Avalon Global Asset Management LLC Buys 103,680 Shares of ServiceNow, Inc. $NOW

Key Points

• Avalon Global Asset Management boosted its ServiceNow stake by 400% in Q4, buying 103,680 additional shares and lifting its total holdings to 129,600 shares worth about $19.85 million.
• Wall Street sentiment remains generally positive: Benchmark raised its price target to $130 and kept a Buy rating, while ServiceNow’s broader analyst consensus is still Moderate Buy with a target price of about $142.17.
• ServiceNow’s latest quarter showed solid growth, with $0.97 EPS matching estimates and revenue of $3.77 billion up 22.1% year over year, though insider selling and comparisons with Salesforce may weigh on sentiment.

Avalon Global Asset Management LLC increased its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 400.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 129,600 shares of the information technology services provider's stock after purchasing an additional 103,680 shares during the quarter. ServiceNow makes up approximately 3.2% of Avalon Global Asset Management LLC's investment portfolio, making the stock its 11th biggest position. Avalon Global Asset Management LLC's holdings in ServiceNow were worth $19,853,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. IAG Wealth Partners LLC raised its holdings in ServiceNow by 200.0% during the third quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 18 shares during the period. Noble Wealth Management PBC grew its position in ServiceNow by 400.0% in the fourth quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 128 shares in the last quarter. Millstone Evans Group LLC grew its position in ServiceNow by 400.0% in the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 132 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its position in ServiceNow by 540.0% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 135 shares in the last quarter. Finally, Blueline Advisors LLC purchased a new position in shares of ServiceNow during the fourth quarter valued at approximately $25,000. 87.18% of the stock is owned by institutional investors.

ServiceNow News Summary

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Benchmark raised its price target on ServiceNow to $130 from $125 and kept a Buy rating, signaling confidence that the stock has meaningful upside from current levels.
• Positive Sentiment: Another report noted ServiceNow has an average analyst recommendation of Moderate Buy, reinforcing a broadly constructive Wall Street view of the company.
• Positive Sentiment: IBM’s expanded ServiceNow partnership was highlighted as a way to accelerate enterprise AI adoption, which could bolster ServiceNow’s platform relevance and long-term growth narrative. Can IBM's Extended ServiceNow Deal Accelerate Enterprise AI Adoption?
• Neutral Sentiment: ServiceNow was described as a candidate to benefit from AI-driven workflow automation, but the commentary was more of a business thesis than a concrete catalyst. ServiceNow: A 7.0 Score in a Shifting AI Landscape
• Neutral Sentiment: ServiceNow outperformed the broader market in the latest session, but the move appeared tied to general momentum and analyst sentiment rather than a major company-specific announcement. ServiceNow (NOW) Beats Stock Market Upswing: What Investors Need to Know
• Negative Sentiment: Multiple articles compared ServiceNow with Salesforce and said CRM currently has the edge thanks to stronger Agentforce momentum, rising earnings estimates, and a lower valuation, which may pressure NOW’s relative appeal. ServiceNow vs. Salesforce: Which Cloud Software Stock Has an Edge Now?
• Negative Sentiment: A broader software-industry note said SaaS stocks have been under pressure over the past six months, a backdrop that can weigh on ServiceNow’s valuation even when company-specific news is positive. 1 Software Stock with Exciting Potential and 2 Facing Headwinds

Insider Activity

In related news, insider Paul Fipps sold 1,048 shares of ServiceNow stock in a transaction on Monday, May 18th. The shares were 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 in the company, valued at $1,189,212.72. This trade represents a 7.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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. Also, Director Anita M. Sands sold 16,445 shares of ServiceNow stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the sale, the director owned 30,090 shares in the company, valued at $2,712,312.60. This represents a 35.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,071 shares of company stock valued at $2,529,956 over the last quarter. Company insiders own 0.34% of the company's stock.

ServiceNow Stock Up 2.1%

NOW opened at $104.26 on Tuesday. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $211.48. 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 $99.85 and a 200 day moving average price of $119.31. The company has a market cap of $107.50 billion, a PE ratio of 62.14, a price-to-earnings-growth ratio of 1.69 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results 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. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The business had revenue of $3.77 billion during the quarter, compared to analysts' expectations of $3.75 billion. During the same quarter in the prior year, the company posted $0.81 EPS. The business's revenue for the quarter was up 22.1% on a year-over-year basis. Sell-side analysts expect that ServiceNow, Inc. will post 2.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on NOW. Wall Street Zen lowered ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $236.00 price target (up from $226.00) on shares of ServiceNow in a research note on Wednesday, May 6th. Mizuho reduced their price objective on shares of ServiceNow from $150.00 to $140.00 and set an "outperform" rating for the company in a research note on Thursday, April 23rd. Wolfe Research set a $125.00 price objective on shares of ServiceNow in a research note on Thursday, April 23rd. Finally, BTIG Research reaffirmed a "buy" rating and set a $150.00 price target on shares of ServiceNow in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $142.17.

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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