Central Pacific Bank Trust Division Sells 8,831 Shares of ServiceNow, Inc. $NOW

Key Points

• Central Pacific Bank Trust Division cut its ServiceNow stake by 33.1%, selling 8,831 shares and retaining 17,872 shares valued at approximately $1.77 million. Institutional investors collectively own 87.18% of the company.
• ServiceNow reported quarterly EPS of $0.90, exceeding the $0.86 analyst estimate, while revenue rose 24% year over year to $3.99 billion. Shares opened at $118.25, below the analyst consensus price target of $143.39.
• ServiceNow’s AI business surpassed $1 billion in annual contract value, while the company is reallocating resources toward AI-focused roles and expanding into autonomous cybersecurity products.

Central Pacific Bank Trust Division lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 33.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,872 shares of the information technology services provider's stock after selling 8,831 shares during the quarter. Central Pacific Bank Trust Division's holdings in ServiceNow were worth $1,774,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in NOW. Vanguard Group Inc. raised its position in ServiceNow by 404.5% during the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider's stock valued at $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 worth $7,337,280,000 after purchasing an additional 38,441,898 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of ServiceNow by 371.0% during 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 purchasing an additional 25,517,218 shares during the last quarter. Geode Capital Management LLC increased its position in shares of ServiceNow by 404.8% during the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider's stock valued at $3,591,425,000 after purchasing an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley raised its holdings in shares of ServiceNow by 335.6% during the 4th quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider's stock valued at $3,482,543,000 after buying an additional 17,514,679 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Trading Up 3.6%

Shares of NOW stock opened at $118.25 on Wednesday. The business has a 50-day moving average of $106.25 and a 200 day moving average of $105.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $194.73. The stock has a market capitalization of $122.27 billion, a PE ratio of 73.91, a P/E/G ratio of 2.01 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly 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 for the quarter, compared to analysts' expectations of $3.93 billion. During the same period in the previous year, the firm earned $0.81 EPS. The business's quarterly revenue was up 24.0% on a year-over-year basis. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 2.24 earnings per share for the current year.

ServiceNow News Roundup

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: AI business surpasses $1 billion: ServiceNow’s AI portfolio exceeded $1 billion in annual contract value, reinforcing the company’s ability to monetize AI-enabled workflows and supporting the bullish case for continued growth. ServiceNow AI ACV and layoffs article
• Positive Sentiment: Cost savings through AI restructuring: ServiceNow plans to eliminate up to 1,000 positions while keeping overall headcount roughly flat, redirecting resources toward AI-focused roles. Investors appear to view the move as a way to improve operating leverage and margins rather than as a sign of weakening demand. ServiceNow job cuts article
• Positive Sentiment: Cybersecurity expansion: ServiceNow introduced six autonomous security products built on its Armis and Veza acquisitions. The offerings are designed to connect security data, identity and enterprise workflows, potentially giving ServiceNow a broader competitive position than standalone security vendors. ServiceNow autonomous security products article
• Positive Sentiment: Customer adoption of AI-enabled IT operations: A major multi-hospital system selected 3CLogic’s Voice AI solution for ServiceNow, providing another example of customers using the platform to automate service operations. 3CLogic hospital system announcement

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NOW. Wells Fargo & Company dropped their target price on ServiceNow from $185.00 to $160.00 and set an "overweight" rating for the company in a research report on Thursday, April 23rd. DA Davidson set a $170.00 price target on shares of ServiceNow and gave the company a "buy" rating in a research report on Monday, July 20th. Sanford C. Bernstein reissued an "outperform" rating and set a $248.00 price target (up from $236.00) on shares of ServiceNow in a research note on Thursday, July 23rd. Canaccord Genuity Group lowered their price objective on shares of ServiceNow from $200.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, April 23rd. Finally, Cantor Fitzgerald upped their price objective on shares of ServiceNow from $122.00 to $141.00 and gave the company an "overweight" rating in a research note on Monday, July 20th. One equities research 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 assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $143.39.

Insider Transactions at ServiceNow

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $87.23, for a total value of $130,845.00. Following the transaction, the director owned 44,930 shares in the company, valued at approximately $3,919,243.90. This trade represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anita M. Sands sold 16,445 shares of the company's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the sale, the director owned 30,090 shares of the company's stock, valued at $2,712,312.60. This represents a 35.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 19,144 shares of company stock worth $1,730,097. Insiders own 0.34% of the company's 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.

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.

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