Riverbridge Partners LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 4.8% during the third quarter, HoldingsChannel.com reports. The fund owned 467,041 shares of the information technology services provider’s stock after selling 23,773 shares during the period. ServiceNow accounts for about 1.9% of Riverbridge Partners LLC’s holdings, making the stock its 15th largest holding. Riverbridge Partners LLC’s holdings in ServiceNow were worth $62,588,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the business. Cornerstone Financial Management LLC raised its holdings in ServiceNow by 72.8% in the 2nd quarter. Cornerstone Financial Management LLC now owns 254 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 107 shares during the last quarter. Pathway Financial Advisers LLC acquired a new position in shares of ServiceNow during the 3rd quarter worth approximately $38,000. Marquette Asset Management LLC boosted its holdings in shares of ServiceNow by 75.0% during the 2nd quarter. Marquette Asset Management LLC now owns 301 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 129 shares during the last quarter. Kilter Group LLC acquired a new position in shares of ServiceNow during the 2nd quarter worth approximately $31,000. Finally, Solstein Capital LLC acquired a new position in shares of ServiceNow during the 2nd quarter worth approximately $35,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.
Trending Headlines about ServiceNow
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 Stock Performance
ServiceNow stock opened at $99.35 on Wednesday. The firm has a 50 day simple moving average of $134.49 and a 200-day simple moving average of $114.55. The stock has a market cap of $103.13 billion, a price-to-earnings ratio of 71.48, a price-to-earnings-growth ratio of 2.01 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.72 and a quick ratio of 0.72. 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 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). The firm had revenue of $4.11 billion for the quarter, compared to analysts’ expectations of $4.09 billion. ServiceNow had a net margin of 9.36% and a return on equity of 15.17%. The firm’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.82 EPS. On average, analysts expect that ServiceNow, Inc. will post 2.12 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the company. Citigroup cut their price target on ServiceNow from $170.00 to $157.00 and set a “buy” rating for the company in a report on Thursday, October 29th. Weiss Ratings downgraded ServiceNow from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, October 30th. KeyCorp reissued an “underweight” rating and set a $110.00 price objective (up from $85.00) on shares of ServiceNow in a research note on Thursday, October 29th. Morgan Stanley restated an “overweight” rating and issued a $160.00 target price on shares of ServiceNow in a report on Thursday, October 29th. Finally, Stifel Nicolaus set a $160.00 target price on ServiceNow and gave the stock a “buy” rating in a research note on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $154.50.
Read Our Latest Stock Analysis on NOW
Insider Buying and Selling
In other ServiceNow news, Director Paul Chamberlain sold 2,700 shares of ServiceNow stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $135.50, for a total value of $365,850.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 7,847 shares of ServiceNow stock in a transaction on Friday, August 28th. The shares were sold at an average price of $138.00, for a total value of $1,082,886.00. Following the completion of the sale, the insider owned 30,042 shares in the company, valued at $4,145,796. This represents a 20.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 15,370 shares of company stock worth $2,068,995. Company insiders own 0.34% of the company’s stock.
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.
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