Torray Investment Partners LLC Grows Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Torray Investment Partners LLC increased its ServiceNow stake by 35% in the first quarter, buying 14,225 additional shares and bringing its total holding to 54,854 shares worth about $5.7 million.
• Several other institutional investors also modestly added to their NOW positions, and overall institutional ownership stands at 87.18% of the company’s stock.
• Analysts remain largely positive on ServiceNow, with a Moderate Buy consensus and an average price target of $141.47, even as the stock recently traded down to $107.81.

Torray Investment Partners LLC raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 35.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,854 shares of the information technology services provider's stock after purchasing an additional 14,225 shares during the quarter. Torray Investment Partners LLC's holdings in ServiceNow were worth $5,735,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of NOW. Florida Financial Advisors LLC raised its position in shares of ServiceNow by 5.4% during the second quarter. Florida Financial Advisors LLC now owns 273 shares of the information technology services provider's stock worth $280,000 after purchasing an additional 14 shares during the period. First Affirmative Financial Network boosted its position in ServiceNow by 1.7% during the 3rd quarter. First Affirmative Financial Network now owns 892 shares of the information technology services provider's stock worth $821,000 after acquiring an additional 15 shares during the period. Nicolet Advisory Services LLC increased its stake in shares of ServiceNow by 1.1% in the third quarter. Nicolet Advisory Services LLC now owns 1,462 shares of the information technology services provider's stock worth $1,322,000 after acquiring an additional 16 shares during the last quarter. Opes Wealth Management LLC increased its position in ServiceNow by 3.5% during the third quarter. Opes Wealth Management LLC now owns 507 shares of the information technology services provider's stock worth $467,000 after buying an additional 17 shares during the last quarter. Finally, Clark Capital Management Group Inc. raised its holdings in ServiceNow by 3.6% during the third quarter. Clark Capital Management Group Inc. now owns 514 shares of the information technology services provider's stock valued at $473,000 after buying an additional 18 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Analysts Set New Price Targets

NOW has been the subject of several recent analyst reports. Royal Bank Of Canada reiterated an "outperform" rating and set a $121.00 price target on shares of ServiceNow in a research note on Tuesday, May 5th. KeyCorp set a $85.00 target price on shares of ServiceNow and gave the stock an "underweight" rating in a research report on Thursday, April 23rd. Truist Financial upped their price target on shares of ServiceNow from $120.00 to $130.00 and gave the company a "buy" rating in a report on Thursday. Benchmark raised their price target on ServiceNow from $125.00 to $130.00 and gave the company a "buy" rating in a research report on Monday, June 15th. Finally, UBS Group reiterated an "outperform" rating on shares of ServiceNow in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and a consensus price target of $141.47.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow rallied after reports that a large international electronics company is teaming up with the company on a new AI-powered product that will be available on ServiceNow’s platform, reinforcing its role in enterprise AI. Why ServiceNow Stock Crushed it on Thursday
• Positive Sentiment: Truist Financial raised its price target on ServiceNow from $120 to $130 and kept a buy rating, signaling continued analyst confidence in the company’s growth prospects. Benzinga report on Truist price target increase
• Positive Sentiment: Investor sentiment around software improved as AI spending expectations shifted in favor of application software, helping ServiceNow participate in the broader rotation toward software names. Chip Stocks Drop 12% as Software Rebounds in AI Trade Shift
• Neutral Sentiment: Several market updates described ServiceNow as consolidating or trading flat while investors digested the AI partnership news and a more constructive analyst tone, suggesting a pause after the recent move rather than a fresh fundamental shift. ServiceNow Stock Consolidates as Accenture Launches Agentic AI Offerings
• Negative Sentiment: Friday trading saw ServiceNow slip as investors appeared to take profits and reassess whether the recent AI enthusiasm has already been priced in. ServiceNow Stock Falls Friday: What's Going On?

ServiceNow Price Performance

NYSE NOW traded down $1.03 during trading hours on Friday, reaching $107.81. 11,058,890 shares of the company's stock were exchanged, compared to its average volume of 20,996,616. The firm has a fifty day moving average of $102.49 and a 200-day moving average of $111.27. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $210.20. The stock has a market cap of $111.16 billion, a PE ratio of 64.25, a price-to-earnings-growth ratio of 1.81 and a beta of 0.96. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.97. The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business's revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.81 EPS. On average, equities research analysts predict that ServiceNow, Inc. will post 2.34 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 16,445 shares of the firm's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the transaction, the director owned 30,090 shares in the company, valued at approximately $2,712,312.60. This trade represents a 35.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Fipps sold 1,048 shares of the 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 completion of the sale, the insider owned 12,072 shares of the company's stock, valued at $1,189,212.72. This trade represents a 7.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 28,071 shares of company stock worth $2,529,956 in the last 90 days. Corporate insiders own 0.34% of the company's stock.

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.

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