Bessemer Group Inc. Sells 674,367 Shares of ServiceNow, Inc. $NOW

Key Points

• Bessemer Group Inc. reduced its ServiceNow stake by 37.5% in the first quarter, selling 674,367 shares and leaving it with 1,123,795 shares worth about $117.5 million.
• ServiceNow’s latest quarterly results were mixed but solid: it earned $0.97 per share, matching estimates, while revenue of $3.77 billion slightly topped expectations and rose 22.1% year over year.
• Analyst sentiment remains generally positive despite some cuts to price targets, with a consensus rating of “Moderate Buy” and an average target price of $141.03.

Bessemer Group Inc. cut its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 37.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,123,795 shares of the information technology services provider's stock after selling 674,367 shares during the period. Bessemer Group Inc. owned about 0.11% of ServiceNow worth $117,493,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Covenant Asset Management LLC increased its position in 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 valued at $3,196,000 after acquiring an additional 13,114 shares during the last quarter. Norges Bank bought a new stake in shares of ServiceNow in the 4th quarter worth about $2,020,992,000. World Investment Advisors lifted its holdings in shares of ServiceNow by 411.7% in the 4th quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider's stock worth $7,346,000 after acquiring an additional 38,583 shares during the last quarter. Cohen Klingenstein LLC boosted its stake in shares of ServiceNow by 400.0% during the 4th quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider's stock worth $1,532,000 after purchasing an additional 8,000 shares during the period. Finally, Moors & Cabot Inc. boosted its stake in shares of 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 purchasing an additional 36,274 shares during the period. Institutional investors own 87.18% of the company's stock.

ServiceNow Trading Down 0.6%

Shares of NYSE:NOW opened at $103.40 on Friday. The company has a market capitalization of $106.60 billion, a PE ratio of 61.62, a P/E/G ratio of 1.73 and a beta of 0.96. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $210.20. The business's fifty day simple moving average is $103.97 and its 200-day simple moving average is $109.58.

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

Analysts Set New Price Targets

A number of analysts recently weighed in on NOW shares. Robert W. Baird reduced their price objective on shares of ServiceNow from $125.00 to $118.00 and set an "outperform" rating on the stock in a research report on Thursday, April 23rd. Weiss Ratings lowered ServiceNow from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, July 10th. Piper Sandler cut their target price on ServiceNow from $200.00 to $140.00 and set an "overweight" rating on the stock in a research note on Thursday, April 23rd. Mizuho reduced their price target on ServiceNow from $150.00 to $140.00 and set an "outperform" rating on the stock in a report on Thursday, April 23rd. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $115.00 price target on shares of ServiceNow in a report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $141.03.

Insider Activity

In other news, insider Paul Fipps sold 1,048 shares of ServiceNow stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $98.51, for a total value of $103,238.48. Following the transaction, the insider owned 12,072 shares of the company's stock, valued at $1,189,212.72. The trade was a 7.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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, insider Jacqueline P. Canney sold 8,927 shares of the business's stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $89.60, for a total transaction of $799,859.20. Following the transaction, the insider owned 29,531 shares of the company's stock, valued at approximately $2,645,977.60. This trade represents a 23.21% decrease in their position. 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 90 days. 0.34% of the stock is currently owned by corporate insiders.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: TD Cowen reaffirmed its buy rating on ServiceNow and set a $140 price target, implying meaningful upside from current levels. Benzinga report on TD Cowen rating
• Positive Sentiment: BNP Paribas and RBC Capital both raised their views on ServiceNow ahead of earnings, citing conservative guidance, improving channel feedback, and stronger demand signals. ServiceNow (NOW) Stock Receives Dual Upgrades Ahead of Q2 Results
• Positive Sentiment: Several analysts argue ServiceNow could benefit from continued AI adoption and subscription growth, which may help support an earnings beat or solid outlook when Q2 results are reported. ServiceNow Set to Report Q2 Earnings: Buy, Sell or Hold the Stock?
• Neutral Sentiment: Media coverage comparing ServiceNow with UiPath highlights agentic AI as a major long-term opportunity, but this is more of a strategic theme than an immediate catalyst. UiPath Vs. ServiceNow: Which Agentic AI Stock Is the Better Buy?
• Negative Sentiment: Some analysts and commentators warn that rising costs, competition, and still-rich valuation multiples could limit upside if Q2 results or guidance disappoint. ServiceNow Set to Report Q2 Earnings: Buy, Sell or Hold the Stock?
• Negative Sentiment: ServiceNow remains down sharply over the past year, and some investors still question whether the stock deserves a premium multiple after the selloff. Can ServiceNow (NOW) Trade At A Premium After A 46% Drop?

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.

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