ServiceNow, Inc. $NOW Shares Newly Purchased by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp acquired 639,905 ServiceNow shares in the third quarter, worth approximately $85.8 million and representing 0.06% of the company.
• ServiceNow reported quarterly revenue of $4.11 billion, up 20.5% year over year and above estimates, while adjusted earnings of $1.00 per share slightly missed the $1.02 consensus.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $154.50; recent reports include both upgrades in price outlook and downgrades in ratings.

Fifth Third Bancorp acquired a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 639,905 shares of the information technology services provider's stock, valued at approximately $85,754,000. Fifth Third Bancorp owned 0.06% of ServiceNow as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. A. D. Beadell Investment Counsel Inc. increased its stake in ServiceNow by 2.9% in the 2nd quarter. A. D. Beadell Investment Counsel Inc. now owns 2,818 shares of the information technology services provider's stock valued at $279,000 after buying an additional 80 shares during the last quarter. DUTCH ASSET Corp grew its stake in ServiceNow by 0.5% in the 3rd quarter. DUTCH ASSET Corp now owns 16,331 shares of the information technology services provider's stock valued at $2,189,000 after buying an additional 82 shares in the last quarter. Atwood & Palmer Inc. lifted its holdings in ServiceNow by 20.0% during the 2nd quarter. Atwood & Palmer Inc. now owns 600 shares of the information technology services provider's stock worth $60,000 after purchasing an additional 100 shares in the last quarter. Diligent Investors LLC lifted its holdings in ServiceNow by 4.1% during the 3rd quarter. Diligent Investors LLC now owns 2,560 shares of the information technology services provider's stock worth $343,000 after purchasing an additional 100 shares in the last quarter. Finally, Signature Wealth Management Partners LLC boosted its position in shares of ServiceNow by 3.3% in the third quarter. Signature Wealth Management Partners LLC now owns 3,281 shares of the information technology services provider's stock valued at $440,000 after acquiring an additional 106 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Activity

In related news, insider Jacqueline Canney sold 1,289 shares of the stock in a transaction on Monday, November 9th. The shares were sold at an average price of $101.70, for a total transaction of $131,091.30. Following the transaction, the insider owned 30,042 shares of the company's stock, valued at approximately $3,055,271.40. This trade represents a 4.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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, Director Paul Chamberlain sold 2,700 shares of ServiceNow stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $135.50, for a total transaction of $365,850.00. Following the completion of the transaction, the director owned 43,990 shares in the company, valued at approximately $5,960,645. The trade was a 5.78% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 13,870 shares of company stock valued at $1,880,595. Corporate insiders own 0.34% of the company's stock.

ServiceNow Trading Down 2.1%

NYSE NOW opened at $100.65 on Friday. The stock's 50-day simple moving average is $132.97 and its two-hundred day simple moving average is $114.22. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $175.00. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $104.47 billion, a price-to-earnings ratio of 56.15, a PEG ratio of 2.01 and a beta of 1.00.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The information technology services provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). The firm had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.09 billion. ServiceNow had a net margin of 9.36% and a return on equity of 15.17%. ServiceNow's revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter last year, the company posted $4.82 earnings per share. Research analysts forecast that ServiceNow, Inc. will post 2.12 EPS for the current fiscal year.

Recent ServiceNow Headlines

Here are a few of the latest headlines about NOW:

• Neutral Sentiment: LicenseFortress added ServiceNow to its software-licensing advisory services, including cost reviews and renewal support. This may help customers manage licensing but does not directly signal new ServiceNow revenue. LicenseFortress expands services to include ServiceNow
• Negative Sentiment: A Pomerantz law firm investigation into potential investor claims adds uncertainty; the announcement does not establish wrongdoing. Pomerantz investigation announcement
• Negative Sentiment: Despite fresh agentic-AI partnership news, one analysis questions whether ServiceNow’s valuation is justified by current earnings. The concern comes as the stock has fallen sharply over the past year and the broader AI software selloff weighs on sentiment; investors are looking for evidence that AI products can translate into financial returns. Valuation concerns despite AI partnership news

Analysts Set New Price Targets

NOW has been the topic of a number of analyst reports. Weiss Ratings lowered shares of ServiceNow from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, October 30th. Zacks Research downgraded shares of ServiceNow from a "hold" rating to a "strong sell" rating in a report on Monday, October 19th. Barclays set a $152.00 price target on shares of ServiceNow and gave the company an "overweight" rating in a research report on Thursday, October 29th. Oppenheimer reaffirmed an "outperform" rating and issued a $165.00 price target on shares of ServiceNow in a report on Thursday, October 29th. Finally, Piper Sandler reiterated an "overweight" rating and set a $175.00 price target on shares of ServiceNow in a research report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $154.50.

ServiceNow Profile

ServiceNow, Inc. provides cloud-based software that helps organizations manage digital workflows and automate business processes. Founded in 2004 by Fred Luddy, the company began with a focus on IT service management and has expanded its platform to support a range of enterprise operations. Its products include tools for IT service and operations management, customer service, human resources, security, and application development. ServiceNow also offers artificial intelligence capabilities, including tools designed to help organizations automate tasks and find information across workflows.

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