse Trade Is Cracking
- Positive Sentiment: A technical trading signal appeared near $144.84, followed by a move toward an intraday high, adding short-term momentum to the stock. ServiceNow Stock Up Nearly 3% After Key Trading Signal
- Neutral Sentiment: Articles comparing ServiceNow with Salesforce and UiPath highlight its strong enterprise position and AI-automation opportunity, but also frame the sector as a competitive contest in which execution and the economics of “agentic” AI consumption will determine the long-term winner. ServiceNow Vs. Salesforce
- Negative Sentiment: Broader market pressure tied to escalating geopolitical tensions weighed on software shares during the session, creating a headwind despite ServiceNow-specific AI optimism. ServiceNow Stock Slips Monday
- Negative Sentiment: Director Paul Edward Chamberlain sold 2,700 shares for approximately $365,850, reducing his holdings by 5.78%. The remaining stake is substantial, but the insider sale may add limited selling pressure. SEC Insider Trading Filing
ServiceNow Trading Up 2.6%
ServiceNow (NYSE:NOW – Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.86 by $0.04. The company had revenue of $3.99 billion for 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%. The firm’s revenue was up 24.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.81 earnings per share. Research analysts forecast that ServiceNow, Inc. will post 2.24 earnings per share for the current year.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on the stock. Citizens Jmp reissued a “market outperform” rating and set a $157.00 price objective on shares of ServiceNow in a report on Tuesday, May 5th. Guggenheim raised ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research report on Wednesday, July 1st. Wells Fargo & Company reiterated an “overweight” rating and set a $175.00 price target (up from $160.00) on shares of ServiceNow in a research note on Wednesday, August 12th. Royal Bank Of Canada reissued an “outperform” rating and issued a $130.00 price objective on shares of ServiceNow in a report on Thursday, July 23rd. Finally, UBS Group set a $248.00 price objective on ServiceNow in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $144.24.
Get Our Latest Report on ServiceNow
Insider Activity
In other news, Director Paul Edward Chamberlain sold 2,700 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $135.50, for a total value of $365,850.00. Following the completion of the transaction, the director owned 43,990 shares of the company’s stock, valued at $5,960,645. The trade was a 5.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.34% of the stock is currently owned by company insiders.
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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