Hartline Investment Corp Lowers Position in ServiceNow, Inc. $NOW

Key Points

• Hartline Investment Corp cut its ServiceNow stake by 53.5% in the first quarter, selling 48,675 shares and leaving it with 42,335 shares valued at about $4.43 million.
• Several other institutional investors made small additions to their positions, while hedge funds and other institutions still own a large majority of ServiceNow shares at 87.18%.
• ServiceNow reported quarterly EPS of $0.97 and revenue of $3.77 billion, both in line with or slightly above expectations, but analysts remain mixed on valuation even as the consensus rating stays Moderate Buy.

Hartline Investment Corp trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 53.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,335 shares of the information technology services provider's stock after selling 48,675 shares during the period. Hartline Investment Corp's holdings in ServiceNow were worth $4,426,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Florida Financial Advisors LLC lifted its holdings in ServiceNow by 5.4% during the second quarter. Florida Financial Advisors LLC now owns 273 shares of the information technology services provider's stock worth $280,000 after buying an additional 14 shares during the period. First Affirmative Financial Network increased its holdings in shares of ServiceNow by 1.7% in the 3rd quarter. First Affirmative Financial Network now owns 892 shares of the information technology services provider's stock valued at $821,000 after acquiring an additional 15 shares during the period. Nicolet Advisory Services LLC raised its position in shares of ServiceNow by 1.1% in the 3rd quarter. Nicolet Advisory Services LLC now owns 1,462 shares of the information technology services provider's stock worth $1,322,000 after acquiring an additional 16 shares in the last quarter. Opes Wealth Management LLC lifted its stake in shares of ServiceNow by 3.5% during the 3rd quarter. Opes Wealth Management LLC now owns 507 shares of the information technology services provider's stock worth $467,000 after purchasing an additional 17 shares during the last quarter. Finally, Clark Capital Management Group Inc. boosted its position in ServiceNow by 3.6% during the third quarter. Clark Capital Management Group Inc. now owns 514 shares of the information technology services provider's stock valued at $473,000 after purchasing an additional 18 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 16,445 shares of ServiceNow stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the completion of the sale, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. The trade was a 35.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 8,927 shares of the company's stock in a transaction on Friday, April 24th. The shares were sold at an average price of $89.60, for a total transaction of $799,859.20. Following the completion of the sale, the insider directly owned 29,531 shares in the company, valued at $2,645,977.60. This trade represents a 23.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 28,071 shares of company stock valued at $2,529,956. 0.34% of the stock is owned by corporate insiders.

ServiceNow Stock Up 2.4%

ServiceNow stock opened at $110.57 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The business's 50-day simple moving average is $101.40 and its two-hundred day simple moving average is $111.94. The company has a market cap of $114.00 billion, a PE ratio of 65.90, a PEG ratio of 1.80 and a beta of 0.96. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $210.20.

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

Analysts Set New Price Targets

A number of brokerages have commented on NOW. HSBC reduced their target price on shares of ServiceNow from $226.00 to $171.00 and set a "buy" rating for the company in a report on Thursday, April 16th. Benchmark lifted their price objective on shares of ServiceNow from $125.00 to $130.00 and gave the stock a "buy" rating in a research report on Monday, June 15th. Canaccord Genuity Group reduced their price objective on shares of ServiceNow from $200.00 to $145.00 and set a "buy" rating for the company in a research note on Thursday, April 23rd. Barclays reissued an "overweight" rating and set a $134.00 target price (up from $132.00) on shares of ServiceNow in a research report on Tuesday, May 5th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $135.00 target price (down from $175.00) on shares of ServiceNow in a research note on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $141.68.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Shares are benefiting from a broader rotation into software stocks as money moves out of semiconductors and into names that have lagged. ServiceNow (NOW) Stock Is Up, What You Need To Know
• Positive Sentiment: Traders are reacting to AI-related product momentum and a more constructive analyst tone after Guggenheim pushed back on bearish “software extinction” arguments. Why ServiceNow Stock Is Climbing After Guggenheim Dismisses Software 'Extinction' Valuation
• Positive Sentiment: New AI partnerships with defense and state agencies suggest ServiceNow’s platform is expanding beyond traditional workflow automation into mission-critical public sector use cases. ServiceNow (NOW) Lands Defense And State AI Partnerships That Reach Beyond Workflows
• Positive Sentiment: Analysts and commentators are increasingly arguing that fears AI would disrupt ServiceNow’s software model may be overdone, which is improving the stock’s valuation narrative. ServiceNow Was the SaaS Stock AI Was Supposed to Kill. Its Numbers Say Otherwise.
• Neutral Sentiment: Recent coverage noted ServiceNow has outperformed the broader market and continues to attract attention as a possible contrarian software name, but this is more a reflection of momentum than a new fundamental catalyst. ServiceNow (NOW) Outperforms Broader Market: What You Need to Know

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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