Whittier Trust Co. of Nevada Inc. Sells 70,726 Shares of ServiceNow, Inc. $NOW

Key Points

• Whittier Trust Co. of Nevada cut its ServiceNow stake by 77.8% in the first quarter, selling 70,726 shares and leaving it with 20,173 shares valued at about $2.07 million.
• ServiceNow shares were up 2.9% in Tuesday trading to $111.06, while the stock remains below its 200-day moving average and far under its 12-month high.
• Recent news and analyst commentary were broadly supportive, including new government and defense AI partnerships and continued optimism that ServiceNow’s growth remains resilient despite AI disruption fears.

Whittier Trust Co. of Nevada Inc. reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 77.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,173 shares of the information technology services provider's stock after selling 70,726 shares during the quarter. Whittier Trust Co. of Nevada Inc.'s holdings in ServiceNow were worth $2,066,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in ServiceNow by 404.5% during the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider's stock worth $15,619,771,000 after buying an additional 81,752,460 shares in the last quarter. State Street Corp raised its position in shares of ServiceNow by 406.6% in the 4th quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider's stock valued at $7,337,280,000 after buying an additional 38,441,898 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of ServiceNow by 371.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider's stock valued at $4,962,692,000 after buying an additional 25,517,218 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of ServiceNow by 404.8% during the 4th 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 acquiring an additional 18,854,775 shares during the period. Finally, Morgan Stanley lifted its holdings 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 worth $3,482,543,000 after acquiring an additional 17,514,679 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow News Roundup

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Guggenheim’s dismissive take on “software extinction” fears helped ease worries that AI could hurt enterprise software demand, supporting ServiceNow’s recent climb. Why ServiceNow Stock Is Climbing After Guggenheim Dismisses Software 'Extinction' Valuation
• Positive Sentiment: ServiceNow announced additional government and defense AI partnerships, including biosurveillance and health-services modernization projects, reinforcing the company’s AI credibility in mission-critical use cases. ServiceNow (NOW) Lands Defense And State AI Partnerships That Reach Beyond Workflows
• Positive Sentiment: Multiple articles argued that ServiceNow’s numbers continue to show resilience despite AI disruption fears, with commentary suggesting the stock may be undervalued relative to its growth and execution. ServiceNow Was the SaaS Stock AI Was Supposed to Kill. Its Numbers Say Otherwise.
• Positive Sentiment: Recent coverage also highlighted that analysts still see upside in ServiceNow despite some downgrades, keeping valuation debates in focus but not overturning the bullish long-term thesis. Contrarian Alert: 5 Downgraded Stocks That May Reward Long-Term Investors (NOW)

ServiceNow Trading Up 2.9%

Shares of NOW stock traded up $3.13 during trading hours on Tuesday, hitting $111.06. 7,259,858 shares of the company's stock traded hands, compared to its average volume of 23,954,566. The stock has a market cap of $114.50 billion, a PE ratio of 65.86, a price-to-earnings-growth ratio of 1.77 and a beta of 0.96. The stock's 50 day simple moving average is $100.53 and its 200 day simple moving average is $112.60. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $210.20.

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 for the quarter, hitting the consensus estimate of $0.97. The company had revenue of $3.77 billion for the quarter, compared to analysts' expectations of $3.75 billion. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. ServiceNow's revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 earnings per share. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 2.34 EPS for the current year.

Insider Buying and Selling

In related news, insider Paul Fipps sold 1,048 shares of ServiceNow stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the transaction, the insider directly owned 12,072 shares of the company's stock, valued at $1,189,212.72. The trade was a 7.99% decrease in their ownership of the stock. The transaction 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Anita M. Sands sold 16,445 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the completion of the sale, the director owned 30,090 shares in the company, valued at $2,712,312.60. The trade was a 35.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 28,071 shares of company stock worth $2,529,956. Corporate insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of recent analyst reports. Benchmark lifted their price objective on shares of ServiceNow from $125.00 to $130.00 and gave the company a "buy" rating in a research note on Monday, June 15th. JPMorgan Chase & Co. cut their target price on ServiceNow from $195.00 to $145.00 and set an "overweight" rating for the company in a research note on Thursday, April 23rd. Citigroup raised their target price on ServiceNow from $154.00 to $158.00 and gave the company a "buy" rating in a report on Thursday, April 30th. Oppenheimer reiterated an "outperform" rating on shares of ServiceNow in a research note on Tuesday, May 26th. Finally, Truist Financial lowered their price target on ServiceNow from $125.00 to $120.00 and set a "buy" rating for the company in a report on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $141.68.

ServiceNow Company Profile

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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