Pursue Wealth Partners LLC Buys New Shares in ServiceNow, Inc. $NOW

Key Points

• Pursue Wealth Partners initiated a ServiceNow position by purchasing 28,803 shares worth approximately $2.86 million, representing about 1.6% of its portfolio. Institutional investors and hedge funds collectively own 87.18% of the stock.
• ServiceNow reported quarterly EPS of $0.90, exceeding estimates of $0.86, while revenue rose 24% year over year to $3.99 billion. Analysts remain broadly positive, with a “Moderate Buy” consensus rating and an average price target of $143.76.
• The stock remains volatile and highly valued, trading at a price-to-earnings ratio of 73.56 amid software-sector weakness and concerns about execution risks tied to its planned $7.75 billion Armis acquisition. A company director also sold 1,500 shares under a pre-arranged Rule 10b5-1 plan.

Pursue Wealth Partners LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 28,803 shares of the information technology services provider's stock, valued at approximately $2,860,000. ServiceNow makes up about 1.6% of Pursue Wealth Partners LLC's portfolio, making the stock its 22nd biggest position.

A number of other large investors have also bought and sold shares of NOW. Brighton Jones LLC increased its stake in ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after purchasing an additional 30 shares in the last quarter. Sivia Capital Partners LLC boosted its position in shares of ServiceNow by 4.2% during the 2nd quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider's stock worth $861,000 after purchasing an additional 34 shares in the last quarter. United Bank grew its stake in shares of ServiceNow by 15.5% in the 2nd quarter. United Bank now owns 1,519 shares of the information technology services provider's stock valued at $1,562,000 after buying an additional 204 shares during the period. Riggs Asset Managment Co. Inc. grew its stake in shares of ServiceNow by 2.2% in the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider's stock valued at $1,976,000 after buying an additional 42 shares during the period. Finally, Nebula Research & Development LLC increased its position in ServiceNow by 205.1% in the 2nd quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider's stock valued at $931,000 after buying an additional 609 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Down 5.1%

Shares of NYSE:NOW opened at $117.70 on Tuesday. The business's 50 day moving average is $107.15 and its 200 day moving average is $105.49. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $194.73. The stock has a market cap of $121.70 billion, a price-to-earnings ratio of 73.56, a PEG ratio of 2.18 and a beta of 0.94. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.93 billion. During the same period in the prior year, the firm posted $0.81 EPS. ServiceNow's quarterly revenue was up 24.0% compared to the same quarter last year. On average, sell-side analysts forecast that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on NOW shares. TD Cowen reaffirmed a "buy" rating and set a $140.00 price target on shares of ServiceNow in a research note on Monday. Cantor Fitzgerald boosted their price objective on ServiceNow from $122.00 to $141.00 and gave the company an "overweight" rating in a report on Monday, July 20th. Evercore reaffirmed an "outperform" rating and set a $160.00 target price on shares of ServiceNow in a research report on Thursday, July 23rd. Raymond James Financial cut their target price on ServiceNow from $160.00 to $130.00 and set an "outperform" rating on the stock in a report on Thursday, April 23rd. Finally, Sanford C. Bernstein reissued an "outperform" rating and issued a $248.00 price target (up from $236.00) on shares of ServiceNow in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, ServiceNow has an average rating of "Moderate Buy" and an average price target of $143.76.

Insider Activity

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $125.60, for a total value of $188,400.00. Following the completion of the sale, the director owned 46,690 shares in the company, valued at $5,864,264. This represents a 3.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.34% of the stock is currently owned by insiders.

ServiceNow News Roundup

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Cybersecurity expansion supports long-term growth. ServiceNow’s planned $7.75 billion acquisition of Armis would broaden its AI-powered security platform and strengthen its preventive cyber-defense offerings. The appointment of former Armis executive Simon Mouyal as chief marketing officer also signals an increased focus on security and go-to-market execution. ServiceNow Is Spending $7.75 Billion On AI Security
• Positive Sentiment: Analyst support remains firm. TD Cowen reaffirmed its Buy rating and assigned a $140 price target, implying meaningful upside from the referenced market level. Analysts cited ServiceNow’s expanding security platform, AI workflow opportunities and recurring-revenue model. ServiceNow Earns Buy Rating
• Positive Sentiment: Fundamentals and AI momentum continue to attract dip buyers. Recent commentary points to roughly 24% year-over-year revenue growth and a substantial rebound from the stock’s lows. Some investors view support near the 200-day moving average as an opportunity if the company’s growth remains intact. NOW Stock Has Rebounded Over 54%
• Neutral Sentiment: Institutional positioning is mixed. JPMorgan added a large position, while T. Rowe Price, Wellington Management and several other firms reduced holdings. The split suggests continued disagreement about valuation and the pace of the recovery.
• Neutral Sentiment: A director sold shares under a pre-arranged Rule 10b5-1 plan. Paul Edward Chamberlain sold 1,500 shares worth approximately $188,400, reducing his holdings by 3.11%. Because the transaction was scheduled in advance, it provides limited evidence of a change in the company’s outlook. SEC Insider Filing
• Negative Sentiment: Valuation remains a major concern. Even after a reported 30.5% decline over the past year, commentary argues that ServiceNow still does not look inexpensive, leaving the stock vulnerable to further pressure if growth expectations soften. ServiceNow Stock Still Looks Expensive
• Negative Sentiment: Broad software-sector weakness is weighing on the shares. Investors have been rotating toward semiconductor and AI-hardware stocks, pressuring software names including ServiceNow, Adobe and Intuit. The sizable Armis acquisition also introduces execution, integration and spending risks.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source