Eastern Bank Has $1.09 Million Stake in ServiceNow, Inc. $NOW

Eastern Bank lowered its position in ServiceNow, Inc. (NYSE:NOW) by 49.9% in the second quarter, HoldingsChannel.com reports. The fund owned 10,978 shares of the information technology services provider’s stock after selling 10,942 shares during the quarter. Eastern Bank’s holdings in ServiceNow were worth $1,090,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Covenant Asset Management LLC lifted its holdings in ServiceNow by 169.2% during the 4th quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider’s stock worth $3,196,000 after buying an additional 13,114 shares in the last quarter. Norges Bank acquired a new stake in shares of ServiceNow in the 4th quarter valued at $2,020,992,000. World Investment Advisors increased its stake in shares of ServiceNow by 411.7% in the 4th quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock valued at $7,346,000 after buying an additional 38,583 shares during the period. Moors & Cabot Inc. raised its position in shares of ServiceNow by 387.7% during the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock worth $6,990,000 after acquiring an additional 36,274 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of ServiceNow by 385.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,599,397 shares of the information technology services provider’s stock worth $398,202,000 after acquiring an additional 2,064,440 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: AI business surpasses $1 billion: ServiceNow’s AI portfolio exceeded $1 billion in annual contract value, reinforcing the company’s ability to monetize AI-enabled workflows and supporting the bullish case for continued growth. ServiceNow AI ACV and layoffs article
• Positive Sentiment: Cost savings through AI restructuring: ServiceNow plans to eliminate up to 1,000 positions while keeping overall headcount roughly flat, redirecting resources toward AI-focused roles. Investors appear to view the move as a way to improve operating leverage and margins rather than as a sign of weakening demand. ServiceNow job cuts article
• Positive Sentiment: Cybersecurity expansion: ServiceNow introduced six autonomous security products built on its Armis and Veza acquisitions. The offerings are designed to connect security data, identity and enterprise workflows, potentially giving ServiceNow a broader competitive position than standalone security vendors. ServiceNow autonomous security products article
• Positive Sentiment: Customer adoption of AI-enabled IT operations: A major multi-hospital system selected 3CLogic’s Voice AI solution for ServiceNow, providing another example of customers using the platform to automate service operations. 3CLogic hospital system announcement

Insiders Place Their Bets

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the sale, the director owned 44,930 shares of the company’s stock, valued at $3,919,243.90. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 1,048 shares of ServiceNow stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $98.51, for a total value of $103,238.48. Following the transaction, the insider owned 12,072 shares in the company, valued at $1,189,212.72. This trade represents a 7.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Over the last ninety days, insiders have sold 19,144 shares of company stock worth $1,730,097. Corporate insiders own 0.34% of the company’s stock.

ServiceNow Trading Up 3.6%

Shares of NYSE NOW opened at $118.25 on Wednesday. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $194.73. The stock has a market cap of $122.27 billion, a price-to-earnings ratio of 73.91, a P/E/G ratio of 2.01 and a beta of 0.94. 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’s fifty day moving average is $106.25 and its 200-day moving average is $105.90.

ServiceNow (NYSE:NOW) last released its quarterly earnings data 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 business had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The firm’s quarterly revenue was up 24.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 EPS. Equities research analysts predict that ServiceNow, Inc. will post 2.24 EPS for the current year.

Analysts Set New Price Targets

NOW has been the topic of several research reports. KeyCorp reaffirmed an “underweight” rating on shares of ServiceNow in a research note on Tuesday, July 21st. Truist Financial lifted their price objective on ServiceNow from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Citigroup reissued a “market outperform” rating on shares of ServiceNow in a report on Thursday, July 23rd. Morgan Stanley set a $180.00 target price on shares of ServiceNow in a research report on Tuesday, July 21st. Finally, Barclays reaffirmed an “overweight” rating and issued a $134.00 target price (up from $132.00) on shares of ServiceNow in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $143.39.

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.