ServiceNow, Inc. $NOW Stock Bought by Envestnet Portfolio Solutions Inc.

Key Points

• Envestnet Portfolio Solutions increased its ServiceNow stake by 61.8% in the second quarter, bringing its holdings to 52,800 shares worth approximately $5.24 million. Institutional investors collectively own 87.18% of NOW’s outstanding stock.
• ServiceNow exceeded quarterly expectations, reporting $0.90 in adjusted earnings per share and $3.99 billion in revenue, with revenue up 24% year over year. Analysts maintain a “Moderate Buy” consensus rating and an average price target of $147.
• Despite strong growth and AI-driven workflow demand, ServiceNow trades at a relatively rich valuation, with a reported P/E ratio above 86. Insiders sold 14,081 shares worth approximately $1.94 million over the past three months.

Envestnet Portfolio Solutions Inc. raised its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 61.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,800 shares of the information technology services provider's stock after purchasing an additional 20,173 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in ServiceNow were worth $5,242,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of NOW. Blueline Advisors LLC acquired a new stake in shares of ServiceNow in the fourth quarter worth approximately $25,000. Measured Wealth Private Client Group LLC boosted its position in ServiceNow by 560.0% during the fourth quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 140 shares during the last quarter. Cornerstone Financial Management LLC grew its stake in ServiceNow by 72.8% during the 2nd quarter. Cornerstone Financial Management LLC now owns 254 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 107 shares in the last quarter. Evolution Wealth Management Inc. grew its stake in ServiceNow by 414.3% during the 4th quarter. Evolution Wealth Management Inc. now owns 180 shares of the information technology services provider's stock valued at $28,000 after acquiring an additional 145 shares in the last quarter. Finally, CrossGen Wealth LLC acquired a new stake in ServiceNow in the 1st quarter valued at about $29,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Down 2.0%

NOW stock opened at $137.96 on Friday. The firm has a market cap of $142.65 billion, a PE ratio of 86.22, a PEG ratio of 2.52 and a beta of 0.97. 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 firm's 50 day moving average price is $125.94 and its 200-day moving average price is $110.70. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $192.97.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The company 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 business posted $0.81 earnings per share. The firm's revenue for the quarter was up 24.0% compared to the same quarter last year. On average, equities research analysts anticipate that ServiceNow, Inc. will post 2.22 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. TD Cowen reissued a "buy" rating and issued a $140.00 target price on shares of ServiceNow in a research note on Monday, August 17th. BTIG Research upped their price target on ServiceNow from $150.00 to $170.00 and gave the company a "buy" rating in a research report on Tuesday, September 8th. KeyCorp reaffirmed an "underweight" rating on shares of ServiceNow in a report on Tuesday, July 21st. Morgan Stanley set a $180.00 price objective on ServiceNow in a research report on Tuesday, July 21st. Finally, Piper Sandler reissued an "overweight" rating and set a $140.00 price objective on shares of ServiceNow in a research note on Thursday, July 23rd. One 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 two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $147.00.

Insider Buying and Selling at ServiceNow

In related news, Director Paul Chamberlain sold 2,700 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were 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 of the company's stock, valued at approximately $5,960,645. This trade represents a 5.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Fipps sold 2,034 shares of ServiceNow stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $147.87, for a total transaction of $300,767.58. Following the completion of the sale, the insider owned 18,305 shares of the company's stock, valued at $2,706,760.35. This trade represents a 10.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 14,081 shares of company stock worth $1,937,904 over the last three months. Insiders own 0.34% of the company's stock.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Deutsche Bank raised its price target to $155 from $135 and maintained a “buy” rating. The new target implies approximately 11% upside from the referenced price, providing fresh analyst support for ServiceNow. TickerReport analyst upgrade
• Positive Sentiment: ServiceNow is benefiting from demand for AI-driven workflow automation. The company is replacing legacy CRM and workflow tools with its AI platform, potentially expanding customer relationships and increasing adoption across enterprise functions. Zacks AI platform report
• Positive Sentiment: ServiceNow EmployeeWorks is gaining implementation traction. Partner INRY deployed the employee-facing AI platform in six weeks and is rolling it out to clients, offering evidence that the product can be adopted quickly and broaden ServiceNow’s workflow footprint. Yahoo Finance EmployeeWorks report
• Neutral Sentiment: ServiceNow continues to attract significant investor and analyst attention. Articles citing favorable brokerage recommendations may support sentiment, but the reports also caution that consensus ratings can be overly optimistic and should not replace analysis of valuation and execution. Yahoo Finance analyst recommendations report
• Neutral Sentiment: ServiceNow compares favorably with other technology stocks on profitability. Figma is growing faster, but ServiceNow generated nearly $4.6 billion in annual free cash flow, highlighting its financial strength and mature enterprise business model. Motley Fool Figma versus ServiceNow comparison
• Negative Sentiment: NOW underperformed the broader market in the latest session. The decline suggests investors may be taking profits or weighing ServiceNow’s relatively rich valuation, with the stock’s reported price-to-earnings ratio above 86 despite strong revenue growth. Zacks ServiceNow market performance report

About ServiceNow

ServiceNow, Inc is a cloud-based enterprise software company that provides digital workflow and automation solutions. Its Now Platform enables organizations to manage and connect business processes across information technology, customer service, human resources, finance, legal operations and other departments.

The company's products and services include IT service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance management, strategic portfolio management and application development tools.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

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.