ServiceNow, Inc. $NOW Shares Sold by KBC Group NV

KBC Group NV lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 26.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 588,064 shares of the information technology services provider’s stock after selling 216,925 shares during the period. KBC Group NV’s holdings in ServiceNow were worth $61,482,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Little House Capital LLC grew its stake in shares of ServiceNow by 47.7% during the 1st quarter. Little House Capital LLC now owns 16,303 shares of the information technology services provider’s stock worth $1,704,000 after purchasing an additional 5,268 shares during the period. True North Advisors LLC lifted its stake in shares of ServiceNow by 12.1% in the 1st quarter. True North Advisors LLC now owns 3,105 shares of the information technology services provider’s stock valued at $325,000 after purchasing an additional 335 shares during the period. SEB Asset Management AB acquired a new position in shares of ServiceNow in the 1st quarter valued at $50,673,000. Swiss National Bank boosted its holdings in ServiceNow by 6.8% during the first quarter. Swiss National Bank now owns 3,044,540 shares of the information technology services provider’s stock worth $318,307,000 after buying an additional 194,640 shares in the last quarter. Finally, Valley Wealth Managers Inc. boosted its holdings in ServiceNow by 52.6% during the first quarter. Valley Wealth Managers Inc. now owns 6,211 shares of the information technology services provider’s stock worth $649,000 after buying an additional 2,142 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow News Summary

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Cantor Fitzgerald raised its price target on ServiceNow to $141 from $122 and reiterated an overweight view, signaling confidence that the stock can recover from current levels. Benzinga report
• Positive Sentiment: Analysts and bullish articles argue ServiceNow’s AI strategy is more about execution than disruption, with the company’s workflow platform and recent integration updates with Ciroos and Esri seen as supportive of long-term demand. ServiceNow (NOW) Adds Ciroos And Esri To Bring AI And GIS Into Workflows
• Positive Sentiment: Multiple previews ahead of earnings highlight that ServiceNow’s own numbers have been contradicting the bearish AI narrative, which could help investor sentiment if results hold up. ServiceNow Is Down 51% as Wall Street Bets AI Will Gut Its Business. July 22 Will Show Who’s Right.
• Positive Sentiment: Commentary from value investors says the stock’s decline may be creating a long-term buying opportunity if fundamentals remain solid, which can support dip-buying interest. Should You Buy ServiceNow (NOW) Before Earnings?
• Neutral Sentiment: Wall Street is focused on upcoming quarterly results and key operating metrics, making the next earnings report the main near-term catalyst for the stock. Unveiling ServiceNow (NOW) Q2 Outlook: Wall Street Estimates for Key Metrics
• Negative Sentiment: A critical ServiceNow code execution flaw is reportedly being exploited in attacks, which could raise security concerns and create a temporary headline overhang. Critical ServiceNow code execution flaw now exploited in attacks

Insider Buying and Selling at ServiceNow

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the sale, the director directly owned 44,930 shares in the company, valued at $3,919,243.90. This represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 1,048 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $98.51, for a total value of $103,238.48. Following the completion of the sale, the insider directly owned 12,072 shares of the company’s stock, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their position. 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. In the last 90 days, insiders sold 28,071 shares of company stock worth $2,529,956. Company insiders own 0.34% of the company’s stock.

ServiceNow Stock Performance

NOW opened at $104.90 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The company has a market cap of $108.15 billion, a price-to-earnings ratio of 62.51, a PEG ratio of 1.73 and a beta of 0.96. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $210.20. The firm’s fifty day simple moving average is $104.24 and its two-hundred day simple moving average is $108.92.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) 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 return on equity of 18.16% and a net margin of 12.59%.ServiceNow’s revenue was up 22.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 EPS. Equities analysts anticipate that ServiceNow, Inc. will post 2.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NOW shares. Robert W. Baird cut their price objective on shares of ServiceNow from $125.00 to $118.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. FBN Securities lowered their target price on shares of ServiceNow from $160.00 to $120.00 in a research note on Thursday, April 23rd. Mizuho dropped their target price on ServiceNow from $150.00 to $140.00 and set an “outperform” rating on the stock in a research report on Thursday, April 23rd. UBS Group lifted their price target on ServiceNow from $100.00 to $115.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Finally, BMO Capital Markets reduced their price target on ServiceNow from $120.00 to $115.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $139.12.

ServiceNow 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.