Allworth Financial LP Makes New $3.18 Million Investment in ServiceNow, Inc. $NOW

Key Points

• Allworth Financial purchased 32,043 ServiceNow shares worth approximately $3.18 million during the second quarter, while institutional investors collectively own 87.18% of the company.
• ServiceNow’s latest quarterly results exceeded expectations, with adjusted EPS of $0.90 and revenue of $3.99 billion, up 24% year over year. Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and a $144.24 price target.
• The company continues expanding its enterprise AI strategy through a partnership with Tech Mahindra, but investors remain mindful of ServiceNow’s premium valuation and competition from newer AI-native automation platforms.

Allworth Financial LP purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 32,043 shares of the information technology services provider's stock, valued at approximately $3,181,000.

Other large investors have also recently bought and sold shares of the company. Covenant Asset Management LLC increased its holdings 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 worth $3,196,000 after purchasing an additional 13,114 shares during the period. Norges Bank acquired a new position in shares of ServiceNow during the fourth quarter valued at about $2,020,992,000. World Investment Advisors lifted its stake 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 buying an additional 38,583 shares during the period. Moors & Cabot Inc. lifted its stake in shares of ServiceNow by 387.7% in 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 buying an additional 36,274 shares during the period. Finally, Bank of Nova Scotia grew its position in ServiceNow by 53.3% during the first quarter. Bank of Nova Scotia now owns 1,018,036 shares of the information technology services provider's stock worth $106,436,000 after buying an additional 353,749 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Transactions at ServiceNow

In related news, Director Paul Edward Chamberlain sold 1,500 shares of ServiceNow stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $125.60, for a total transaction of $188,400.00. Following the completion of the transaction, the director directly owned 46,690 shares of the company's stock, valued at $5,864,264. This trade represents a 3.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.34% of the stock is owned by corporate insiders.

ServiceNow News Roundup

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow expanded its multi-year partnership with Tech Mahindra to help enterprises move AI projects from pilot programs into production. The “Client Zero” approach combines ServiceNow’s AI platform with Tech Mahindra’s industry expertise, potentially increasing adoption, automation revenue and measurable customer outcomes. Tech Mahindra and ServiceNow Expand Partnership to Deliver Production-Ready Enterprise AI at Scale
• Positive Sentiment: Bank of America raised its ServiceNow price target to $150, citing the company’s positioning to monetize artificial intelligence as concerns about AI disruption to traditional software fade. The move contributed to broader bullish sentiment across software stocks. Bank of America Increases ServiceNow Price Target to $150
• Positive Sentiment: ServiceNow has gained substantially since its latest earnings report, which beat estimates on both adjusted earnings and revenue. Quarterly revenue increased 24% year over year, reinforcing the view that the company remains a leading enterprise AI and workflow platform. ServiceNow Up 41.1% Since Last Earnings Report
• Positive Sentiment: ServiceNow was also selected as a CNBC “Final Trade,” providing additional visibility and signaling continued support from some professional investors. Final Trades: ServiceNow, Vertex and Uber
• Neutral Sentiment: Despite the favorable company news, midday AI buying has been concentrated in government-facing companies such as Palantir and BigBear.ai rather than enterprise software, limiting near-term upside for NOW. How Are Traders Picking the Software Winners?
• Negative Sentiment: Investors continue to monitor competitive threats from newer AI-native automation platforms, including Serval, as well as ServiceNow’s premium valuation. Those concerns may encourage profit-taking after the stock’s sharp post-earnings advance. Serval Wants To Replace ServiceNow With AI That Builds Enterprise Automation

ServiceNow Stock Performance

ServiceNow stock opened at $128.73 on Friday. 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 stock has a fifty day moving average price of $108.88 and a two-hundred day moving average price of $105.74. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $194.73. The firm has a market capitalization of $133.11 billion, a P/E ratio of 80.46, a P/E/G ratio of 2.28 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.93 billion. During the same quarter in the previous year, the company earned $0.81 EPS. The firm's revenue for the quarter was up 24.0% compared to the same quarter last year. As a group, analysts anticipate that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Bank of America boosted their price target on ServiceNow from $130.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday. Citic Securities decreased their price objective on ServiceNow from $168.00 to $140.00 and set a "buy" rating on the stock in a report on Thursday, May 21st. DA Davidson set a $170.00 price objective on ServiceNow and gave the company a "buy" rating in a research report on Monday, July 20th. BMO Capital Markets upped their target price on ServiceNow from $115.00 to $118.00 and gave the company an "outperform" rating in a research note on Thursday, July 23rd. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $248.00 target price (up from $236.00) on shares of ServiceNow in a research report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, ServiceNow presently has an average rating of "Moderate Buy" and a consensus price target of $144.24.

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.

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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