Dock Street Asset Management Inc. Acquires 58,588 Shares of ServiceNow, Inc. $NOW

Key Points

• Dock Street Asset Management boosted its ServiceNow stake by 25.7% in the first quarter, buying 58,588 additional shares and bringing its total holdings to 286,250 shares valued at about $29.9 million.
• Institutional interest remains strong, with several other hedge funds also increasing their positions and institutional investors owning 87.18% of ServiceNow’s stock.
• ServiceNow’s fundamentals and outlook remain solid: Q1 revenue rose 22.1% year over year to $3.77 billion, earnings matched expectations, and analysts maintain a Moderate Buy rating with an average price target of $142.17.

Dock Street Asset Management Inc. lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 25.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 286,250 shares of the information technology services provider's stock after buying an additional 58,588 shares during the period. ServiceNow comprises 3.1% of Dock Street Asset Management Inc.'s holdings, making the stock its 11th largest position. Dock Street Asset Management Inc.'s holdings in ServiceNow were worth $29,927,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of NOW. Norges Bank bought a new stake in ServiceNow during the fourth quarter worth about $2,020,992,000. World Investment Advisors increased its holdings in ServiceNow by 411.7% in 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 buying an additional 38,583 shares during the period. Cohen Klingenstein LLC increased its holdings in ServiceNow by 400.0% in the 4th quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider's stock valued at $1,532,000 after buying an additional 8,000 shares during the period. Moors & Cabot Inc. raised its position in shares of ServiceNow by 387.7% in the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider's stock valued at $6,990,000 after buying an additional 36,274 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of ServiceNow by 385.9% during 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 acquiring an additional 2,064,440 shares during the period. Institutional investors own 87.18% of the company's stock.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Analysts remain constructive on ServiceNow’s long-term outlook, with multiple reports highlighting upside potential and calling the recent pullback an opportunity to buy. Wall Street expects ServiceNow stock to gain 52%, despite AI threat
• Positive Sentiment: Raymond James said ServiceNow may have pricing power that could drive faster revenue growth and support high-margin expansion. Raymond James sees ServiceNow pricing power driving high-margin growth
• Positive Sentiment: ServiceNow continues to expand its AI and workflow ecosystem through new partnerships in AI governance, public sector modernization, and communications billing, which could support future growth. ServiceNow (NOW) Expands AI Governance And Public Sector Reach With New Partnerships
• Neutral Sentiment: The stock has been drawing investor attention recently, with several articles noting increased trading interest and market focus, but without a clear new catalyst. ServiceNow, Inc. (NOW) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Recent coverage also compared ServiceNow with other enterprise software names and discussed how investors are positioning around AI-led business productivity platforms. ScienceLogic Announces New Skylar AI Updates and Recognition as a Leader in IDC MarketScape Reports
• Negative Sentiment: Some investors remain focused on AI concerns, which are being cited as a reason for weakness even after ServiceNow’s solid earnings performance. AI Concerns Hurt ServiceNow (NOW) Despite Strong Earnings
• Negative Sentiment: The latest trading updates show ServiceNow falling more than the broader market, reflecting ongoing selling pressure in software stocks. ServiceNow (NOW) Dips More Than Broader Market: What You Should Know

ServiceNow Price Performance

NOW stock opened at $93.73 on Thursday. The stock has a market cap of $96.64 billion, a price-to-earnings ratio of 55.86, a P/E/G ratio of 1.60 and a beta of 0.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. The company has a 50 day simple moving average of $99.98 and a 200 day simple moving average of $115.96. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $211.48.

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

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 16,445 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was 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 trade represents a 35.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 8,927 shares of the business's stock in a transaction on Friday, April 24th. The stock was sold at an average price of $89.60, for a total value of $799,859.20. Following the sale, the insider owned 29,531 shares in the company, valued at $2,645,977.60. This represents a 23.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,071 shares of company stock valued at $2,529,956 over the last quarter. 0.34% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

NOW has been the topic of several analyst reports. Stifel Nicolaus reduced their price target on shares of ServiceNow from $135.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, April 23rd. DA Davidson restated a "buy" rating and set a $190.00 price objective on shares of ServiceNow in a research report on Tuesday, May 5th. BTIG Research restated a "buy" rating and set a $150.00 target price on shares of ServiceNow in a research note on Monday, May 4th. Wall Street Zen downgraded ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. Finally, Wolfe Research set a $125.00 price target on ServiceNow in a research note on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $142.17.

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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