Iyo Bank Ltd. bought a new position in ServiceNow, Inc. (NYSE:NOW – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 63,064 shares of the information technology services provider’s stock, valued at approximately $6,261,000. ServiceNow comprises about 1.9% of Iyo Bank Ltd.’s holdings, making the stock its 23rd largest position.
Other hedge funds have also recently made changes to their positions in the company. Wealth Watch Advisors INC purchased a new stake in ServiceNow during the third quarter valued at approximately $29,000. Kelleher Financial Advisors bought a new stake in shares of ServiceNow in the 3rd quarter valued at approximately $50,000. Pin Oak Investment Advisors Inc. boosted its holdings in shares of ServiceNow by 20.7% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 134 shares of the information technology services provider’s stock worth $123,000 after purchasing an additional 23 shares during the period. Jupiter Wealth Management LLC bought a new position in shares of ServiceNow during the 2nd quarter valued at approximately $154,000. Finally, CBIZ Investment Advisory Services LLC increased its position in shares of ServiceNow by 540.0% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at ServiceNow
In other news, Director Paul Edward Chamberlain sold 1,500 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.34% of the company’s stock.
Trending Headlines about ServiceNow
- Positive Sentiment: ServiceNow expanded its multi-year partnership with Tech Mahindra to help enterprises move AI projects from pilot programs into production. The “Client Zero” approach combines ServiceNow’s AI platform with Tech Mahindra’s industry expertise, potentially increasing adoption, automation revenue and measurable customer outcomes. Tech Mahindra and ServiceNow Expand Partnership to Deliver Production-Ready Enterprise AI at Scale
- Positive Sentiment: Bank of America raised its ServiceNow price target to $150, citing the company’s positioning to monetize artificial intelligence as concerns about AI disruption to traditional software fade. The move contributed to broader bullish sentiment across software stocks. Bank of America Increases ServiceNow Price Target to $150
- Positive Sentiment: ServiceNow has gained substantially since its latest earnings report, which beat estimates on both adjusted earnings and revenue. Quarterly revenue increased 24% year over year, reinforcing the view that the company remains a leading enterprise AI and workflow platform. ServiceNow Up 41.1% Since Last Earnings Report
- Positive Sentiment: ServiceNow was also selected as a CNBC “Final Trade,” providing additional visibility and signaling continued support from some professional investors. Final Trades: ServiceNow, Vertex and Uber
- Neutral Sentiment: Despite the favorable company news, midday AI buying has been concentrated in government-facing companies such as Palantir and BigBear.ai rather than enterprise software, limiting near-term upside for NOW. How Are Traders Picking the Software Winners?
- Negative Sentiment: Investors continue to monitor competitive threats from newer AI-native automation platforms, including Serval, as well as ServiceNow’s premium valuation. Those concerns may encourage profit-taking after the stock’s sharp post-earnings advance. Serval Wants To Replace ServiceNow With AI That Builds Enterprise Automation
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on the company. Weiss Ratings upgraded ServiceNow from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $115.00 price objective on shares of ServiceNow in a research report on Thursday, July 23rd. Barclays reissued an “overweight” rating and issued a $134.00 target price (up from $132.00) on shares of ServiceNow in a research note on Tuesday, May 5th. Benchmark restated a “buy” rating on shares of ServiceNow in a report on Friday, July 17th. Finally, BTIG Research reaffirmed a “buy” rating and set a $150.00 price target on shares of ServiceNow in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average target price of $144.24.
ServiceNow Price Performance
Shares of NOW stock opened at $128.73 on Friday. The stock has a 50 day moving average price of $108.88 and a 200 day moving average price of $105.74. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $194.73. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market capitalization of $133.11 billion, a P/E ratio of 80.46, a P/E/G ratio of 2.28 and a beta of 0.94.
ServiceNow (NYSE:NOW – Get Free Report) last announced its quarterly earnings data 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. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.93 billion. During the same quarter in the prior year, the company posted $0.81 EPS. ServiceNow’s quarterly revenue was up 24.0% on a year-over-year basis. As a group, sell-side analysts predict that ServiceNow, Inc. will post 2.24 earnings per share for the current year.
ServiceNow Company 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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