ServiceNow, Inc. $NOW Position Cut by Apollon Wealth Management LLC

Key Points

• Apollon Wealth Management reduced its ServiceNow position by 30.7% in the third quarter, selling 29,512 shares and retaining 66,698 shares valued at approximately $8.94 million. Institutional investors overall own 87.18% of the company.
• ServiceNow shares opened at $158.05, with analysts maintaining a broadly positive outlook: the stock has a consensus “Moderate Buy” rating and an average price target of $155.74, while several firms recently raised their targets.
• AI-driven demand and upcoming earnings are key catalysts, but the company’s high valuation, competition, rising costs and execution risks could make the stock vulnerable to disappointing results or guidance.

Apollon Wealth Management LLC lowered its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 30.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 66,698 shares of the information technology services provider's stock after selling 29,512 shares during the period. Apollon Wealth Management LLC's holdings in ServiceNow were worth $8,938,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of NOW. Cornerstone Financial Management LLC increased its stake in shares of ServiceNow by 72.8% in the second quarter. Cornerstone Financial Management LLC now owns 254 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 107 shares during the period. Marquette Asset Management LLC raised its holdings in shares of ServiceNow by 75.0% during the second quarter. Marquette Asset Management LLC now owns 301 shares of the information technology services provider's stock valued at $30,000 after buying an additional 129 shares during the last quarter. Kilter Group LLC acquired a new position in shares of ServiceNow during the second quarter worth approximately $31,000. Solstein Capital LLC acquired a new position in shares of ServiceNow during the second quarter worth approximately $35,000. Finally, Main Street Group LTD bought a new position in ServiceNow in the 1st quarter worth approximately $40,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $158.05 on Tuesday. The company has a market capitalization of $163.42 billion, a PE ratio of 83.31, a price-to-earnings-growth ratio of 2.92 and a beta of 0.99. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a fifty day moving average of $137.53 and a 200-day moving average of $115.71. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $192.97.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 7,847 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $138.00, for a total value of $1,082,886.00. Following the completion of the transaction, the insider owned 30,042 shares in the company, valued at $4,145,796. This trade represents a 20.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Chamberlain sold 2,700 shares of ServiceNow stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $135.50, for a total value of $365,850.00. Following the completion of the transaction, the director directly owned 43,990 shares in the company, valued at $5,960,645. This represents a 5.78% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 14,081 shares of company stock valued at $1,937,904 over the last three months. Company insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on NOW shares. TD Cowen upped their price target on shares of ServiceNow from $140.00 to $165.00 and gave the stock a "buy" rating in a research note on Thursday, October 15th. DA Davidson set a $170.00 target price on ServiceNow and gave the stock a "buy" rating in a report on Monday, July 20th. Morgan Stanley set a $180.00 price target on shares of ServiceNow in a research report on Tuesday, July 21st. JPMorgan Chase & Co. upped their price target on shares of ServiceNow from $145.00 to $150.00 and gave the company an "overweight" rating in a report on Thursday, July 23rd. Finally, Robert W. Baird upped their price target on shares of ServiceNow from $118.00 to $125.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $155.74.

Key Headlines Impacting ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Analysts raise targets: Cantor Fitzgerald lifted its price target from $174 to $201 and maintained an Overweight rating. Bank of America also raised its target to $180 while keeping a Buy rating, and Morgan Stanley reiterated its Buy rating with a $180 target. Analysts cited strong execution, AI-led demand and potential federal-sector growth. Cantor Fitzgerald ServiceNow rating Bank of America raises ServiceNow price target Morgan Stanley ServiceNow rating
• Positive Sentiment: AI and mission-critical software demand: Coverage highlights ServiceNow’s role in enterprise workflow automation and mission-critical IT software, with investors reassessing the value of enterprise AI applications. A broader resilience-orchestration market forecast also identifies ServiceNow as a participant in growth driven by AI, hybrid cloud and automated recovery. ServiceNow enterprise AI coverage
• Neutral Sentiment: Earnings are the next major catalyst: Zacks expects third-quarter revenue of approximately $4.09 billion, representing about 20% year-over-year growth. Investors will focus on subscription growth, AI bookings, margins, costs and guidance when results are released. ServiceNow Q3 earnings preview
• Negative Sentiment: Valuation and execution risks: ServiceNow trades at a high earnings multiple, making the stock vulnerable if results or guidance disappoint. One Seeking Alpha contributor issued a Strong Sell recommendation ahead of earnings, while other coverage flags rising costs, competition and uncertainty over whether AI-driven growth justifies the premium valuation. ServiceNow Strong Sell analysis

ServiceNow Profile

ServiceNow, Inc provides cloud-based software designed to help organizations digitize, automate and manage enterprise workflows. Its Now Platform connects people, processes and systems across departments, enabling customers to manage work through a centralized technology environment.

The company's products and services address a range of business needs, including information technology service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance, and application development.

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