Glenview Trust Co Reduces Holdings in ServiceNow, Inc. $NOW

Glenview Trust Co reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 5.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104,606 shares of the information technology services provider’s stock after selling 5,742 shares during the period. Glenview Trust Co’s holdings in ServiceNow were worth $10,937,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of NOW. Covenant Asset Management LLC grew its position in shares of ServiceNow by 169.2% during the 4th quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider’s stock valued at $3,196,000 after buying an additional 13,114 shares during the last quarter. Norges Bank bought a new position in ServiceNow in the fourth quarter worth about $2,020,992,000. World Investment Advisors boosted its stake in ServiceNow by 411.7% in the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock valued at $7,346,000 after acquiring an additional 38,583 shares during the period. Cohen Klingenstein LLC boosted its stake in ServiceNow by 400.0% in the fourth quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider’s stock valued at $1,532,000 after acquiring an additional 8,000 shares during the period. Finally, Moors & Cabot Inc. grew its holdings in shares of ServiceNow by 387.7% during the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock valued at $6,990,000 after purchasing an additional 36,274 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Cantor Fitzgerald raised its price target on ServiceNow to $141 from $122 and reiterated an overweight view, signaling confidence that the stock can recover from current levels. Benzinga report
• Positive Sentiment: Analysts and bullish articles argue ServiceNow’s AI strategy is more about execution than disruption, with the company’s workflow platform and recent integration updates with Ciroos and Esri seen as supportive of long-term demand. ServiceNow (NOW) Adds Ciroos And Esri To Bring AI And GIS Into Workflows
• Positive Sentiment: Multiple previews ahead of earnings highlight that ServiceNow’s own numbers have been contradicting the bearish AI narrative, which could help investor sentiment if results hold up. ServiceNow Is Down 51% as Wall Street Bets AI Will Gut Its Business. July 22 Will Show Who’s Right.
• Positive Sentiment: Commentary from value investors says the stock’s decline may be creating a long-term buying opportunity if fundamentals remain solid, which can support dip-buying interest. Should You Buy ServiceNow (NOW) Before Earnings?
• Neutral Sentiment: Wall Street is focused on upcoming quarterly results and key operating metrics, making the next earnings report the main near-term catalyst for the stock. Unveiling ServiceNow (NOW) Q2 Outlook: Wall Street Estimates for Key Metrics
• Negative Sentiment: A critical ServiceNow code execution flaw is reportedly being exploited in attacks, which could raise security concerns and create a temporary headline overhang. Critical ServiceNow code execution flaw now exploited in attacks

ServiceNow Stock Performance

Shares of NYSE NOW opened at $104.90 on Tuesday. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $210.20. The company has a market cap of $108.15 billion, a PE ratio of 62.51, a P/E/G ratio of 1.73 and a beta of 0.96. The stock has a 50 day simple moving average of $104.24 and a 200-day simple moving average of $108.92. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting the consensus estimate of $0.97. The firm had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The firm’s revenue was up 22.1% compared to the same quarter last year. During the same period last year, the firm earned $0.81 EPS. On average, equities research analysts forecast that ServiceNow, Inc. will post 2.33 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NOW. Piper Sandler dropped their price target on ServiceNow from $200.00 to $140.00 and set an “overweight” rating on the stock in a research report on Thursday, April 23rd. Morgan Stanley reduced their price objective on ServiceNow from $210.00 to $180.00 and set an “overweight” rating for the company in a research report on Thursday, April 23rd. The Goldman Sachs Group restated a “buy” rating and set a $145.00 price objective (down from $163.00) on shares of ServiceNow in a research note on Wednesday, July 8th. Citigroup reaffirmed a “buy” rating and issued a $156.00 target price (down from $158.00) on shares of ServiceNow in a research report on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on ServiceNow from $180.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $139.12.

Insiders Place Their Bets

In related news, Director Anita M. Sands sold 16,445 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the completion of the sale, the director owned 30,090 shares of the company’s stock, valued at $2,712,312.60. This represents a 35.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Fipps sold 1,048 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $98.51, for a total transaction of $103,238.48. Following the completion of the transaction, the insider owned 12,072 shares of the company’s stock, valued at $1,189,212.72. This represents a 7.99% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 28,071 shares of company stock worth $2,529,956. 0.34% of the stock is owned by company insiders.

ServiceNow Company 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.