11,638 Shares in ServiceNow, Inc. $NOW Acquired by StoneRidge PMG Advisors LLC

StoneRidge PMG Advisors LLC bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 11,638 shares of the information technology services provider’s stock, valued at approximately $1,560,000. ServiceNow accounts for approximately 1.0% of StoneRidge PMG Advisors LLC’s portfolio, making the stock its 22nd biggest holding.

A number of other large investors have also recently modified their holdings of NOW. BlackRock Inc. bought a new stake in ServiceNow during the 2nd quarter valued at $9,536,615,000. State Street Corp grew its position in shares of ServiceNow by 2.0% during the 2nd quarter. State Street Corp now owns 49,038,218 shares of the information technology services provider’s stock worth $4,868,514,000 after buying an additional 979,726 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of ServiceNow by 16.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 16,638,071 shares of the information technology services provider’s stock worth $1,651,828,000 after buying an additional 2,362,606 shares in the last quarter. Amundi increased its stake in shares of ServiceNow by 60.9% during the first quarter. Amundi now owns 11,479,098 shares of the information technology services provider’s stock valued at $1,200,140,000 after buying an additional 4,346,722 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of ServiceNow by 6.5% during the first quarter. Bank of New York Mellon Corp now owns 8,526,931 shares of the information technology services provider’s stock valued at $891,491,000 after buying an additional 518,263 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NOW. Yorkville Ives initiated coverage on ServiceNow in a report on Monday, October 5th. They issued an “outperform” rating and a $160.00 price objective for the company. Sanford C. Bernstein reiterated an “outperform” rating and set a $266.00 target price on shares of ServiceNow in a report on Tuesday, October 20th. KeyCorp reissued an “underweight” rating and set a $110.00 target price (up from $85.00) on shares of ServiceNow in a research report on Thursday, October 29th. Bank of America boosted their price target on shares of ServiceNow from $130.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, August 19th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of ServiceNow from $135.00 to $155.00 and gave the company a “buy” rating in a report on Monday, September 21st. One equities 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 three have issued a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $154.50.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 7,847 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $138.00, for a total transaction of $1,082,886.00. Following the sale, the insider owned 30,042 shares in the company, valued at approximately $4,145,796. The trade was a 20.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 2,034 shares of the company’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $147.87, for a total transaction of $300,767.58. Following the transaction, 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 position. The SEC filing for this sale provides additional information. Insiders have sold 14,081 shares of company stock valued at $1,937,904 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

ServiceNow Trading Down 0.1%

NYSE NOW opened at $101.91 on Monday. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $175.00. The company has a 50 day moving average price of $136.31 and a 200 day moving average price of $114.81. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.42. The firm has a market cap of $105.78 billion, a PE ratio of 73.32, a price-to-earnings-growth ratio of 1.99 and a beta of 1.00.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.02). ServiceNow had a net margin of 9.36% and a return on equity of 15.17%. The firm had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.09 billion. During the same quarter last year, the business earned $4.82 earnings per share. ServiceNow’s revenue was up 20.5% on a year-over-year basis. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 2.12 EPS for the current fiscal year.

Key Stories Impacting ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow is broadening its agentic-AI partnership with LTM, aiming to take AI workflows to more enterprise customers. The company also highlighted deployments and selections by customers including LTM, KORE and Keysight, supporting its case that businesses are adopting its AI platform. ServiceNow expands enterprise AI partnerships
• Positive Sentiment: ServiceNow raised its AI contract-value target to $1.7 billion, and its CFO described fears that AI will disrupt the company’s business as unfounded. These points may help reassure investors about AI’s potential as a growth driver. ServiceNow Q3 earnings call highlights
• Neutral Sentiment: The NBA extended its partnership with ServiceNow, adopting EmployeeWorks for employee self-service and workplace requests. The deal adds a customer use case, though its near-term financial impact was not specified. NBA and ServiceNow extend partnership
• Negative Sentiment: Investors are focused on the outlook: despite a third-quarter revenue beat, ServiceNow’s fourth-quarter current remaining performance obligations growth forecast of 18.5% disappointed the market and prompted concerns about slowing backlog growth. The stock has fallen sharply since the report. ServiceNow outlook and AI concerns
• Negative Sentiment: ServiceNow is undertaking another round of layoffs, while third-quarter severance costs rose to $87 million from $24 million a year earlier. Separate reports that the board approved $127 million in retention awards as the company cuts jobs may also draw scrutiny over costs and priorities. ServiceNow layoffs and severance costs
• Negative Sentiment: ETFs were net sellers of $29.5 million in ServiceNow shares on Wednesday, adding a modest near-term headwind. ETF selling of ServiceNow shares

About ServiceNow

ServiceNow, Inc provides cloud-based software that helps organizations manage digital workflows and automate business processes. Founded in 2004 by Fred Luddy, the company began with a focus on IT service management and has expanded its platform to support a range of enterprise operations.

Its products include tools for IT service and operations management, customer service, human resources, security, and application development. ServiceNow also offers artificial intelligence capabilities, including tools designed to help organizations automate tasks and find information across workflows.

ServiceNow serves businesses and public-sector organizations around the world.