Envestnet Portfolio Solutions Inc. Purchases 83,969 Shares of ServiceNow, Inc. $NOW

Key Points

• Envestnet Portfolio Solutions Inc. boosted its ServiceNow stake by 414.9% in the fourth quarter, buying 83,969 additional shares and bringing its total to 104,209 shares worth about $15.96 million.
• Wall Street sentiment remains generally positive, with ServiceNow carrying a Moderate Buy consensus and an average price target of $141.89, though several firms recently trimmed their targets amid volatility.
• ServiceNow recently reported earnings that matched EPS estimates and slightly beat revenue expectations, with quarterly revenue up 22.1% year over year to $3.77 billion.

Envestnet Portfolio Solutions Inc. increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 414.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 104,209 shares of the information technology services provider's stock after purchasing an additional 83,969 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in ServiceNow were worth $15,964,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in NOW. IAG Wealth Partners LLC lifted its holdings in shares of ServiceNow by 200.0% during the 3rd quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider's stock valued at $25,000 after buying an additional 18 shares during the period. Noble Wealth Management PBC grew its stake in shares of ServiceNow by 400.0% during the 4th quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 128 shares during the period. Millstone Evans Group LLC raised its position in ServiceNow by 400.0% in the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 132 shares during the period. Lodestone Wealth Management LLC bought a new position in ServiceNow in the fourth quarter worth approximately $26,000. Finally, Albion Financial Group UT raised its position in ServiceNow by 400.0% in the fourth quarter. Albion Financial Group UT now owns 170 shares of the information technology services provider's stock worth $26,000 after acquiring an additional 136 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NOW has been the subject of several recent research reports. UBS Group set a $150.00 price target on ServiceNow in a report on Thursday, April 23rd. The Goldman Sachs Group dropped their target price on shares of ServiceNow from $188.00 to $163.00 and set a "buy" rating for the company in a report on Thursday, April 23rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $115.00 target price on shares of ServiceNow in a report on Tuesday, May 5th. Morgan Stanley decreased their target price on ServiceNow from $210.00 to $180.00 and set an "overweight" rating on the stock in a research note on Thursday, April 23rd. Finally, Weiss Ratings downgraded ServiceNow from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, April 21st. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus price target of $141.89.

ServiceNow News Summary

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Bank of America reinstated ServiceNow with a Buy rating and $130 price target, saying the company is well positioned for the agentic AI era. BofA Reinstates Coverage of ServiceNow, Salesforce. It Says 1 Is an AI Beneficiary.
• Positive Sentiment: Analysts and media reports said concerns about AI disrupting ServiceNow may be overblown and that AI could instead strengthen its enterprise workflow business. ServiceNow Stock Has Been Battered By AI Disruption Worries. These Experts Think AI Will Actually Boost Its Business
• Positive Sentiment: ServiceNow’s partnership with Experian and its new AI governance products support the view that the company is becoming more central to enterprise AI infrastructure. ServiceNow (NOW) Partners With Experian to Power Autonomous AI Agents With Trusted Data
• Neutral Sentiment: Broader software-sector strength is also helping NOW, as investors rotate back into beaten-down application software names. ServiceNow’s stock heads for best day in a year — flashing a green light for the software sector
• Negative Sentiment: Some reports still point to lingering valuation and “SaaSpocalypse” concerns, suggesting the rebound may not be fully settled yet. ServiceNow stock flashes a death cross amid rising SaaSpocalypse concerns

ServiceNow Trading Down 1.7%

NYSE NOW opened at $101.71 on Wednesday. The company's 50-day moving average price is $99.72 and its 200-day moving average price is $127.48. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $211.48. The stock has a market cap of $104.86 billion, a PE ratio of 60.61, a PEG ratio of 1.76 and a beta of 0.82.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.97. The business had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business's revenue was up 22.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 EPS. Equities research analysts forecast that ServiceNow, Inc. will post 2.35 earnings per share for the current year.

Insider Activity

In related news, 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 completion of the sale, the insider directly owned 12,072 shares in the company, valued at $1,189,212.72. This trade represents a 7.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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. Also, insider Jacqueline P. Canney sold 8,927 shares of ServiceNow stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $89.60, for a total transaction of $799,859.20. Following the completion of the sale, the insider owned 29,531 shares of the company's stock, valued at $2,645,977.60. This trade represents a 23.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 31,767 shares of company stock valued at $2,906,098 in the last ninety days. 0.34% of the stock is currently owned by insiders.

ServiceNow 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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