Cane Capital Partners LLC Sells 24,348 Shares of ServiceNow, Inc. $NOW

Key Points

• Cane Capital Partners cut its ServiceNow stake by 76.1% in the first quarter, selling 24,348 shares and leaving it with 7,636 shares valued at about $798,000.
• Several other institutional investors also adjusted their positions, and institutions now own 87.18% of ServiceNow’s stock, underscoring heavy institutional interest in the company.
• ServiceNow reported Q1 earnings in line with expectations with EPS of $0.97 and revenue of $3.77 billion, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $141.68.

Cane Capital Partners LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 76.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,636 shares of the information technology services provider's stock after selling 24,348 shares during the period. Cane Capital Partners LLC's holdings in ServiceNow were worth $798,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of NOW. Brighton Jones LLC lifted its stake in ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after purchasing an additional 30 shares in the last quarter. Sivia Capital Partners LLC grew its position in shares of ServiceNow by 4.2% during the second quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider's stock valued at $861,000 after purchasing an additional 34 shares in the last quarter. United Bank increased its holdings in shares of ServiceNow by 15.5% in the second quarter. United Bank now owns 1,519 shares of the information technology services provider's stock worth $1,562,000 after purchasing an additional 204 shares during the last quarter. Riggs Asset Managment Co. Inc. increased its holdings in shares of ServiceNow by 2.2% in the second quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider's stock worth $1,976,000 after purchasing an additional 42 shares during the last quarter. Finally, Nebula Research & Development LLC lifted its position in shares of ServiceNow by 205.1% in the second quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider's stock worth $931,000 after buying an additional 609 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In related news, insider Paul Fipps sold 1,048 shares of the 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 in the company, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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, Director Paul Edward Chamberlain sold 1,500 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the transaction, the director directly owned 44,930 shares of the company's stock, valued at approximately $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.

Analyst Ratings Changes

NOW has been the subject of a number of recent research reports. Barclays reissued an "overweight" rating and issued a $134.00 target price (up from $132.00) on shares of ServiceNow in a report on Tuesday, May 5th. Mizuho lowered their price objective on shares of ServiceNow from $150.00 to $140.00 and set an "outperform" rating for the company in a research report on Thursday, April 23rd. Truist Financial dropped their price objective on shares of ServiceNow from $125.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, April 23rd. Citic Securities decreased their target price on shares of ServiceNow from $168.00 to $140.00 and set a "buy" rating on the stock in a research report on Thursday, May 21st. Finally, UBS Group reaffirmed an "outperform" rating on shares of ServiceNow in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $141.68.

ServiceNow Stock Up 6.6%

Shares of NYSE NOW opened at $105.81 on Thursday. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $211.48. The firm has a market capitalization of $109.09 billion, a price-to-earnings ratio of 63.06, a PEG ratio of 1.65 and a beta of 0.96. The stock has a 50 day moving average price of $100.35 and a 200 day moving average price of $113.40. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.97. The business had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business's revenue was up 22.1% compared to the same quarter last year. During the same period last year, the business posted $0.81 EPS. Sell-side analysts expect that ServiceNow, Inc. will post 2.34 earnings per share for the current year.

Trending Headlines about ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Guggenheim upgraded ServiceNow to Buy and said the stock’s valuation looks too depressed despite real AI-related risks, helping spark a rally in the shares. ServiceNow and Salesforce shares now look like buys, as ‘Armageddon' fears are too extreme, analyst says
• Positive Sentiment: ServiceNow and Accenture launched a joint initiative to modernize enterprise risk management with agentic AI, reinforcing the company’s position in AI-powered workflow and security software. Why ServiceNow Stock Is Rising Today
• Positive Sentiment: Analysts and recent articles highlighted ServiceNow’s enterprise AI adoption, security expansion, and strong workflow demand as potential supports for long-term growth and future earnings upside. NOW Benefits From Enterprise AI Adoption: Buy, Sell, or Hold the Stock?

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.

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.