27,803 Shares in ServiceNow, Inc. $NOW Purchased by E Fund Management Co. Ltd.

Key Points

• E Fund Management purchased 27,803 ServiceNow shares worth approximately $2.76 million, while institutional investors collectively own 87.18% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and average price target of $144.24, despite some downgrades and target reductions.
• ServiceNow exceeded quarterly expectations, reporting $0.90 EPS versus $0.86 expected and $3.99 billion in revenue, up 24% year over year. The stock opened at $127.22, up 6.5%.

E Fund Management Co. Ltd. bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 27,803 shares of the information technology services provider's stock, valued at approximately $2,760,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Covenant Asset Management LLC lifted its position in shares of ServiceNow by 169.2% during the fourth quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider's stock worth $3,196,000 after purchasing an additional 13,114 shares in the last quarter. Norges Bank acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $2,020,992,000. World Investment Advisors grew its holdings in shares of 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 purchasing an additional 38,583 shares in the last quarter. Moors & Cabot Inc. increased its stake in ServiceNow by 387.7% during the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider's stock worth $6,990,000 after buying an additional 36,274 shares during the period. Finally, Torray Investment Partners LLC increased its stake in ServiceNow by 390.5% during the 4th quarter. Torray Investment Partners LLC now owns 40,629 shares of the information technology services provider's stock worth $6,224,000 after buying an additional 32,345 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Ratings Changes

NOW has been the subject of a number of recent research reports. BMO Capital Markets lifted their target price on ServiceNow from $115.00 to $118.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. Truist Financial upped their price target on ServiceNow from $120.00 to $130.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. Weiss Ratings lowered ServiceNow from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, July 10th. Stifel Nicolaus decreased their price objective on ServiceNow from $135.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, April 23rd. Finally, Wolfe Research set a $125.00 price objective on ServiceNow in a research report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $144.24.

ServiceNow Trading Up 6.5%

Shares of ServiceNow stock opened at $127.22 on Thursday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43. The company has a fifty day simple moving average of $107.82 and a 200-day simple moving average of $105.49. The stock has a market cap of $131.54 billion, a price-to-earnings ratio of 79.51, a PEG ratio of 2.10 and a beta of 0.94. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.86 by $0.04. The firm had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The firm's quarterly revenue was up 24.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 EPS. On average, equities analysts forecast that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

Insider Buying and Selling

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $125.60, for a total transaction of $188,400.00. Following the completion of the sale, the director directly owned 46,690 shares of the company's stock, valued at approximately $5,864,264. This trade represents a 3.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.34% of the stock is currently owned by corporate insiders.

ServiceNow News Summary

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Bank of America raised its price target. BofA lifted its target from $130 to $150 and upgraded or reaffirmed the stock with a “Buy” rating, implying substantial upside from the referenced market level. Benzinga
• Positive Sentiment: Broader software-sector fears eased. Market commentary indicated that investors are moving away from the view that AI will make traditional enterprise software obsolete. This helped support ServiceNow and other major software stocks after a prolonged selloff. ServiceNow Leads a Software Rally
• Positive Sentiment: The Armis cybersecurity acquisition strengthens ServiceNow’s growth narrative. Coverage of the approximately $8 billion deal highlights its potential to expand ServiceNow’s AI-powered security platform and add preventive cyber-defense capabilities. ServiceNow Armis Acquisition
• Positive Sentiment: ServiceNow received additional bullish commentary. TD Cowen reiterated its “Buy” rating, while other analysts and market commentators pointed to the company’s recurring revenue, roughly 20%-plus growth profile and opportunities to monetize AI workflows. Why ServiceNow Stock Rallied
• Neutral Sentiment: New partnership expands the AI platform ecosystem. Tribal announced “Tribal for ServiceNow,” allowing enterprise teams to build and deploy AI agents within ServiceNow environments. The partnership may improve platform adoption, although its near-term financial impact is unclear. Tribal Partners with ServiceNow
• Negative Sentiment: AI-related business-model risks remain. Critics warn that AI could pressure per-seat software pricing if companies accomplish more work with fewer employees, potentially challenging long-term revenue growth. AI Risks to ServiceNow’s Business Model
• Negative Sentiment: Insider selling and acquisition execution risks remain overhangs. A director sold 1,500 shares under a pre-arranged Rule 10b5-1 plan, limiting its significance, while the Armis transaction creates integration and spending risks. ServiceNow Director Share Sale

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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