Trillium Asset Management LLC Sells 20,871 Shares of ServiceNow, Inc. $NOW

Trillium Asset Management LLC reduced its position in shares of ServiceNow, Inc. (NYSE:NOW) by 6.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 285,297 shares of the information technology services provider’s stock after selling 20,871 shares during the quarter. ServiceNow accounts for about 1.2% of Trillium Asset Management LLC’s investment portfolio, making the stock its 17th biggest holding. Trillium Asset Management LLC’s holdings in ServiceNow were worth $38,233,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. A. D. Beadell Investment Counsel Inc. raised its position in ServiceNow by 2.9% in the 2nd quarter. A. D. Beadell Investment Counsel Inc. now owns 2,818 shares of the information technology services provider’s stock valued at $279,000 after buying an additional 80 shares during the last quarter. DUTCH ASSET Corp lifted its stake in ServiceNow by 0.5% in the 3rd quarter. DUTCH ASSET Corp now owns 16,331 shares of the information technology services provider’s stock valued at $2,189,000 after acquiring an additional 82 shares in the last quarter. Atwood & Palmer Inc. lifted its stake in ServiceNow by 20.0% in the 2nd quarter. Atwood & Palmer Inc. now owns 600 shares of the information technology services provider’s stock valued at $60,000 after acquiring an additional 100 shares in the last quarter. Diligent Investors LLC boosted its position in ServiceNow by 4.1% during the 3rd quarter. Diligent Investors LLC now owns 2,560 shares of the information technology services provider’s stock worth $343,000 after acquiring an additional 100 shares during the last quarter. Finally, Signature Wealth Management Partners LLC boosted its position in ServiceNow by 3.3% during the 3rd quarter. Signature Wealth Management Partners LLC now owns 3,281 shares of the information technology services provider’s stock worth $440,000 after acquiring an additional 106 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow News Summary

Investors following NOW have been watching these news items:

• Positive Sentiment: ServiceNow was cited as an AI stock to consider after Wells Fargo improved its outlook on the AI infrastructure trade. Separately, the article reports that Argus still rates the stock a Buy, offering a supportive analyst view despite the steep decline. Article: Argus rates ServiceNow a Buy
• Neutral Sentiment: ServiceNow shares were reported to be about 42% below their high, with another article citing a 40.5% decline over 12 months. The pullback may draw value-focused investors, but it also reflects pressure on AI software stocks and leaves the market weighing the company’s growth prospects against its valuation. Article: ServiceNow valuation and AI partnership news
• Negative Sentiment: A law firm announced an investigation into potential claims on behalf of ServiceNow investors. The announcement does not establish wrongdoing, but could create a reputational or legal overhang as more information emerges. Article: Pomerantz investigation announcement

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Robert W. Baird set a $185.00 target price on shares of ServiceNow in a research report on Thursday, October 29th. Citigroup lowered their price target on shares of ServiceNow from $170.00 to $157.00 and set a “buy” rating on the stock in a research note on Thursday, October 29th. DA Davidson set a $170.00 price target on shares of ServiceNow and gave the stock a “buy” rating in a research report on Monday, July 20th. BMO Capital Markets increased their price objective on shares of ServiceNow from $115.00 to $118.00 and gave the stock an “outperform” rating in a research note on Thursday, July 23rd. Finally, JPMorgan Chase & Co. raised their price objective on ServiceNow from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $154.50.

ServiceNow Stock Up 1.5%

Shares of NYSE NOW traded up $1.48 during trading hours on Friday, hitting $102.14. The company had a trading volume of 8,448,012 shares, compared to its average volume of 20,155,038. The stock has a market capitalization of $106.02 billion, a P/E ratio of 73.48, a price-to-earnings-growth ratio of 1.97 and a beta of 1.00. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.42. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $175.00. The firm’s 50 day moving average is $132.09 and its 200-day moving average is $114.07.

ServiceNow (NYSE:NOW) last released 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). The firm had revenue of $4.11 billion during the quarter, compared to the consensus estimate of $4.09 billion. ServiceNow had a net margin of 9.36% and a return on equity of 15.17%. ServiceNow’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period in the prior year, the business posted $4.82 earnings per share. On average, analysts expect that ServiceNow, Inc. will post 2.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Paul Chamberlain sold 2,700 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $135.50, for a total transaction of $365,850.00. Following the transaction, the director directly owned 43,990 shares in the company, valued at $5,960,645. The trade was a 5.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Fipps sold 2,034 shares of the business’s stock in a transaction dated Monday, August 31st. The stock was 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 $2,706,760.35. This represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 13,870 shares of company stock valued at $1,880,595. 0.34% of the stock is currently owned by corporate insiders.

ServiceNow Profile

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.