Independent Financial Group LLC Makes New Investment in ServiceNow, Inc. $NOW

Key Points

• Independent Financial Group LLC opened a new position in ServiceNow during the first quarter, buying 10,094 shares valued at about $1.055 million.
• ServiceNow continues to draw strong institutional interest, with 87.18% of shares held by institutions and hedge funds despite some insider selling in recent months.
• Analysts remain broadly constructive: several firms raised or maintained positive ratings, and the consensus view is still “Moderate Buy” with an average price target of $139.12.

Independent Financial Group LLC purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 10,094 shares of the information technology services provider's stock, valued at approximately $1,055,000.

Other hedge funds also recently modified their holdings of the company. Wealth Watch Advisors INC acquired a new position in ServiceNow during the third quarter worth about $29,000. Kelleher Financial Advisors acquired a new position in shares of ServiceNow in the 3rd quarter worth approximately $50,000. Pin Oak Investment Advisors Inc. grew its stake in shares of ServiceNow by 20.7% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 134 shares of the information technology services provider's stock worth $123,000 after purchasing an additional 23 shares during the last quarter. Jupiter Wealth Management LLC bought a new stake in shares of ServiceNow in the 2nd quarter worth approximately $154,000. Finally, CBIZ Investment Advisory Services LLC lifted its stake in ServiceNow by 540.0% during 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. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Cantor Fitzgerald raised its price target on ServiceNow to $141 from $122 and reiterated an overweight view, signaling confidence that the stock can recover from current levels. Benzinga report
• Positive Sentiment: Analysts and bullish articles argue ServiceNow’s AI strategy is more about execution than disruption, with the company’s workflow platform and recent integration updates with Ciroos and Esri seen as supportive of long-term demand. ServiceNow (NOW) Adds Ciroos And Esri To Bring AI And GIS Into Workflows
• Positive Sentiment: Multiple previews ahead of earnings highlight that ServiceNow’s own numbers have been contradicting the bearish AI narrative, which could help investor sentiment if results hold up. ServiceNow Is Down 51% as Wall Street Bets AI Will Gut Its Business. July 22 Will Show Who's Right.
• Positive Sentiment: Commentary from value investors says the stock’s decline may be creating a long-term buying opportunity if fundamentals remain solid, which can support dip-buying interest. Should You Buy ServiceNow (NOW) Before Earnings?
• Neutral Sentiment: Wall Street is focused on upcoming quarterly results and key operating metrics, making the next earnings report the main near-term catalyst for the stock. Unveiling ServiceNow (NOW) Q2 Outlook: Wall Street Estimates for Key Metrics
• Negative Sentiment: A critical ServiceNow code execution flaw is reportedly being exploited in attacks, which could raise security concerns and create a temporary headline overhang. Critical ServiceNow code execution flaw now exploited in attacks

ServiceNow Price Performance

Shares of NYSE:NOW opened at $104.90 on Tuesday. The company's fifty day moving average is $104.24 and its two-hundred day moving average is $108.92. The company has a market cap of $108.15 billion, a P/E ratio of 62.51, a price-to-earnings-growth ratio of 1.73 and a beta of 0.96. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $210.20. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, hitting the consensus estimate of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business had revenue of $3.77 billion during the quarter, compared to analysts' expectations of $3.75 billion. During the same quarter last year, the firm posted $0.81 earnings per share. ServiceNow's revenue was up 22.1% compared to the same quarter last year. Equities analysts expect that ServiceNow, Inc. will post 2.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, insider Paul Fipps sold 1,048 shares of ServiceNow stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $98.51, for a total transaction of $103,238.48. Following the transaction, the insider owned 12,072 shares of the company's stock, valued at $1,189,212.72. The trade was a 7.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 the company's stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the completion of the transaction, the insider owned 29,531 shares in the company, valued at $2,645,977.60. This represents a 23.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 28,071 shares of company stock valued at $2,529,956. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

NOW has been the subject of a number of research reports. 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. Barclays reiterated an "overweight" rating and set a $134.00 price objective (up from $132.00) on shares of ServiceNow in a research report on Tuesday, May 5th. Citic Securities decreased their target price on ServiceNow from $168.00 to $140.00 and set a "buy" rating on the stock in a report on Thursday, May 21st. Wolfe Research set a $125.00 target price on ServiceNow in a research report on Thursday, April 23rd. Finally, Evercore increased their price target on ServiceNow from $140.00 to $150.00 and gave the company an "outperform" rating in a research report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $139.12.

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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

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.