Assenagon Asset Management S.A. Has $145.14 Million Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Assenagon Asset Management sharply increased its ServiceNow stake by 1,231.7% in the first quarter, ending with 1,388,243 shares valued at about $145.1 million.
• ServiceNow shares were down 2.3% to $93.73, even as the company reported quarterly results that matched EPS estimates and slightly beat revenue expectations with $3.77 billion in sales, up 22.1% year over year.
• Wall Street remains broadly optimistic: analysts now have a Moderate Buy consensus on NOW, with a $142.17 average price target, while several firms recently raised their targets despite some ongoing AI-related investor concerns.

Assenagon Asset Management S.A. grew its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 1,231.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,388,243 shares of the information technology services provider's stock after purchasing an additional 1,283,998 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.13% of ServiceNow worth $145,141,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. IAG Wealth Partners LLC grew its stake in shares of ServiceNow by 200.0% in the third quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 18 shares during the last quarter. Noble Wealth Management PBC raised its stake in 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 purchasing an additional 128 shares during the last quarter. Millstone Evans Group LLC boosted its holdings in ServiceNow by 400.0% in the 4th 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 period. CBIZ Investment Advisory Services LLC boosted its holdings in ServiceNow by 540.0% in the 4th 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. Finally, Blueline Advisors LLC acquired a new stake in ServiceNow in the 4th quarter worth $25,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Down 2.3%

Shares of NOW opened at $93.73 on Thursday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average price of $99.98 and a two-hundred day moving average price of $115.96. The stock has a market cap of $96.64 billion, a price-to-earnings ratio of 55.86, a P/E/G ratio of 1.60 and a beta of 0.94. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $211.48.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, meeting the consensus estimate of $0.97. The company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The company's revenue was up 22.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.81 EPS. Equities analysts predict that ServiceNow, Inc. will post 2.34 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on NOW shares. Capital One Financial boosted their price objective on shares of ServiceNow from $105.00 to $120.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Benchmark increased their target price on shares of ServiceNow from $125.00 to $130.00 and gave the company a "buy" rating in a research note on Monday, June 15th. Citigroup boosted their price target on ServiceNow from $154.00 to $158.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Barclays reaffirmed an "overweight" rating and issued a $134.00 price target (up from $132.00) on shares of ServiceNow in a report on Tuesday, May 5th. Finally, Citic Securities reduced their price objective on ServiceNow from $168.00 to $140.00 and set a "buy" rating for the company in a research report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $142.17.

Key Stories Impacting ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Analysts remain constructive on ServiceNow’s long-term outlook, with multiple reports highlighting upside potential and calling the recent pullback an opportunity to buy. Wall Street expects ServiceNow stock to gain 52%, despite AI threat
• Positive Sentiment: Raymond James said ServiceNow may have pricing power that could drive faster revenue growth and support high-margin expansion. Raymond James sees ServiceNow pricing power driving high-margin growth
• Positive Sentiment: ServiceNow continues to expand its AI and workflow ecosystem through new partnerships in AI governance, public sector modernization, and communications billing, which could support future growth. ServiceNow (NOW) Expands AI Governance And Public Sector Reach With New Partnerships
• Neutral Sentiment: The stock has been drawing investor attention recently, with several articles noting increased trading interest and market focus, but without a clear new catalyst. ServiceNow, Inc. (NOW) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Recent coverage also compared ServiceNow with other enterprise software names and discussed how investors are positioning around AI-led business productivity platforms. ScienceLogic Announces New Skylar AI Updates and Recognition as a Leader in IDC MarketScape Reports
• Negative Sentiment: Some investors remain focused on AI concerns, which are being cited as a reason for weakness even after ServiceNow’s solid earnings performance. AI Concerns Hurt ServiceNow (NOW) Despite Strong Earnings
• Negative Sentiment: The latest trading updates show ServiceNow falling more than the broader market, reflecting ongoing selling pressure in software stocks. ServiceNow (NOW) Dips More Than Broader Market: What You Should Know

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 8,927 shares of the business's stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the transaction, the insider directly owned 29,531 shares in the company, valued at $2,645,977.60. The trade was a 23.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Fipps sold 1,048 shares of the firm's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $98.51, for a total transaction of $103,238.48. Following the sale, the insider directly owned 12,072 shares of the company's stock, valued at approximately $1,189,212.72. The trade was a 7.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 a total of 28,071 shares of company stock worth $2,529,956 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

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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