Marathon Wealth Advisors LLC bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The fund bought 18,058 shares of the information technology services provider’s stock, valued at approximately $2,420,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in ServiceNow in the second quarter valued at $9,536,615,000. State Street Corp lifted its holdings in shares of ServiceNow by 2.0% during the second quarter. State Street Corp now owns 49,038,218 shares of the information technology services provider’s stock valued at $4,868,514,000 after acquiring an additional 979,726 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of ServiceNow by 16.6% during the second 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 valued at $1,651,828,000 after acquiring an additional 2,362,606 shares during the period. Amundi lifted its holdings in shares of ServiceNow by 60.9% during the first quarter. Amundi now owns 11,479,098 shares of the information technology services provider’s stock valued at $1,200,140,000 after acquiring 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% in 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 purchasing an additional 518,263 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.
Analysts Set New Price Targets
Several brokerages recently issued reports on NOW. Truist Financial set a $150.00 price target on shares of ServiceNow and gave the company a “buy” rating in a report on Thursday, October 29th. BMO Capital Markets upped their price objective on shares of ServiceNow from $115.00 to $118.00 and gave the stock an “outperform” rating in a research note on Thursday, July 23rd. JPMorgan Chase & Co. raised their price objective on shares of ServiceNow from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Thursday, October 29th. Bank of America raised their price objective on shares of ServiceNow from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, August 19th. Finally, Royal Bank Of Canada set a $165.00 target price on shares of ServiceNow and gave the company an “outperform” rating in a research note on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $154.50.
Get Our Latest Stock Report on NOW
Insiders Place Their Bets
In related news, Director Paul Chamberlain sold 2,700 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $135.50, for a total value of $365,850.00. Following the completion of the sale, the director owned 43,990 shares of the company’s stock, valued at $5,960,645. This trade represents a 5.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 7,847 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $138.00, for a total transaction of $1,082,886.00. Following the completion of the transaction, the insider owned 30,042 shares of the company’s stock, valued at $4,145,796. This trade represents a 20.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 15,370 shares of company stock valued at $2,068,995. Insiders own 0.34% of the company’s stock.
ServiceNow Stock Performance
ServiceNow stock opened at $99.35 on Wednesday. The stock has a 50-day simple moving average of $134.49 and a 200 day simple moving average of $114.55. The stock has a market capitalization of $103.13 billion, a price-to-earnings ratio of 71.48, a P/E/G ratio of 2.01 and a beta of 1.00. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.42. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $175.00.
ServiceNow (NYSE:NOW – Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The information technology services provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The company had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.09 billion. ServiceNow had a return on equity of 15.17% and a net margin of 9.36%. The firm’s revenue was up 20.5% compared to the same quarter last year. During the same period in the prior year, the company earned $4.82 EPS. On average, research analysts anticipate that ServiceNow, Inc. will post 2.12 earnings per share for the current fiscal year.
Key ServiceNow News
Here are the key news stories impacting ServiceNow this week:
- Positive Sentiment: Kyndryl and ServiceNow launched a jointly developed autonomous-operations offering on the ServiceNow Store. The AI-powered product is designed to improve productivity and automate IT issue resolution, supporting the case for ServiceNow’s AI opportunity. Kyndryl expands partnership with ServiceNow
- Positive Sentiment: Broward County, Florida, has gone live with ServiceNow’s IT Service Management and Workflow Data Fabric, providing a concrete public-sector deployment that may help demonstrate customer adoption of its workflow platform. Broward County selects ServiceNow
- Neutral Sentiment: Institutional ownership reports were mixed: 71 West Capital Partners increased its stake, while Alps Advisors reduced its position. These filings reflect differing investor views and may have limited near-term significance. 71 West Capital Partners increases stake
- Negative Sentiment: Shares weakened as Anthropic introduced new Claude tools, renewing fears that AI products could intensify competition or erode demand for enterprise software. The concern is part of a broader slide in software stocks. ServiceNow stock drops amid Anthropic’s new AI tools
- Negative Sentiment: Reports describe a steep recent decline, with investors still reacting to the October quarterly results: revenue exceeded estimates and grew year over year, but EPS came in slightly below consensus. A Pomerantz law firm investigation into potential investor claims adds another source of uncertainty, although an investigation is not a finding of wrongdoing. Pomerantz investigation notice
ServiceNow Company Profile
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.
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