Calamos Wealth Management LLC Sells 62,918 Shares of ServiceNow, Inc. $NOW

Key Points

• Calamos Wealth Management sharply cut its ServiceNow position by 95.5% in the first quarter, selling 62,918 shares and ending with just 2,952 shares worth about $309,000.
• Institutional ownership in ServiceNow remains heavy, with hedge funds and other institutions owning 87.18% of the stock. Several major firms like Vanguard, State Street, and Price T Rowe significantly increased their holdings in the prior quarter.
• ServiceNow’s latest results were solid, with Q1 EPS of $0.97 matching estimates and revenue of $3.77 billion topping expectations. Analysts remain mixed but mostly constructive, with a consensus Moderate Buy rating and an average price target of $140.80.

Calamos Wealth Management LLC lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 95.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,952 shares of the information technology services provider's stock after selling 62,918 shares during the quarter. Calamos Wealth Management LLC's holdings in ServiceNow were worth $309,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in ServiceNow by 404.5% in the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider's stock worth $15,619,771,000 after purchasing an additional 81,752,460 shares in the last quarter. State Street Corp boosted its holdings in shares of ServiceNow by 406.6% in the 4th quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider's stock valued at $7,337,280,000 after buying an additional 38,441,898 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of ServiceNow by 371.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider's stock valued at $4,962,692,000 after buying an additional 25,517,218 shares in the last quarter. Geode Capital Management LLC grew its position in shares of ServiceNow by 404.8% in the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider's stock worth $3,591,425,000 after buying an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley grew its position in shares of ServiceNow by 335.6% in the 4th quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider's stock worth $3,482,543,000 after buying an additional 17,514,679 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: BNP Paribas said ServiceNow has a “constructive setup” for Q2 results, pointing to conservative guidance and improving demand — including healthier federal demand — that could set up an earnings beat. ServiceNow offers 'constructive setup' going into Q2 results, BNP says
• Positive Sentiment: UBS raised its price target on NOW to $115 and kept a neutral rating, saying demand trends appear stable and implying some upside from current levels. UBS price target raise
• Positive Sentiment: Several commentary pieces argue the market may be too pessimistic on ServiceNow, with some analysts framing AI as an opportunity rather than a threat and noting the company is raising its AI monetization targets. ServiceNow (NOW) Is Raising Its AI Targets As Investors Shift Toward Software
• Neutral Sentiment: Some pre-earnings notes say ServiceNow may not have the “right combination” for a clear beat, so expectations remain cautious heading into next week’s report. ServiceNow (NOW) Earnings Expected to Grow
• Negative Sentiment: NOW was also dragged lower by a broader software selloff after IBM warned that clients are shifting spending toward servers and cybersecurity, which raised concerns across enterprise software stocks. IBM Plunge Triggers Tech Stock Selloff After Revenue Miss Warning

Wall Street Analyst Weigh In

A number of research firms recently commented on NOW. Oppenheimer reissued an "outperform" rating and set a $140.00 target price (up from $130.00) on shares of ServiceNow in a research report on Wednesday. Argus cut their price target on shares of ServiceNow from $180.00 to $134.00 and set a "buy" rating on the stock in a report on Friday, April 24th. KeyCorp set a $85.00 price target on ServiceNow and gave the stock an "underweight" rating in a research report on Thursday, April 23rd. BMO Capital Markets decreased their price objective on ServiceNow from $120.00 to $115.00 and set an "outperform" rating for the company in a report on Thursday, April 23rd. Finally, HSBC lowered their price objective on ServiceNow from $226.00 to $171.00 and set a "buy" rating for the company in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $140.80.

ServiceNow Price Performance

Shares of NOW opened at $104.78 on Thursday. The firm has a market capitalization of $108.03 billion, a PE ratio of 62.44, a price-to-earnings-growth ratio of 1.74 and a beta of 0.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $210.20. The company's fifty day moving average price is $103.52 and its 200-day moving average price is $109.98.

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

Insider Transactions at ServiceNow

In other news, insider Paul Fipps sold 1,048 shares of the firm's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 Paul Edward Chamberlain sold 1,500 shares of ServiceNow stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the sale, the director directly owned 44,930 shares of the company's stock, valued at $3,919,243.90. This trade represents a 3.23% 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. Insiders sold a total of 28,071 shares of company stock valued at $2,529,956 over the last three months. Company insiders own 0.34% of the company's stock.

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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