ServiceNow, Inc. $NOW Shares Sold by Van ECK Associates Corp

Key Points

• Van ECK Associates cut its ServiceNow position by 86.9% in the second quarter, selling 952,099 shares and retaining 143,778 shares valued at approximately $14.3 million.
• ServiceNow reported quarterly EPS of $0.90 versus the $0.86 consensus estimate, while revenue of $3.99 billion rose 24% year over year and exceeded expectations.
• Analysts remain broadly positive, with 36 Buy ratings, a Moderate Buy consensus, and an average price target of $144.24; however, director Paul Edward Chamberlain sold 2,700 shares worth about $365,850.

Van ECK Associates Corp decreased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 86.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 143,778 shares of the information technology services provider's stock after selling 952,099 shares during the period. Van ECK Associates Corp's holdings in ServiceNow were worth $14,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in ServiceNow during the 2nd quarter valued at approximately $9,536,615,000. State Street Corp increased its stake in shares of ServiceNow by 406.6% in the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider's stock worth $7,337,280,000 after acquiring an additional 38,441,898 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of ServiceNow by 371.0% in 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 acquiring an additional 25,517,218 shares during the period. Geode Capital Management LLC raised 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 purchasing an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of ServiceNow by 335.6% during the 4th 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. Hedge funds and other institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. CLSA assumed coverage on ServiceNow in a research note on Monday, July 20th. They issued an "underperform" rating and a $72.00 target price on the stock. Morgan Stanley set a $180.00 price target on ServiceNow in a report on Tuesday, July 21st. Citic Securities lowered their price objective on ServiceNow from $168.00 to $140.00 and set a "buy" rating on the stock in a research report on Thursday, May 21st. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a report on Monday, August 3rd. Finally, Bank of America boosted their target price on shares of ServiceNow from $130.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, ServiceNow has an average rating of "Moderate Buy" and a consensus target price of $144.24.

Insider Transactions at ServiceNow

In other news, Director Paul Edward Chamberlain sold 2,700 shares of ServiceNow stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $135.50, for a total value of $365,850.00. Following the sale, the director owned 43,990 shares in the company, valued at $5,960,645. This trade represents a 5.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.34% of the stock is currently owned by insiders.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Investor enthusiasm is being supported by reports that ServiceNow’s AI-related contracts have surpassed $1 billion, while its latest quarterly results exceeded expectations: adjusted EPS was $0.90 versus a $0.86 consensus estimate, revenue reached $3.99 billion versus $3.93 billion expected, and revenue increased 24% year over year. ServiceNow Stock Surges Nearly 5% as AI Revenue Reaches $1 Billion Benchmark
• Positive Sentiment: ServiceNow is benefiting from a broader rebound in software stocks. Recent earnings from ServiceNow and other major software companies are easing fears that generative AI will erode demand for traditional enterprise applications, instead suggesting that AI is expanding automation spending. The SaaSpocalypse Trade Is Cracking
• Positive Sentiment: A technical trading signal appeared near $144.84, followed by a move toward an intraday high, adding short-term momentum to the stock. ServiceNow Stock Up Nearly 3% After Key Trading Signal
• Neutral Sentiment: Articles comparing ServiceNow with Salesforce and UiPath highlight its strong enterprise position and AI-automation opportunity, but also frame the sector as a competitive contest in which execution and the economics of “agentic” AI consumption will determine the long-term winner. ServiceNow Vs. Salesforce
• Negative Sentiment: Broader market pressure tied to escalating geopolitical tensions weighed on software shares during the session, creating a headwind despite ServiceNow-specific AI optimism. ServiceNow Stock Slips Monday
• Negative Sentiment: Director Paul Edward Chamberlain sold 2,700 shares for approximately $365,850, reducing his holdings by 5.78%. The remaining stake is substantial, but the insider sale may add limited selling pressure. SEC Insider Trading Filing

ServiceNow Trading Up 2.6%

Shares of NOW stock opened at $148.43 on Tuesday. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $194.73. The company has a market cap of $153.48 billion, a price-to-earnings ratio of 92.77, a PEG ratio of 2.55 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 stock has a 50 day simple moving average of $113.43 and a 200-day simple moving average of $106.91.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (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 net margin of 11.34% and a return on equity of 16.45%. The firm's revenue for the quarter was up 24.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 EPS. On average, equities research analysts expect that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

About ServiceNow

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.

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