Central Pacific Bank Trust Division Reduces Stake in ServiceNow, Inc. $NOW

Central Pacific Bank Trust Division reduced its holdings in ServiceNow, Inc. (NYSE:NOW) by 33.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,872 shares of the information technology services provider’s stock after selling 8,831 shares during the quarter. Central Pacific Bank Trust Division’s holdings in ServiceNow were worth $1,774,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Wealth Watch Advisors INC purchased a new stake in ServiceNow in the third quarter worth $29,000. Kelleher Financial Advisors purchased a new position in ServiceNow during the 3rd quarter valued at $50,000. Pin Oak Investment Advisors Inc. increased its position in ServiceNow by 20.7% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 134 shares of the information technology services provider’s stock valued at $123,000 after purchasing an additional 23 shares during the period. Jupiter Wealth Management LLC bought a new position in ServiceNow in the 2nd quarter worth $154,000. Finally, CBIZ Investment Advisory Services LLC raised its holdings in ServiceNow by 540.0% in the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 135 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ServiceNow

In other news, Director Anita M. Sands sold 16,445 shares of ServiceNow stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the completion of the transaction, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. This trade represents a 35.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Fipps sold 1,048 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the completion of the sale, the insider directly owned 12,072 shares in the company, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 19,144 shares of company stock valued at $1,730,097. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

NOW has been the topic of a number of research reports. CLSA started coverage on shares of ServiceNow in a research note on Monday, July 20th. They set an “underperform” rating and a $72.00 target price on the stock. Citic Securities decreased their price target on shares of ServiceNow from $168.00 to $140.00 and set a “buy” rating for the company in a research note on Thursday, May 21st. Piper Sandler restated an “overweight” rating and issued a $140.00 price objective on shares of ServiceNow in a report on Thursday, July 23rd. HSBC cut their price objective on ServiceNow from $226.00 to $171.00 and set a “buy” rating on the stock in a research report on Thursday, April 16th. Finally, Citigroup reiterated a “market outperform” rating on shares of ServiceNow in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $143.39.

Key Headlines Impacting ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: AI business surpasses $1 billion: ServiceNow’s AI portfolio exceeded $1 billion in annual contract value, reinforcing the company’s ability to monetize AI-enabled workflows and supporting the bullish case for continued growth. ServiceNow AI ACV and layoffs article
• Positive Sentiment: Cost savings through AI restructuring: ServiceNow plans to eliminate up to 1,000 positions while keeping overall headcount roughly flat, redirecting resources toward AI-focused roles. Investors appear to view the move as a way to improve operating leverage and margins rather than as a sign of weakening demand. ServiceNow job cuts article
• Positive Sentiment: Cybersecurity expansion: ServiceNow introduced six autonomous security products built on its Armis and Veza acquisitions. The offerings are designed to connect security data, identity and enterprise workflows, potentially giving ServiceNow a broader competitive position than standalone security vendors. ServiceNow autonomous security products article
• Positive Sentiment: Customer adoption of AI-enabled IT operations: A major multi-hospital system selected 3CLogic’s Voice AI solution for ServiceNow, providing another example of customers using the platform to automate service operations. 3CLogic hospital system announcement

ServiceNow Stock Up 3.6%

Shares of ServiceNow stock opened at $118.25 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The company has a 50-day moving average of $106.25 and a 200 day moving average of $105.90. The firm has a market cap of $122.27 billion, a price-to-earnings ratio of 73.91, a PEG ratio of 2.01 and a beta of 0.94. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $194.73.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.93 billion. During the same period last year, the company posted $0.81 EPS. ServiceNow’s revenue was up 24.0% on a year-over-year basis. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

ServiceNow 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.