Pursue Wealth Partners LLC purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) during the second quarter, Holdings Channel reports. The institutional investor purchased 28,803 shares of the information technology services provider’s stock, valued at approximately $2,860,000. ServiceNow comprises 1.6% of Pursue Wealth Partners LLC’s holdings, making the stock its 22nd biggest holding.
A number of other institutional investors have also recently bought and sold shares of NOW. Brighton Jones LLC raised its stake in shares of ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after purchasing an additional 30 shares during the period. Sivia Capital Partners LLC grew its holdings in ServiceNow by 4.2% during the second quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider’s stock valued at $861,000 after purchasing an additional 34 shares during the period. United Bank increased its position in ServiceNow by 15.5% in the second quarter. United Bank now owns 1,519 shares of the information technology services provider’s stock worth $1,562,000 after buying an additional 204 shares during the last quarter. Riggs Asset Managment Co. Inc. raised its stake in shares of ServiceNow by 2.2% in the second quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider’s stock valued at $1,976,000 after buying an additional 42 shares during the period. Finally, Nebula Research & Development LLC raised its stake in shares of ServiceNow by 205.1% in the second quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider’s stock valued at $931,000 after buying an additional 609 shares during the period. Institutional investors own 87.18% of the company’s stock.
Key Stories Impacting ServiceNow
Here are the key news stories impacting ServiceNow this week:
- Positive Sentiment: Cybersecurity expansion supports long-term growth. ServiceNow’s planned $7.75 billion acquisition of Armis would broaden its AI-powered security platform and strengthen its preventive cyber-defense offerings. The appointment of former Armis executive Simon Mouyal as chief marketing officer also signals an increased focus on security and go-to-market execution. ServiceNow Is Spending $7.75 Billion On AI Security
- Positive Sentiment: Analyst support remains firm. TD Cowen reaffirmed its Buy rating and assigned a $140 price target, implying meaningful upside from the referenced market level. Analysts cited ServiceNow’s expanding security platform, AI workflow opportunities and recurring-revenue model. ServiceNow Earns Buy Rating
- Positive Sentiment: Fundamentals and AI momentum continue to attract dip buyers. Recent commentary points to roughly 24% year-over-year revenue growth and a substantial rebound from the stock’s lows. Some investors view support near the 200-day moving average as an opportunity if the company’s growth remains intact. NOW Stock Has Rebounded Over 54%
- Neutral Sentiment: Institutional positioning is mixed. JPMorgan added a large position, while T. Rowe Price, Wellington Management and several other firms reduced holdings. The split suggests continued disagreement about valuation and the pace of the recovery.
- Neutral Sentiment: A director sold shares under a pre-arranged Rule 10b5-1 plan. Paul Edward Chamberlain sold 1,500 shares worth approximately $188,400, reducing his holdings by 3.11%. Because the transaction was scheduled in advance, it provides limited evidence of a change in the company’s outlook. SEC Insider Filing
- Negative Sentiment: Valuation remains a major concern. Even after a reported 30.5% decline over the past year, commentary argues that ServiceNow still does not look inexpensive, leaving the stock vulnerable to further pressure if growth expectations soften. ServiceNow Stock Still Looks Expensive
- Negative Sentiment: Broad software-sector weakness is weighing on the shares. Investors have been rotating toward semiconductor and AI-hardware stocks, pressuring software names including ServiceNow, Adobe and Intuit. The sizable Armis acquisition also introduces execution, integration and spending risks.
ServiceNow Price Performance
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, beating analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same quarter last year, the company posted $0.81 EPS. The company’s revenue for the quarter was up 24.0% on a year-over-year basis. As a group, equities analysts anticipate that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.
Analysts Set New Price Targets
Several research analysts have recently weighed in on NOW shares. TD Cowen reiterated a “buy” rating and set a $140.00 price target on shares of ServiceNow in a research note on Monday. Evercore restated an “outperform” rating and issued a $160.00 price objective on shares of ServiceNow in a research note on Thursday, July 23rd. Canaccord Genuity Group dropped their price objective on shares of ServiceNow from $200.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, April 23rd. Raymond James Financial cut their target price on shares of ServiceNow from $160.00 to $130.00 and set an “outperform” rating for the company in a research report on Thursday, April 23rd. Finally, BTIG Research reiterated a “buy” rating and issued a $150.00 target price on shares of ServiceNow in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $143.76.
Check Out Our Latest Stock Report on ServiceNow
Insiders Place Their Bets
In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of ServiceNow stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $125.60, for a total transaction of $188,400.00. Following the completion of the sale, the director directly owned 46,690 shares in the company, valued at $5,864,264. The trade was a 3.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.34% of the stock is owned by corporate 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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