Piar LLC Purchases 13,450 Shares of ServiceNow, Inc. $NOW

Key Points

• Piar LLC nearly doubled its stake in ServiceNow during the first quarter, buying 13,450 additional shares to bring its total to 27,210 shares worth about $2.845 million.
• Institutional ownership remains very high, with hedge funds and other institutions holding 87.18% of ServiceNow’s shares, while several other funds also modestly increased their positions.
• Analysts remain broadly constructive on ServiceNow despite recent weakness, with price-target increases and a consensus rating of “Moderate Buy,” while investors watch upcoming earnings as the main catalyst.

Piar LLC grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 97.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,210 shares of the information technology services provider's stock after buying an additional 13,450 shares during the period. ServiceNow accounts for approximately 2.2% of Piar LLC's holdings, making the stock its 17th biggest position. Piar LLC's holdings in ServiceNow were worth $2,845,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NOW. Florida Financial Advisors LLC boosted its stake 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 acquiring an additional 14 shares in the last quarter. Clark Capital Management Group Inc. increased its stake in shares of 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. American Trust increased its stake in shares of ServiceNow by 1.8% during the third quarter. American Trust now owns 1,029 shares of the information technology services provider's stock valued at $947,000 after purchasing an additional 18 shares in the last quarter. Morse Asset Management Inc increased its position in ServiceNow by 0.5% during the 2nd quarter. Morse Asset Management Inc now owns 3,488 shares of the information technology services provider's stock valued at $3,586,000 after buying an additional 19 shares in the last quarter. Finally, CYBER HORNET ETFs LLC increased its position in ServiceNow by 3.7% during the 3rd quarter. CYBER HORNET ETFs LLC now owns 567 shares of the information technology services provider's stock valued at $522,000 after buying an additional 20 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Jacqueline P. Canney sold 8,927 shares of the stock in a transaction on 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 sale, the insider directly owned 29,531 shares of the company's stock, valued at $2,645,977.60. This represents a 23.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul Edward Chamberlain sold 1,500 shares of the firm's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $87.23, for a total transaction of $130,845.00. Following the sale, the director owned 44,930 shares in the company, valued at $3,919,243.90. The trade was a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 28,071 shares of company stock valued at $2,529,956. Insiders own 0.34% of the company's stock.

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 Stock Up 1.6%

Shares of NOW stock opened at $104.90 on Tuesday. The company has a 50 day simple moving average of $104.24 and a two-hundred day simple moving average of $108.92. The stock has a market cap of $108.15 billion, a P/E ratio of 62.51, a P/E/G 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 current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13.

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

Analyst Upgrades and Downgrades

Several research firms have commented on NOW. BTIG Research reissued a "buy" rating and issued a $150.00 target price on shares of ServiceNow in a report on Monday, June 29th. Wolfe Research set a $125.00 price objective on shares of ServiceNow in a research report on Thursday, April 23rd. FBN Securities reduced their price objective on shares of ServiceNow from $160.00 to $120.00 in a research note on Thursday, April 23rd. TD Cowen reissued a "buy" rating and set a $140.00 price target on shares of ServiceNow in a research report on Friday. Finally, Capital One Financial boosted their price objective on shares of ServiceNow from $105.00 to $120.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $139.12.

ServiceNow Company 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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