Fulcrum Asset Management LLP Buys 44,862 Shares of ServiceNow, Inc. $NOW

Key Points

• Fulcrum Asset Management sharply increased its ServiceNow stake, buying 44,862 shares in the third quarter to hold 45,020 shares worth about $5.85 million.
• Institutional investors own 87.18% of ServiceNow shares. Analysts are broadly positive, with a consensus “Moderate Buy” rating and an average price target of $154.50.
• ServiceNow’s latest quarter had revenue growth of 20.5% and beat revenue expectations, but earnings per share missed slightly. Investors remain concerned about its outlook for backlog growth, and the stock has fallen sharply since the report.

Fulcrum Asset Management LLP increased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 28,393.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,020 shares of the information technology services provider's stock after purchasing an additional 44,862 shares during the period. Fulcrum Asset Management LLP's holdings in ServiceNow were worth $5,850,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in NOW. BlackRock Inc. acquired a new stake in shares of ServiceNow in the second quarter valued at $9,536,615,000. State Street Corp grew its holdings in ServiceNow by 2.0% during the second quarter. State Street Corp now owns 49,038,218 shares of the information technology services provider's stock worth $4,868,514,000 after acquiring an additional 979,726 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in ServiceNow by 16.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 16,638,071 shares of the information technology services provider's stock worth $1,651,828,000 after acquiring an additional 2,362,606 shares in the last quarter. Amundi raised its position in ServiceNow by 60.9% in the first quarter. Amundi now owns 11,479,098 shares of the information technology services provider's stock worth $1,200,140,000 after acquiring an additional 4,346,722 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in ServiceNow by 6.5% in the 1st quarter. Bank of New York Mellon Corp now owns 8,526,931 shares of the information technology services provider's stock valued at $891,491,000 after acquiring an additional 518,263 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of ServiceNow from $150.00 to $160.00 and gave the company an "overweight" rating in a research report on Thursday, October 29th. Mizuho set a $165.00 target price on shares of ServiceNow in a report on Thursday, October 29th. Deutsche Bank Aktiengesellschaft increased their target price on shares of ServiceNow from $135.00 to $155.00 and gave the company a "buy" rating in a research note on Monday, September 21st. BMO Capital Markets raised their target price on shares of ServiceNow from $115.00 to $118.00 and gave the stock an "outperform" rating in a report on Thursday, July 23rd. Finally, Robert W. Baird set a $185.00 target price on shares of ServiceNow in a report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus price target of $154.50.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 7,847 shares of the business's stock in a transaction on Friday, August 28th. The shares were sold at an average price of $138.00, for a total transaction of $1,082,886.00. Following the sale, the insider directly owned 30,042 shares of the company's stock, valued at $4,145,796. The trade was a 20.71% decrease in their position. The sale was disclosed in a document filed 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, insider Paul Fipps sold 2,034 shares of the stock in a transaction on Monday, August 31st. The shares were sold at an average price of $147.87, for a total value of $300,767.58. Following the completion of the sale, the insider owned 18,305 shares of the company's stock, valued at $2,706,760.35. The trade was a 10.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 14,081 shares of company stock valued at $1,937,904. Company insiders own 0.34% of the company's stock.

ServiceNow Price Performance

NOW stock opened at $101.91 on Monday. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $175.00. The firm has a 50-day moving average of $136.31 and a two-hundred day moving average of $114.81. The firm has a market capitalization of $105.78 billion, a PE ratio of 73.32, a P/E/G ratio of 1.99 and a beta of 1.00. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.42.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). ServiceNow had a return on equity of 15.17% and a net margin of 9.36%. The firm had revenue of $4.11 billion during the quarter, compared to analysts' expectations of $4.09 billion. During the same period last year, the business earned $4.82 earnings per share. The business's revenue was up 20.5% on a year-over-year basis. On average, analysts forecast that ServiceNow, Inc. will post 2.12 earnings per share for the current year.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow is broadening its agentic-AI partnership with LTM, aiming to take AI workflows to more enterprise customers. The company also highlighted deployments and selections by customers including LTM, KORE and Keysight, supporting its case that businesses are adopting its AI platform. ServiceNow expands enterprise AI partnerships
• Positive Sentiment: ServiceNow raised its AI contract-value target to $1.7 billion, and its CFO described fears that AI will disrupt the company’s business as unfounded. These points may help reassure investors about AI’s potential as a growth driver. ServiceNow Q3 earnings call highlights
• Neutral Sentiment: The NBA extended its partnership with ServiceNow, adopting EmployeeWorks for employee self-service and workplace requests. The deal adds a customer use case, though its near-term financial impact was not specified. NBA and ServiceNow extend partnership
• Negative Sentiment: Investors are focused on the outlook: despite a third-quarter revenue beat, ServiceNow’s fourth-quarter current remaining performance obligations growth forecast of 18.5% disappointed the market and prompted concerns about slowing backlog growth. The stock has fallen sharply since the report. ServiceNow outlook and AI concerns
• Negative Sentiment: ServiceNow is undertaking another round of layoffs, while third-quarter severance costs rose to $87 million from $24 million a year earlier. Separate reports that the board approved $127 million in retention awards as the company cuts jobs may also draw scrutiny over costs and priorities. ServiceNow layoffs and severance costs
• Negative Sentiment: ETFs were net sellers of $29.5 million in ServiceNow shares on Wednesday, adding a modest near-term headwind. ETF selling of ServiceNow shares

ServiceNow Profile

ServiceNow, Inc provides cloud-based software that helps organizations manage digital workflows and automate business processes. Founded in 2004 by Fred Luddy, the company began with a focus on IT service management and has expanded its platform to support a range of enterprise operations.

Its products include tools for IT service and operations management, customer service, human resources, security, and application development. ServiceNow also offers artificial intelligence capabilities, including tools designed to help organizations automate tasks and find information across workflows.

ServiceNow serves businesses and public-sector organizations around the world.

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.