12,574 ServiceNow, Inc. $NOW Shares Bought by Ethic Inc.

Ethic Inc. increased its holdings in ServiceNow, Inc. (NYSE:NOW) by 8.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 155,519 shares of the information technology services provider’s stock after acquiring an additional 12,574 shares during the period. Ethic Inc.’s holdings in ServiceNow were worth $20,841,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in NOW. BlackRock Inc. bought a new stake in ServiceNow during the 2nd quarter worth approximately $9,536,615,000. State Street Corp raised its stake in shares of ServiceNow by 2.0% in the second quarter. State Street Corp now owns 49,038,218 shares of the information technology services provider’s stock worth $4,868,514,000 after purchasing an additional 979,726 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of ServiceNow by 16.6% in 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 purchasing an additional 2,362,606 shares in the last quarter. Amundi lifted its holdings in shares of ServiceNow by 60.9% in 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 purchasing an additional 4,346,722 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of ServiceNow by 6.5% during the first 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 last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

NOW has been the subject of several recent research reports. Guggenheim reiterated a “buy” rating and set a $175.00 price target (up from $125.00) on shares of ServiceNow in a report on Friday, October 23rd. Jefferies Financial Group set a $145.00 price target on ServiceNow in a research report on Thursday, October 29th. Mizuho set a $165.00 price objective on ServiceNow in a research note on Thursday, October 29th. Barclays set a $152.00 price objective on ServiceNow and gave the company an “overweight” rating in a research note on Thursday, October 29th. Finally, Truist Financial set a $150.00 price objective on shares of ServiceNow and gave the stock a “buy” rating in a report on Thursday, October 29th. 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 three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $154.50.

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

ServiceNow Trading Down 0.4%

NYSE:NOW opened at $101.91 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market cap of $105.78 billion, a price-to-earnings ratio of 73.32, a price-to-earnings-growth ratio of 1.99 and a beta of 1.00. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $175.00. The firm has a 50-day moving average price of $136.31 and a two-hundred day moving average price of $114.81.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). ServiceNow had a return on equity of 15.17% and a net margin of 9.36%. The business had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.09 billion. During the same quarter in the previous year, the firm earned $4.82 EPS. ServiceNow’s quarterly revenue was up 20.5% on a year-over-year basis. On average, equities analysts expect that ServiceNow, Inc. will post 2.12 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In related news, insider Jacqueline Canney sold 7,847 shares of the 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 sale, the insider directly owned 30,042 shares of the company’s stock, valued at approximately $4,145,796. This trade represents a 20.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Chamberlain sold 2,700 shares of ServiceNow stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $135.50, for a total value of $365,850.00. Following the sale, the director owned 43,990 shares in the company, valued at $5,960,645. This trade represents a 5.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 14,081 shares of company stock valued at $1,937,904. 0.34% of the stock is owned by insiders.

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.

ServiceNow serves businesses and public-sector organizations around the world.