Narwhal Capital Management cut its position in ServiceNow, Inc. (NYSE:NOW – Free Report) by 13.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 90,189 shares of the information technology services provider’s stock after selling 13,522 shares during the period. Narwhal Capital Management’s holdings in ServiceNow were worth $12,086,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Triton Wealth Management PLLC acquired a new position in ServiceNow in the third quarter valued at about $731,000. D.B. Root & Company LLC bought a new stake in shares of ServiceNow in the third quarter worth about $205,000. D Orazio & Associates Inc. increased its holdings in shares of ServiceNow by 18.4% in the third quarter. D Orazio & Associates Inc. now owns 2,622 shares of the information technology services provider’s stock worth $351,000 after acquiring an additional 407 shares in the last quarter. Marathon Wealth Advisors LLC bought a new stake in shares of ServiceNow in the third quarter worth about $2,420,000. Finally, New York Life Investment Management LLC raised its position in shares of ServiceNow by 3.3% during the third quarter. New York Life Investment Management LLC now owns 173,947 shares of the information technology services provider’s stock worth $23,311,000 after purchasing an additional 5,586 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.
ServiceNow Price Performance
NOW stock opened at $99.35 on Wednesday. The stock has a 50-day moving average price of $134.49 and a two-hundred day moving average price of $114.55. The stock has a market cap of $103.13 billion, a PE ratio of 71.48, a price-to-earnings-growth ratio of 2.01 and a beta of 1.00. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.42. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $175.00.
ServiceNow (NYSE:NOW – Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.02). The firm had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.09 billion. ServiceNow had a net margin of 9.36% and a return on equity of 15.17%. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period in the prior year, the business earned $4.82 EPS. Equities analysts forecast that ServiceNow, Inc. will post 2.12 EPS for the current fiscal year.
Insider Transactions at ServiceNow
In related news, insider Paul Fipps sold 2,034 shares of ServiceNow stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $147.87, for a total value of $300,767.58. Following the sale, the insider owned 18,305 shares of the company’s stock, valued at approximately $2,706,760.35. This trade represents a 10.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul Chamberlain sold 2,700 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $135.50, for a total value of $365,850.00. Following the completion of the sale, the director owned 43,990 shares in the company, valued at $5,960,645. The trade was a 5.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 15,370 shares of company stock valued at $2,068,995 over the last three months. Company insiders own 0.34% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on NOW. Zacks Research cut ServiceNow from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. Deutsche Bank Aktiengesellschaft boosted their price objective on ServiceNow from $135.00 to $155.00 and gave the company a “buy” rating in a research report on Monday, September 21st. JPMorgan Chase & Co. increased their target price on ServiceNow from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Thursday, October 29th. Mizuho set a $165.00 target price on shares of ServiceNow in a report on Thursday, October 29th. Finally, Barclays set a $152.00 target price on shares of ServiceNow and gave the stock an “overweight” rating in a report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $154.50.
Check Out Our Latest Analysis on ServiceNow
ServiceNow News Summary
Here are the key news stories impacting ServiceNow this week:
- Positive Sentiment: Kyndryl and ServiceNow launched a jointly developed autonomous-operations offering on the ServiceNow Store. The AI-powered product is designed to improve productivity and automate IT issue resolution, supporting the case for ServiceNow’s AI opportunity. Kyndryl expands partnership with ServiceNow
- Positive Sentiment: Broward County, Florida, has gone live with ServiceNow’s IT Service Management and Workflow Data Fabric, providing a concrete public-sector deployment that may help demonstrate customer adoption of its workflow platform. Broward County selects ServiceNow
- Neutral Sentiment: Institutional ownership reports were mixed: 71 West Capital Partners increased its stake, while Alps Advisors reduced its position. These filings reflect differing investor views and may have limited near-term significance. 71 West Capital Partners increases stake
- Negative Sentiment: Shares weakened as Anthropic introduced new Claude tools, renewing fears that AI products could intensify competition or erode demand for enterprise software. The concern is part of a broader slide in software stocks. ServiceNow stock drops amid Anthropic’s new AI tools
- Negative Sentiment: Reports describe a steep recent decline, with investors still reacting to the October quarterly results: revenue exceeded estimates and grew year over year, but EPS came in slightly below consensus. A Pomerantz law firm investigation into potential investor claims adds another source of uncertainty, although an investigation is not a finding of wrongdoing. Pomerantz investigation notice
ServiceNow Company Profile
ServiceNow, Inc. provides cloud-based software that helps organizations manage digital workflows and automate business processes. Founded in 2004 by Fred Luddy, the company began with a focus on IT service management and has expanded its platform to support a range of enterprise operations. Its products include tools for IT service and operations management, customer service, human resources, security, and application development. ServiceNow also offers artificial intelligence capabilities, including tools designed to help organizations automate tasks and find information across workflows.
Featured Stories
- Five stocks we like better than ServiceNow
- Why Kinder Morgan’s Chairman Just Bought $15 Million in Stock
- Rocket Lab’s Record Backlog Could Fuel a Rebound, But Neutron Raises the Stakes
- Don’t Let Their Low Yields Fool You: 3 Dividend Stocks Worth Watching
- A $4 Billion Jolt: NRG Energy Powers Data Center Ambitions
Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW – Free Report).
Receive News & Ratings for ServiceNow Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ServiceNow and related companies with MarketBeat.com's FREE daily email newsletter.
-logo-1200x675.png){kind=logo}
