Fulcrum Asset Management LLP increased its stake in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) by 28,393.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 45,020 shares of the information technology services provider’s stock after buying an additional 44,862 shares during the quarter. Fulcrum Asset Management LLP’s holdings in ServiceNow were worth $5,850,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in ServiceNow in the 2nd quarter valued at approximately $9,536,615,000. State Street Corp lifted its position in ServiceNow by 2.0% in the 2nd quarter. State Street Corp now owns 49,038,218 shares of the information technology services provider’s stock worth $4,868,514,000 after buying an additional 979,726 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in ServiceNow by 16.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 16,638,071 shares of the information technology services provider’s stock worth $1,651,828,000 after buying an additional 2,362,606 shares in the last quarter. Amundi boosted its stake in shares of ServiceNow by 60.9% during the 1st quarter. Amundi now owns 11,479,098 shares of the information technology services provider’s stock valued at $1,200,140,000 after buying an additional 4,346,722 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of ServiceNow by 6.5% during the 1st quarter. Bank of New York Mellon Corp now owns 8,526,931 shares of the information technology services provider’s stock valued at $891,491,000 after buying an additional 518,263 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have recently commented on NOW. Robert W. Baird set a $185.00 price target on shares of ServiceNow in a report on Thursday, October 29th. KeyCorp reiterated an “underweight” rating and set a $110.00 price objective (up from $85.00) on shares of ServiceNow in a report on Thursday, October 29th. TD Cowen cut their price objective on ServiceNow from $165.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, October 29th. Benchmark reissued a “buy” rating on shares of ServiceNow in a research report on Friday, July 17th. Finally, Royal Bank Of Canada set a $165.00 target price on ServiceNow and gave the company an “outperform” rating in a research note on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $154.50.
Check Out Our Latest Research Report on ServiceNow
ServiceNow News Summary
Here are the key news stories impacting ServiceNow this week:
- Positive Sentiment: ServiceNow is broadening its agentic-AI partnership with LTM, aiming to take AI workflows to more enterprise customers. The company also highlighted deployments and selections by customers including LTM, KORE and Keysight, supporting its case that businesses are adopting its AI platform. ServiceNow expands enterprise AI partnerships
- Positive Sentiment: ServiceNow raised its AI contract-value target to $1.7 billion, and its CFO described fears that AI will disrupt the company’s business as unfounded. These points may help reassure investors about AI’s potential as a growth driver. ServiceNow Q3 earnings call highlights
- Neutral Sentiment: The NBA extended its partnership with ServiceNow, adopting EmployeeWorks for employee self-service and workplace requests. The deal adds a customer use case, though its near-term financial impact was not specified. NBA and ServiceNow extend partnership
- Negative Sentiment: Investors are focused on the outlook: despite a third-quarter revenue beat, ServiceNow’s fourth-quarter current remaining performance obligations growth forecast of 18.5% disappointed the market and prompted concerns about slowing backlog growth. The stock has fallen sharply since the report. ServiceNow outlook and AI concerns
- Negative Sentiment: ServiceNow is undertaking another round of layoffs, while third-quarter severance costs rose to $87 million from $24 million a year earlier. Separate reports that the board approved $127 million in retention awards as the company cuts jobs may also draw scrutiny over costs and priorities. ServiceNow layoffs and severance costs
- Negative Sentiment: ETFs were net sellers of $29.5 million in ServiceNow shares on Wednesday, adding a modest near-term headwind. ETF selling of ServiceNow shares
Insider Transactions at ServiceNow
In other news, insider Paul Fipps sold 2,034 shares of the firm’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $147.87, for a total transaction of $300,767.58. Following the transaction, the insider owned 18,305 shares in the company, valued at approximately $2,706,760.35. This trade represents a 10.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jacqueline Canney sold 7,847 shares of the firm’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $138.00, for a total transaction of $1,082,886.00. Following the transaction, the insider owned 30,042 shares in the company, valued at $4,145,796. This represents a 20.71% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 14,081 shares of company stock worth $1,937,904 in the last 90 days. 0.34% of the stock is owned by insiders.
ServiceNow Price Performance
Shares of NOW opened at $101.91 on Monday. The firm has a market cap of $105.78 billion, a PE ratio of 73.32, a PEG ratio of 1.99 and a beta of 1.00. The firm’s 50 day moving average price is $136.31 and its 200 day moving average price is $114.81. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.72 and a current ratio of 0.72. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $175.00.
ServiceNow (NYSE:NOW – Get Free Report) last posted its earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The business had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.09 billion. ServiceNow had a net margin of 9.36% and a return on equity of 15.17%. ServiceNow’s revenue was up 20.5% compared to the same quarter last year. During the same quarter last year, the firm earned $4.82 earnings per share. As a group, research analysts expect that ServiceNow, Inc. will post 2.12 EPS for the current fiscal year.
About ServiceNow
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.
ServiceNow serves businesses and public-sector organizations around the world.
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