Cerity Partners LLC Buys 467,634 Shares of ServiceNow, Inc. $NOW

Key Points

• Cerity Partners LLC boosted its stake in ServiceNow by 470.1% in the fourth quarter, buying 467,634 additional shares and bringing its total holdings to 567,101 shares worth about $86.9 million.
• Other major institutional investors also added heavily to ServiceNow, including Vanguard, Geode Capital, and Fisher Asset Management, with 87.18% of the stock now owned by institutions.
• ServiceNow shares were down 6.5% in recent trading, while analysts maintained a generally positive view: the stock carries a Moderate Buy rating and a consensus target price of $141.85.

Cerity Partners LLC lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 470.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 567,101 shares of the information technology services provider's stock after acquiring an additional 467,634 shares during the quarter. Cerity Partners LLC owned approximately 0.05% of ServiceNow worth $86,874,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in NOW. Vanguard Group Inc. raised its position in shares of 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 worth $15,619,771,000 after acquiring an additional 81,752,460 shares during the last quarter. Geode Capital Management LLC increased its holdings in ServiceNow by 404.8% in the fourth 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 purchasing an additional 18,854,775 shares in the last quarter. Norges Bank bought a new stake in ServiceNow in the fourth quarter worth approximately $2,020,992,000. Capital International Investors increased its holdings in ServiceNow by 396.0% in the fourth quarter. Capital International Investors now owns 10,393,373 shares of the information technology services provider's stock worth $1,592,310,000 after purchasing an additional 8,297,818 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in ServiceNow by 404.3% in the fourth quarter. Fisher Asset Management LLC now owns 8,351,824 shares of the information technology services provider's stock worth $1,279,416,000 after purchasing an additional 6,695,802 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on NOW shares. Citic Securities lowered their target price on ServiceNow from $168.00 to $140.00 and set a "buy" rating for the company in a report on Thursday, May 21st. Citigroup lifted their target price on ServiceNow from $154.00 to $158.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Truist Financial lowered their target price on ServiceNow from $125.00 to $120.00 and set a "buy" rating for the company in a report on Thursday, April 23rd. Argus lowered their target price on ServiceNow from $180.00 to $134.00 and set a "buy" rating for the company in a report on Friday, April 24th. Finally, Wells Fargo & Company lowered their target price on ServiceNow from $185.00 to $160.00 and set an "overweight" rating for the company in a report on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and a consensus target price of $141.85.

ServiceNow Trading Down 6.5%

Shares of ServiceNow stock opened at $106.80 on Wednesday. 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, Inc. has a 52 week low of $81.24 and a 52 week high of $211.48. The stock has a 50 day moving average price of $99.84 and a two-hundred day moving average price of $120.97. The stock has a market capitalization of $110.11 billion, a PE ratio of 63.65, a price-to-earnings-growth ratio of 1.89 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $3.75 billion. During the same quarter last year, the firm posted $0.81 earnings per share. The company's revenue for the quarter was up 22.1% compared to the same quarter last year. As a group, equities analysts anticipate that ServiceNow, Inc. will post 2.35 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the sale, the director 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 directly owned 12,072 shares in the company, valued at approximately $1,189,212.72. The trade was a 7.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Over the last ninety days, insiders sold 28,071 shares of company stock worth $2,529,956. 0.34% of the stock is currently owned by insiders.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Industry commentary from Thoma Bravo’s Orlando Bravo said fears of an AI-driven “SaaSpocalypse” are fading, calling AI an “enormous tailwind” for software companies. "SaaSpocalypse is over," Thoma Bravo founder says
• Positive Sentiment: ServiceNow continues to see ecosystem support, including a new NICE AI-first integration designed to unify customer engagement and enterprise workflows, which reinforces demand for its platform. NICE Launches AI-First ServiceNow Integration to Unify Customer Engagement and Enterprise Workflows
• Neutral Sentiment: Several market-watch articles are comparing NOW with peer ExlService Holdings on valuation, suggesting investors are still debating whether ServiceNow’s recent pullback makes the stock attractive. EXLS vs. NOW: Which Stock Is the Better Value Option?
• Neutral Sentiment: Recent articles also frame the stock as part of a broader risk-off move in software and technology, with the Nasdaq weakening and high-multiple names coming under pressure. Nasdaq Slides as Chip Stocks Reverse Course
• Negative Sentiment: Benzinga reported that ServiceNow shares are sliding as investors turn defensive and reassess the recent rebound in enterprise software, adding to short-term selling pressure. ServiceNow Shares Are Sliding Tuesday: What's Going On?

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.

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