ServiceNow, Inc. $NOW Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its ServiceNow position by 30.5% in the second quarter, purchasing 423,517 additional shares to hold 1.81 million shares valued at approximately $179.9 million. Institutional investors collectively own 87.18% of the company.
• ServiceNow reported quarterly EPS of $0.90, beating estimates of $0.86, while revenue rose 24% year over year to $3.99 billion and exceeded expectations. Shares opened at $117.31, with a consensus analyst rating of “Moderate Buy” and an average price target of $143.39.
• The company’s agentic-AI strategy and expanding partnerships are attracting investor interest, though a broader software-sector sell-off has raised concerns about AI competition, pricing power and future growth.

Assenagon Asset Management S.A. boosted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 30.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,811,760 shares of the information technology services provider's stock after buying an additional 423,517 shares during the period. Assenagon Asset Management S.A. owned 0.18% of ServiceNow worth $179,872,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in ServiceNow by 404.5% in the 4th quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider's stock valued at $15,619,771,000 after purchasing an additional 81,752,460 shares during the last quarter. State Street Corp boosted its stake in ServiceNow by 406.6% during the 4th quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider's stock worth $7,337,280,000 after purchasing an additional 38,441,898 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of ServiceNow by 371.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider's stock worth $4,962,692,000 after buying an additional 25,517,218 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of ServiceNow by 404.8% during the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider's stock worth $3,591,425,000 after buying an additional 18,854,775 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of ServiceNow by 335.6% in the fourth quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider's stock valued at $3,482,543,000 after buying an additional 17,514,679 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Up 0.1%

Shares of NYSE NOW opened at $117.31 on Friday. The company has a market capitalization of $121.30 billion, a P/E ratio of 73.32, a P/E/G ratio of 2.06 and a beta of 0.94. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The company has a 50 day simple moving average of $106.72 and a 200-day simple moving average of $105.73. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The firm's quarterly revenue was up 24.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.81 earnings per share. On average, equities research analysts predict that ServiceNow, Inc. will post 2.24 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on NOW shares. UBS Group set a $248.00 price target on shares of ServiceNow in a research note on Thursday, July 23rd. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research note on Monday. Bank of America initiated coverage on shares of ServiceNow in a report on Monday, May 18th. They issued a "buy" rating and a $130.00 price objective for the company. BTIG Research restated a "buy" rating and set a $150.00 target price on shares of ServiceNow in a report on Wednesday, July 22nd. Finally, Robert W. Baird boosted their target price on ServiceNow from $118.00 to $125.00 and gave the stock an "outperform" rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus target price of $143.39.

Key Headlines Impacting ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow’s agentic-AI push is attracting attention as deployments reportedly grew ninefold over the past nine months. The company’s workflow and IT-management software is deeply embedded in large enterprises, potentially making it more likely to benefit from AI-driven automation than to be displaced by it. Why Is ServiceNow in Focus as Its Agentic AI Push Widens?
• Positive Sentiment: Investor commentary remains constructive following second-quarter results that exceeded expectations. Revenue rose about 24% year over year to approximately $4 billion, subscription growth remained strong, and full-year guidance was raised. These results support the view that AI monetization is beginning to complement ServiceNow’s core business. ServiceNow Stock Opinions on Q2 Earnings and AI Growth
• Positive Sentiment: Some analysts view the software sell-off as an opportunity to buy ServiceNow. Despite continued double-digit growth and strong free cash flow, the stock’s forward earnings multiple is described as being in the mid-20s, substantially below its historical valuation. ServiceNow: Why the Latest Quarter Is an Opportunity to Buy
• Neutral Sentiment: New partnerships and applications are expanding ServiceNow’s AI ecosystem, including healthcare administrative automation, fraud-and-abuse detection, and industrial security. These announcements may improve product adoption over time, but their near-term financial impact was not disclosed. Hyro Partners with ServiceNow
• Neutral Sentiment: Analyst opinions are mixed, though 29 recent price targets carry a median target of $134, above the reported trading level. Insider activity is also mixed: CEO William McDermott purchased shares, while several other executives sold stock. ServiceNow Stock Opinions on Q2 Earnings and AI Growth
• Negative Sentiment: ServiceNow is being pressured by a broad software-sector sell-off after Datadog and HubSpot results raised concerns about AI competition, pricing power, and future growth. Investors remain cautious that AI-native tools could eventually reduce demand for or pricing of traditional enterprise software. Software Stocks Fall as Earnings Raise Questions Over AI Pricing

Insider Buying and Selling at ServiceNow

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the completion of the transaction, the director directly owned 44,930 shares in the company, valued at approximately $3,919,243.90. This represents a 3.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 1,048 shares of the firm's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the sale, the insider directly owned 12,072 shares of the company's stock, valued at $1,189,212.72. The trade was a 7.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders have sold 18,993 shares of company stock worth $1,716,436 over the last quarter. 0.34% of the stock is currently owned by company insiders.

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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