Ieq Capital LLC acquired a new position in ServiceNow, Inc. (NYSE:NOW – Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 236,153 shares of the information technology services provider’s stock, valued at approximately $23,445,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in NOW. BlackRock Inc. bought a new stake in shares of ServiceNow in the 2nd quarter valued at $9,536,615,000. Vanguard Group Inc. boosted its position in ServiceNow by 404.5% during the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock valued at $15,619,771,000 after acquiring an additional 81,752,460 shares during the last quarter. State Street Corp grew its holdings in ServiceNow by 406.6% during the 4th quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock worth $7,337,280,000 after acquiring an additional 38,441,898 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of ServiceNow by 371.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock worth $4,962,692,000 after acquiring an additional 25,517,218 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of ServiceNow by 404.8% during the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock valued at $3,591,425,000 after purchasing an additional 18,854,775 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.
Insider Activity at ServiceNow
In other news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $125.60, for a total value of $188,400.00. Following the completion of the sale, the director owned 46,690 shares in the company, valued at $5,864,264. This represents a 3.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.34% of the stock is currently owned by corporate insiders.
ServiceNow News Summary
- 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
ServiceNow Stock Down 0.8%
NOW stock opened at $128.73 on Friday. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $194.73. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43. The stock’s 50 day moving average is $108.88 and its 200-day moving average is $105.74. The firm has a market capitalization of $133.11 billion, a PE 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 results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. ServiceNow’s revenue was up 24.0% compared to the same quarter last year. Sell-side analysts expect that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on NOW. Evercore reissued an “outperform” rating and issued a $160.00 price target on shares of ServiceNow in a research note on Thursday, July 23rd. BMO Capital Markets boosted their target price on shares of ServiceNow from $115.00 to $118.00 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. Citizens Jmp reissued a “market outperform” rating and set a $157.00 target price on shares of ServiceNow in a research note on Tuesday, May 5th. Morgan Stanley set a $180.00 price target on shares of ServiceNow in a report on Tuesday, July 21st. Finally, Barclays reaffirmed an “overweight” rating and issued a $134.00 price target (up from $132.00) on shares of ServiceNow in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.24.
Get Our Latest Analysis on NOW
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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