ServiceNow, Inc. $NOW Stake Lifted by Ethic Inc.

Ethic Inc. grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 8.8% in the third quarter, Holdings Channel reports. The fund owned 155,519 shares of the information technology services provider’s stock after acquiring an additional 12,574 shares during the quarter. Ethic Inc.’s holdings in ServiceNow were worth $20,841,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. 180 Wealth Advisors LLC raised its holdings in shares of ServiceNow by 5.3% in the 3rd quarter. 180 Wealth Advisors LLC now owns 23,410 shares of the information technology services provider’s stock worth $3,137,000 after purchasing an additional 1,170 shares during the period. Leelyn Smith LLC lifted its stake in ServiceNow by 8.7% in the third quarter. Leelyn Smith LLC now owns 13,840 shares of the information technology services provider’s stock valued at $1,855,000 after purchasing an additional 1,105 shares during the last quarter. Formidable Asset Management LLC lifted its stake in ServiceNow by 5.9% in the third quarter. Formidable Asset Management LLC now owns 21,007 shares of the information technology services provider’s stock valued at $2,815,000 after purchasing an additional 1,167 shares during the last quarter. Palisade Asset Management LLC bought a new position in ServiceNow during the third quarter valued at $324,000. Finally, Parallel Advisors LLC grew its holdings in ServiceNow by 11.5% during the third quarter. Parallel Advisors LLC now owns 24,021 shares of the information technology services provider’s stock valued at $3,219,000 after purchasing an additional 2,485 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $101.91 on Friday. The firm’s 50 day moving average is $136.31 and its 200 day moving average is $114.81. The stock has a market capitalization of $105.78 billion, a P/E ratio of 73.32, a PEG ratio of 1.99 and a beta of 1.00. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $175.00. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.42.

ServiceNow (NYSE:NOW) last released its quarterly earnings data 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 net margin of 9.36% and a return on equity of 15.17%. 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 prior year, the firm posted $4.82 earnings per share. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 2.12 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on NOW. Truist Financial set a $150.00 target price on ServiceNow and gave the stock a “buy” rating in a research report on Thursday, October 29th. Needham & Company LLC upped their price target on ServiceNow from $115.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, September 11th. Robert W. Baird set a $185.00 price target on ServiceNow in a research report on Thursday, October 29th. UBS Group reiterated an “underweight” rating on shares of ServiceNow in a research note on Thursday, October 29th. Finally, Benchmark reissued a “buy” rating on shares of ServiceNow in a report on Friday, July 17th. One equities research 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. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $154.50.

Insiders Place Their Bets

In other news, Director Paul Chamberlain sold 2,700 shares of the firm’s 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 completion of the transaction, the director directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Fipps sold 2,034 shares of ServiceNow stock in a transaction on Monday, August 31st. The shares were sold at an average price of $147.87, for a total value of $300,767.58. Following the completion of the transaction, the insider owned 18,305 shares of the company’s stock, valued at approximately $2,706,760.35. This trade represents a 10.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 14,081 shares of company stock worth $1,937,904 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Key ServiceNow News

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 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.