Elevation Point Wealth Partners LLC purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 20,270 shares of the information technology services provider's stock, valued at approximately $1,999,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of NOW. Alta Advisers Ltd bought a new position in shares of ServiceNow during the 2nd quarter valued at approximately $399,000. Daiichi Life Insurance Co. Ltd. purchased a new stake in ServiceNow in the 2nd quarter worth approximately $7,296,000. Foyston Gordon & Payne Inc bought a new stake in ServiceNow during the 2nd quarter worth approximately $2,085,000. Commerce Bank bought a new stake in ServiceNow during the 2nd quarter worth approximately $24,818,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in ServiceNow during the second quarter valued at approximately $16,079,000. Hedge funds and other institutional investors own 87.18% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on the company. Benchmark reiterated a "buy" rating on shares of ServiceNow in a research note on Friday, July 17th. Jefferies Financial Group restated a "buy" rating and set a $140.00 price objective (up from $135.00) on shares of ServiceNow in a research report on Thursday, July 23rd. Guggenheim upgraded ServiceNow from a "neutral" rating to a "buy" rating and set a $125.00 target price on the stock in a research report on Wednesday, July 1st. Citic Securities cut their price target on ServiceNow from $168.00 to $140.00 and set a "buy" rating for the company in a report on Thursday, May 21st. Finally, Evercore reaffirmed an "outperform" rating and set a $160.00 price objective on shares of ServiceNow in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, ServiceNow has an average rating of "Moderate Buy" and a consensus price target of $144.24.
Get Our Latest Report on ServiceNow
Key Headlines Impacting ServiceNow
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
Insiders Place Their Bets
In related news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $125.60, for a total value of $188,400.00. Following the sale, the director directly owned 46,690 shares of the company's stock, valued at $5,864,264. This represents a 3.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.34% of the stock is owned by company insiders.
ServiceNow Stock Up 0.2%
NYSE NOW opened at $128.73 on Monday. 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 52 week low of $81.24 and a 52 week high of $194.73. The firm has a market capitalization of $133.11 billion, a price-to-earnings ratio of 80.46, a PEG ratio of 2.26 and a beta of 0.94. The company has a fifty day moving average of $108.88 and a two-hundred day moving average of $105.66.
ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results 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. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The business's revenue for the quarter was up 24.0% on a year-over-year basis. On average, analysts predict that ServiceNow, Inc. will post 2.24 earnings per share for the current year.
About ServiceNow
(
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.
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