Varma Mutual Pension Insurance Co bought a new position in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) during the second quarter, Holdings Channel reports. The fund bought 196,715 shares of the information technology services provider’s stock, valued at approximately $19,530,000.
Several other hedge funds have also modified their holdings of the stock. Florida Financial Advisors LLC increased its stake in ServiceNow by 5.4% in the 2nd quarter. Florida Financial Advisors LLC now owns 273 shares of the information technology services provider’s stock worth $280,000 after purchasing an additional 14 shares in the last quarter. Clark Capital Management Group Inc. raised its holdings in ServiceNow by 3.6% during the 3rd quarter. Clark Capital Management Group Inc. now owns 514 shares of the information technology services provider’s stock worth $473,000 after buying an additional 18 shares during the period. American Trust lifted its stake in ServiceNow by 1.8% during the third quarter. American Trust now owns 1,029 shares of the information technology services provider’s stock valued at $947,000 after buying an additional 18 shares in the last quarter. Morse Asset Management Inc lifted its stake in ServiceNow by 0.5% during the second quarter. Morse Asset Management Inc now owns 3,488 shares of the information technology services provider’s stock valued at $3,586,000 after buying an additional 19 shares in the last quarter. Finally, CYBER HORNET ETFs LLC lifted its stake in ServiceNow by 3.7% during the third quarter. CYBER HORNET ETFs LLC now owns 567 shares of the information technology services provider’s stock valued at $522,000 after buying an additional 20 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $125.60, for a total value of $188,400.00. Following the transaction, the director owned 46,690 shares in the company, valued at approximately $5,864,264. This represents a 3.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.34% of the company’s stock.
ServiceNow Price Performance
ServiceNow (NYSE:NOW – Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The firm’s revenue was up 24.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 earnings per share. Equities research analysts expect 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. CLSA assumed coverage on shares of ServiceNow in a research report on Monday, July 20th. They issued an “underperform” rating and a $72.00 target price on the stock. Guggenheim upgraded shares of ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research report on Wednesday, July 1st. Citizens Jmp reaffirmed a “market outperform” rating and issued a $157.00 price objective on shares of ServiceNow in a research note on Tuesday, May 5th. JPMorgan Chase & Co. lifted their price objective on shares of ServiceNow from $145.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. Finally, TD Cowen reissued a “buy” rating and set a $140.00 target price on shares of ServiceNow in a research note on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $144.24.
Check Out Our Latest Analysis on NOW
More ServiceNow News
Here are the key news stories impacting ServiceNow this week:
- 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
About ServiceNow
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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