1ST Source Bank Makes New $1.34 Million Investment in ServiceNow, Inc. $NOW

Key Points

• 1ST Source Bank opened a new position in ServiceNow during the first quarter, buying 12,805 shares worth about $1.34 million.
• ServiceNow stock was down 5.7% in Wednesday trading, with shares opening at $104.90 and trading below both its 50-day and 200-day moving averages.
• Wall Street remains broadly positive: analysts have a Moderate Buy consensus rating on ServiceNow, with an average price target of $140.60, though some firms recently trimmed targets.

1ST Source Bank bought a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,805 shares of the information technology services provider's stock, valued at approximately $1,339,000.

A number of other institutional investors have also recently made changes to their positions in NOW. Noble Wealth Management PBC boosted its holdings in shares of ServiceNow by 400.0% during the 4th quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 128 shares during the last quarter. Millstone Evans Group LLC raised its holdings in shares of ServiceNow by 400.0% during the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 132 shares during the last quarter. CBIZ Investment Advisory Services LLC lifted its position in ServiceNow by 540.0% during the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 135 shares during the period. Blueline Advisors LLC purchased a new stake in ServiceNow in the fourth quarter worth approximately $25,000. Finally, Measured Wealth Private Client Group LLC boosted its holdings in ServiceNow by 560.0% in the fourth quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 140 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group reiterated a "buy" rating and set a $145.00 target price (down from $163.00) on shares of ServiceNow in a research note on Wednesday, July 8th. Evercore raised their price target on ServiceNow from $140.00 to $150.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 5th. Truist Financial lifted their price objective on ServiceNow from $120.00 to $130.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. Royal Bank Of Canada reiterated an "outperform" rating and set a $121.00 price objective on shares of ServiceNow in a research report on Tuesday, May 5th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $115.00 target price on shares of ServiceNow in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $140.60.

ServiceNow Trading Down 5.7%

Shares of NYSE:NOW opened at $104.90 on Wednesday. The stock has a 50 day moving average of $103.20 and a 200 day moving average of $110.31. The company has a market cap of $108.15 billion, a PE ratio of 62.51, a price-to-earnings-growth ratio of 1.85 and a beta of 0.96. 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, Inc. has a 12-month low of $81.24 and a 12-month high of $210.20.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, hitting analysts' consensus estimates of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The company had revenue of $3.77 billion for the quarter, compared to analysts' expectations of $3.75 billion. During the same quarter last year, the business earned $0.81 EPS. The firm's revenue was up 22.1% compared to the same quarter last year. As a group, equities research analysts expect that ServiceNow, Inc. will post 2.34 EPS for the current year.

Key Headlines Impacting ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: UBS raised its price target on ServiceNow to $115 from $100, suggesting analysts still see upside and stable demand trends. Benzinga
• Positive Sentiment: New partner and government-contract announcements highlighted continued ecosystem momentum, including C1Secure’s ServiceNow-native FedRAMP 20x platform and Empower AI’s GSA enterprise IT award, both reinforcing ServiceNow’s role in AI-enabled workflow and public-sector modernization. Article Title Article Title
• Positive Sentiment: Recent commentary argues ServiceNow’s AI tools, including Now Assist, could become a stronger monetization driver as investors rotate toward application software. Article Title
• Neutral Sentiment: Several analyst-style articles debated ServiceNow’s valuation and long-term prospects, with some calling it attractive for the rebound and others saying it is not the cheapest name in software. Article Title Article Title
• Negative Sentiment: IBM’s revenue warning triggered a broader selloff in tech and dragged ServiceNow lower along with other enterprise software names like Accenture. Article Title Article Title

Insider Activity

In related news, Director Anita M. Sands sold 16,445 shares of the company's stock in a transaction on 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 transaction, the director owned 30,090 shares of the company's stock, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul Fipps sold 1,048 shares of the stock in a transaction 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 owned 12,072 shares of the company's stock, valued at $1,189,212.72. The trade was 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. Insiders have sold 28,071 shares of company stock valued at $2,529,956 over the last 90 days. Company insiders own 0.34% of the company's stock.

About ServiceNow

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.

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