Eastern Bank Sells 10,942 Shares of ServiceNow, Inc. $NOW

Key Points

• Eastern Bank cut its ServiceNow position by 49.9% in the second quarter, selling 10,942 shares and retaining 10,978 shares valued at approximately $1.09 million. Institutional investors collectively own 87.18% of NOW.
• ServiceNow reported a strong quarter, with revenue rising 24% year over year to $3.99 billion and adjusted earnings of $0.90 per share, exceeding analysts’ estimates. The stock was reported up 3.6%, while analysts maintained a “Moderate Buy” consensus and an average price target of $143.39.
• The company’s AI portfolio surpassed $1 billion in annual contract value, alongside plans to shift resources toward AI-focused roles and expand autonomous cybersecurity products through its Armis and Veza acquisitions.

Eastern Bank trimmed its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 49.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,978 shares of the information technology services provider's stock after selling 10,942 shares during the quarter. Eastern Bank's holdings in ServiceNow were worth $1,090,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of NOW. Millstone Evans Group LLC boosted its holdings in ServiceNow by 400.0% during the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 132 shares during the period. CBIZ Investment Advisory Services LLC grew its position in shares of ServiceNow by 540.0% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. Blueline Advisors LLC bought a new position in shares of ServiceNow in the fourth quarter worth about $25,000. Measured Wealth Private Client Group LLC increased its stake in shares of ServiceNow by 560.0% in the fourth quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 140 shares during the period. Finally, Wealth Watch Advisors INC boosted its stake in ServiceNow by 432.3% during the 4th quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 134 shares during the period. 87.18% of the stock is owned by institutional investors.

Key Stories Impacting ServiceNow

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

ServiceNow Stock Up 3.6%

Shares of NOW opened at $118.25 on Wednesday. The stock has a market cap of $122.27 billion, a price-to-earnings ratio of 73.91, a P/E/G ratio of 2.01 and a beta of 0.94. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $194.73. The company has a 50-day moving average price of $106.25 and a two-hundred day moving average price of $105.90.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. During the same period in the prior year, the company posted $0.81 EPS. The company's revenue was up 24.0% compared to the same quarter last year. Equities analysts predict that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Paul Edward Chamberlain sold 1,500 shares of the business's stock in a transaction 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 sale, the director owned 44,930 shares of the company's stock, valued at $3,919,243.90. The trade was a 3.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 value of $1,482,352.30. Following the completion of the sale, the director owned 30,090 shares in the company, valued at $2,712,312.60. This trade represents a 35.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 19,144 shares of company stock worth $1,730,097 in the last 90 days. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Guggenheim raised ServiceNow from a "neutral" rating to a "buy" rating and set a $125.00 target price on the stock in a report on Wednesday, July 1st. Argus lowered their price objective on shares of ServiceNow from $180.00 to $134.00 and set a "buy" rating on the stock in a research note on Friday, April 24th. TD Cowen reaffirmed a "buy" rating and set a $140.00 target price on shares of ServiceNow in a research report on Friday, July 17th. CLSA began coverage on shares of ServiceNow in a research note on Monday, July 20th. They set an "underperform" rating and a $72.00 target price for the company. Finally, Bank of America initiated coverage on shares of ServiceNow in a report on Monday, May 18th. They issued a "buy" rating and a $130.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and an average price target of $143.39.

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.

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