Canandaigua National Bank & Trust Co. Takes $1.47 Million Position in ServiceNow, Inc. $NOW

Key Points

• Canandaigua National Bank & Trust purchased 14,848 ServiceNow shares worth approximately $1.47 million in the second quarter. Hedge funds and other institutional investors collectively own 87.18% of the company.
• ServiceNow reported quarterly revenue of $3.99 billion, up 24% year over year, and earnings of $0.90 per share, exceeding analyst expectations.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $143.39, though concerns about AI competition, valuation, software-sector weakness and planned job cuts remain risks.

Canandaigua National Bank & Trust Co. purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 14,848 shares of the information technology services provider's stock, valued at approximately $1,474,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Covenant Asset Management LLC raised its holdings in shares of 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 purchasing an additional 13,114 shares during the period. Norges Bank purchased a new stake in shares of ServiceNow in the fourth quarter worth approximately $2,020,992,000. World Investment Advisors lifted its stake in ServiceNow by 411.7% during the 4th quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider's stock valued at $7,346,000 after acquiring an additional 38,583 shares in the last quarter. Moors & Cabot Inc. lifted its position in shares of ServiceNow by 387.7% during the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider's stock valued at $6,990,000 after purchasing an additional 36,274 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of ServiceNow by 385.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,599,397 shares of the information technology services provider's stock worth $398,202,000 after buying an additional 2,064,440 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow launched six autonomous security products built on its Armis and Veza acquisitions, strengthening its position in enterprise cybersecurity and expanding its AI-driven product portfolio. ServiceNow debuts six autonomous security products built on Armis and Veza
• Positive Sentiment: New healthcare partnerships with Hyro and Autonomize AI are adding agentic AI, workflow automation, and fraud-prevention applications to the ServiceNow Store, supporting use-case expansion and potential recurring revenue growth. Hyro partners with ServiceNow
• Positive Sentiment: Analysts and investment commentators continue to describe NOW as an “enterprise AI bargain,” citing strong subscription growth, AI monetization, and a cybersecurity business that reportedly exceeds $1 billion and is growing rapidly. ServiceNow built a billion-dollar cybersecurity business
• Neutral Sentiment: ServiceNow named Simon Mouyal as chief marketing officer, an executive change that could support go-to-market efforts but has no immediate financial impact. ServiceNow names Simon Mouyal chief marketing officer
• Negative Sentiment: The main overhang is that NOW’s sizable year-to-date decline reflects investor concerns about AI competition, elevated valuation, and the broader software sell-off. These concerns are pressuring the stock even though operating growth remains solid. ServiceNow drops 23 percent year to date
• Negative Sentiment: ServiceNow’s planned reduction of approximately 1,000 jobs may improve efficiency and margins, but it also signals cost discipline and potential uncertainty around near-term growth, contributing to investor caution. ServiceNow cuts 1,000 jobs

Insider Activity at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 16,445 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the transaction, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. This trade represents a 35.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul Fipps sold 1,048 shares of the business's 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 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 19,144 shares of company stock worth $1,730,097 over the last quarter. Company insiders own 0.34% of the company's stock.

ServiceNow Stock Performance

Shares of NOW opened at $117.10 on Thursday. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $194.73. The stock has a market cap of $121.08 billion, a P/E ratio of 73.19, a P/E/G ratio of 2.08 and a beta of 0.94. The business's 50 day moving average price is $106.55 and its 200-day moving average price is $105.80. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The business 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 EPS. The company's quarterly revenue was up 24.0% compared to the same quarter last year. Equities research analysts anticipate that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on NOW shares. Weiss Ratings downgraded shares of ServiceNow from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, July 10th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of ServiceNow from $180.00 to $135.00 and set a "buy" rating on the stock in a report on Thursday, April 16th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $130.00 price objective on shares of ServiceNow in a research report on Thursday, July 23rd. Needham & Company LLC reiterated a "buy" rating and set a $115.00 target price on shares of ServiceNow in a research report on Thursday, July 23rd. Finally, Bank of America initiated coverage on ServiceNow in a research note on Monday, May 18th. They set a "buy" rating and a $130.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $143.39.

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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