Vancity Investment Management Ltd Sells 10,701 Shares of ServiceNow, Inc. $NOW

Key Points

• Vancity Investment Management reduced its ServiceNow stake by 6.1%, selling 10,701 shares and retaining 166,167 shares valued at approximately $16.5 million. ServiceNow remains 2.5% of the fund’s portfolio.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $144.24. Recent quarterly results also exceeded expectations, including $0.90 in adjusted EPS and $3.99 billion in revenue, up 24% year over year.
• Insiders sold 14,081 shares worth about $1.94 million over the past 90 days, while institutional investors own 87.18% of the stock. Despite positive AI-related momentum, insider selling and ServiceNow’s elevated valuation remain investor concerns.

Vancity Investment Management Ltd lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 166,167 shares of the information technology services provider's stock after selling 10,701 shares during the period. ServiceNow makes up 2.5% of Vancity Investment Management Ltd's investment portfolio, making the stock its 12th biggest holding. Vancity Investment Management Ltd's holdings in ServiceNow were worth $16,497,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC increased its position in shares of ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after purchasing an additional 30 shares during the period. Sivia Capital Partners LLC lifted its position in ServiceNow by 4.2% in the second quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider's stock worth $861,000 after purchasing an additional 34 shares during the period. United Bank lifted its position in ServiceNow by 15.5% in the second quarter. United Bank now owns 1,519 shares of the information technology services provider's stock worth $1,562,000 after purchasing an additional 204 shares during the period. Riggs Asset Managment Co. Inc. boosted its stake in ServiceNow by 2.2% during the second quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider's stock worth $1,976,000 after buying an additional 42 shares in the last quarter. Finally, Nebula Research & Development LLC boosted its stake in ServiceNow by 205.1% during the second quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider's stock worth $931,000 after buying an additional 609 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow was selected as a “final trade” on CNBC’s Halftime Report, with the bullish case citing analyst support and the company’s opportunity to expand its AI offerings. Nvidia, ServiceNow, Spotify And A Financial Stock On CNBC’s Final Trades
• Positive Sentiment: ServiceNow gained alongside enterprise AI software peers as investor concerns that AI could weaken traditional seat-based software revenue eased. The broader sector rebound provided a favorable trading backdrop for NOW. Palantir Rallies 7% as PwC Alliance Counters Michael Burry Bear Case
• Positive Sentiment: Partner adoption is strengthening ServiceNow’s AI-platform narrative. Pricefx’s Deal Optimization App embeds AI pricing, negotiation, and recommendation tools into ServiceNow workflows, suggesting the platform is becoming an important distribution channel for enterprise AI applications. Is ServiceNow Quietly Becoming the Default AI Commerce Platform for Enterprise Partners?
• Neutral Sentiment: Analysts and investors remain selective within the software group. Although the sector has rebounded, commentary emphasizes that strong performance varies widely among companies, increasing scrutiny of ServiceNow’s valuation and growth durability. Software Stocks Are Back. 2 Winners, 2 Losers—and Salesforce
• Negative Sentiment: Reports of insider selling are weighing on sentiment and may be prompting investors to lock in gains after ServiceNow’s recent rally. Separate coverage also questioned whether the stock’s rapid advance has outpaced near-term fundamentals, making profit-taking a risk. ServiceNow Stock Price Down Following Insider Selling ServiceNow Just Rallied 28% in a Month: Take Profits, or Buy More?

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on NOW shares. TD Cowen restated a "buy" rating and issued a $140.00 price objective on shares of ServiceNow in a research note on Monday, August 17th. BTIG Research reiterated a "buy" rating and set a $150.00 target price on shares of ServiceNow in a research report on Wednesday, July 22nd. Truist Financial upped their target price on shares of ServiceNow from $120.00 to $130.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. Oppenheimer reissued an "outperform" rating and issued a $140.00 price target (up from $130.00) on shares of ServiceNow in a research report on Wednesday, July 15th. Finally, Weiss Ratings upgraded shares of ServiceNow from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $144.24.

ServiceNow Trading Up 0.0%

Shares of ServiceNow stock opened at $141.31 on Monday. The stock has a market capitalization of $146.11 billion, a P/E ratio of 88.32, a price-to-earnings-growth ratio of 2.57 and a beta of 0.97. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43. The company has a 50-day simple moving average of $117.21 and a 200 day simple moving average of $107.96. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results 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 analyst estimates of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The company's revenue for the quarter was up 24.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.81 earnings per share. Research analysts expect that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jacqueline Canney sold 7,847 shares of the business's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $138.00, for a total value of $1,082,886.00. Following the transaction, the insider directly owned 30,042 shares of the company's stock, valued at $4,145,796. The trade was a 20.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 2,034 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $147.87, for a total value of $300,767.58. Following the sale, the insider owned 18,305 shares in the company, valued at approximately $2,706,760.35. This trade represents a 10.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 14,081 shares of company stock worth $1,937,904. 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source