Commerce Bank acquired a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 249,981 shares of the information technology services provider's stock, valued at approximately $24,818,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Millstone Evans Group LLC boosted its position in shares of ServiceNow by 400.0% in the 4th quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock worth $25,000 after buying an additional 132 shares in the last quarter. CBIZ Investment Advisory Services LLC grew its stake in ServiceNow by 540.0% in the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 135 shares during the last quarter. Blueline Advisors LLC purchased a new position in ServiceNow during the 4th quarter valued at about $25,000. Measured Wealth Private Client Group LLC increased its holdings in ServiceNow by 560.0% during the 4th quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 140 shares in the last quarter. Finally, Wealth Watch Advisors INC raised its position in ServiceNow by 432.3% during the fourth quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 134 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at ServiceNow
In other news, Director Paul Edward Chamberlain sold 1,500 shares of the firm's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $125.60, for a total transaction of $188,400.00. Following the sale, the director owned 46,690 shares in the company, valued at $5,864,264. This trade represents a 3.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.34% of the stock is currently owned by corporate insiders.
More ServiceNow News
Here are the key news stories impacting ServiceNow this week:
- Positive Sentiment: ServiceNow expanded its multi-year partnership with Tech Mahindra to help enterprises move AI projects from pilot programs into production. The “Client Zero” approach combines ServiceNow’s AI platform with Tech Mahindra’s industry expertise, potentially increasing adoption, automation revenue and measurable customer outcomes. Tech Mahindra and ServiceNow Expand Partnership to Deliver Production-Ready Enterprise AI at Scale
- Positive Sentiment: Bank of America raised its ServiceNow price target to $150, citing the company’s positioning to monetize artificial intelligence as concerns about AI disruption to traditional software fade. The move contributed to broader bullish sentiment across software stocks. Bank of America Increases ServiceNow Price Target to $150
- Positive Sentiment: ServiceNow has gained substantially since its latest earnings report, which beat estimates on both adjusted earnings and revenue. Quarterly revenue increased 24% year over year, reinforcing the view that the company remains a leading enterprise AI and workflow platform. ServiceNow Up 41.1% Since Last Earnings Report
- Positive Sentiment: ServiceNow was also selected as a CNBC “Final Trade,” providing additional visibility and signaling continued support from some professional investors. Final Trades: ServiceNow, Vertex and Uber
- Neutral Sentiment: Despite the favorable company news, midday AI buying has been concentrated in government-facing companies such as Palantir and BigBear.ai rather than enterprise software, limiting near-term upside for NOW. How Are Traders Picking the Software Winners?
- Negative Sentiment: Investors continue to monitor competitive threats from newer AI-native automation platforms, including Serval, as well as ServiceNow’s premium valuation. Those concerns may encourage profit-taking after the stock’s sharp post-earnings advance. Serval Wants To Replace ServiceNow With AI That Builds Enterprise Automation
Analysts Set New Price Targets
Several brokerages have issued reports on NOW. Robert W. Baird upped their price target on shares of ServiceNow from $118.00 to $125.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. Bank of America raised their price objective on shares of ServiceNow from $130.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday. Oppenheimer restated an "outperform" rating and set a $140.00 price objective (up from $130.00) on shares of ServiceNow in a research report on Wednesday, July 15th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $175.00 target price (up from $160.00) on shares of ServiceNow in a research note on Wednesday, August 12th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $115.00 target price on shares of ServiceNow in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $144.24.
View Our Latest Stock Analysis on NOW
ServiceNow Price Performance
ServiceNow stock opened at $128.73 on Friday. The stock has a market capitalization of $133.11 billion, a P/E ratio of 80.46, a P/E/G ratio of 2.26 and a beta of 0.94. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $194.73. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The firm's 50-day moving average is $108.88 and its two-hundred day moving average is $105.74.
ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.93 billion. During the same quarter in the previous year, the business posted $0.81 earnings per share. The company's revenue was up 24.0% on a year-over-year basis. Equities analysts predict that ServiceNow, Inc. will post 2.24 earnings per share for the current year.
ServiceNow Company Profile
(
Free Report)
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.
Further Reading
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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