Azimuth Capital Investment Management LLC Sells 19,141 Shares of ServiceNow, Inc. $NOW

Key Points

• Azimuth Capital Investment Management reduced its ServiceNow position by 22.1%, selling 19,141 shares in the second quarter. The fund retained 67,624 shares valued at approximately $6.7 million.
• ServiceNow reported quarterly revenue of $3.99 billion, up 24% year over year, and EPS of $0.90, exceeding analyst estimates. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $144.24.
• Insiders sold 14,081 shares worth about $1.94 million over the past 90 days, adding some pressure to sentiment, while hedge funds and other institutions continue to own a substantial 87.18% of the company.

Azimuth Capital Investment Management LLC lowered its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 22.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,624 shares of the information technology services provider's stock after selling 19,141 shares during the period. Azimuth Capital Investment Management LLC's holdings in ServiceNow were worth $6,714,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CBIZ Investment Advisory Services LLC raised 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 during the period. Blueline Advisors LLC bought a new position in shares of ServiceNow during the 4th quarter valued at approximately $25,000. Measured Wealth Private Client Group LLC increased its stake in shares of ServiceNow by 560.0% during the 4th 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. Wealth Watch Advisors INC increased its stake in shares of ServiceNow by 432.3% during the 4th quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 134 shares during the last quarter. Finally, Bank of Jackson Hole Trust raised its holdings in shares of ServiceNow by 534.6% in the 4th quarter. Bank of Jackson Hole Trust now owns 165 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 139 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow was selected as a “final trade” on CNBC’s Halftime Report, with the bullish case citing analyst support and the company’s opportunity to expand its AI offerings. Nvidia, ServiceNow, Spotify And A Financial Stock On CNBC’s Final Trades
• Positive Sentiment: ServiceNow gained alongside enterprise AI software peers as investor concerns that AI could weaken traditional seat-based software revenue eased. The broader sector rebound provided a favorable trading backdrop for NOW. Palantir Rallies 7% as PwC Alliance Counters Michael Burry Bear Case
• Positive Sentiment: Partner adoption is strengthening ServiceNow’s AI-platform narrative. Pricefx’s Deal Optimization App embeds AI pricing, negotiation, and recommendation tools into ServiceNow workflows, suggesting the platform is becoming an important distribution channel for enterprise AI applications. Is ServiceNow Quietly Becoming the Default AI Commerce Platform for Enterprise Partners?
• Neutral Sentiment: Analysts and investors remain selective within the software group. Although the sector has rebounded, commentary emphasizes that strong performance varies widely among companies, increasing scrutiny of ServiceNow’s valuation and growth durability. Software Stocks Are Back. 2 Winners, 2 Losers—and Salesforce
• Negative Sentiment: Reports of insider selling are weighing on sentiment and may be prompting investors to lock in gains after ServiceNow’s recent rally. Separate coverage also questioned whether the stock’s rapid advance has outpaced near-term fundamentals, making profit-taking a risk. ServiceNow Stock Price Down Following Insider Selling ServiceNow Just Rallied 28% in a Month: Take Profits, or Buy More?

Insider Transactions at ServiceNow

In other ServiceNow news, Director Paul Chamberlain sold 2,700 shares of ServiceNow stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $135.50, for a total transaction of $365,850.00. Following the completion of the sale, the director directly owned 43,990 shares in the company, valued at $5,960,645. The trade was a 5.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 7,847 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $138.00, for a total transaction of $1,082,886.00. Following the completion of the transaction, the insider directly owned 30,042 shares in the company, valued at $4,145,796. The trade was a 20.71% 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. Over the last 90 days, insiders sold 14,081 shares of company stock valued at $1,937,904. 0.34% of the stock is owned by corporate insiders.

ServiceNow Trading Up 0.0%

ServiceNow stock opened at $141.31 on Monday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $194.73. The stock has a market cap of $146.11 billion, a P/E ratio of 88.32, a PEG ratio of 2.57 and a beta of 0.97. The firm's fifty day moving average price is $117.21 and its 200-day moving average price is $107.96.

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on NOW shares. Weiss Ratings upgraded ServiceNow from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, August 20th. Cantor Fitzgerald raised their target price on ServiceNow from $122.00 to $141.00 and gave the stock an "overweight" rating in a research report on Monday, July 20th. Needham & Company LLC reaffirmed a "buy" rating and set a $115.00 price target on shares of ServiceNow in a research report on Thursday, July 23rd. JPMorgan Chase & Co. increased their target price on shares of ServiceNow from $145.00 to $150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 23rd. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $130.00 target price on shares of ServiceNow in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and an average 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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source