ServiceNow, Inc. $NOW Shares Purchased by Twin Capital Management Inc.

Twin Capital Management Inc. raised its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 34.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,986 shares of the information technology services provider’s stock after acquiring an additional 7,107 shares during the quarter. Twin Capital Management Inc.’s holdings in ServiceNow were worth $2,926,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Florida Financial Advisors LLC grew its stake in ServiceNow by 5.4% in the second quarter. Florida Financial Advisors LLC now owns 273 shares of the information technology services provider’s stock worth $280,000 after purchasing an additional 14 shares in the last quarter. First Affirmative Financial Network raised its stake in ServiceNow by 1.7% during the third quarter. First Affirmative Financial Network now owns 892 shares of the information technology services provider’s stock valued at $821,000 after buying an additional 15 shares in the last quarter. Opes Wealth Management LLC raised its stake in ServiceNow by 3.5% during the third quarter. Opes Wealth Management LLC now owns 507 shares of the information technology services provider’s stock valued at $467,000 after buying an additional 17 shares in the last quarter. Clark Capital Management Group Inc. lifted its holdings in ServiceNow by 3.6% during the 3rd quarter. Clark Capital Management Group Inc. now owns 514 shares of the information technology services provider’s stock worth $473,000 after buying an additional 18 shares during the last quarter. Finally, American Trust lifted its holdings in ServiceNow by 1.8% during the 3rd quarter. American Trust now owns 1,029 shares of the information technology services provider’s stock worth $947,000 after buying an additional 18 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $87.23, for a total value 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jacqueline P. Canney sold 8,927 shares of ServiceNow stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $89.60, for a total transaction of $799,859.20. Following the completion of the sale, the insider owned 29,531 shares in the company, valued at approximately $2,645,977.60. This represents a 23.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,071 shares of company stock worth $2,529,956 over the last ninety days. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NOW. Bank of America began coverage on ServiceNow in a report on Monday, May 18th. They issued a “buy” rating and a $130.00 price target for the company. Truist Financial lifted their price objective on shares of ServiceNow from $120.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Robert W. Baird lowered their target price on shares of ServiceNow from $125.00 to $118.00 and set an “outperform” rating for the company in a research note on Thursday, April 23rd. JPMorgan Chase & Co. dropped their target price on shares of ServiceNow from $195.00 to $145.00 and set an “overweight” rating on the stock in a report on Thursday, April 23rd. Finally, Mizuho reduced their price target on shares of ServiceNow from $150.00 to $140.00 and set an “outperform” rating on the stock in a research 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 issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.80.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: BNP Paribas said ServiceNow has a “constructive setup” for Q2 results, pointing to conservative guidance and improving demand — including healthier federal demand — that could set up an earnings beat. ServiceNow offers ‘constructive setup’ going into Q2 results, BNP says
• Positive Sentiment: UBS raised its price target on NOW to $115 and kept a neutral rating, saying demand trends appear stable and implying some upside from current levels. UBS price target raise
• Positive Sentiment: Several commentary pieces argue the market may be too pessimistic on ServiceNow, with some analysts framing AI as an opportunity rather than a threat and noting the company is raising its AI monetization targets. ServiceNow (NOW) Is Raising Its AI Targets As Investors Shift Toward Software
• Neutral Sentiment: Some pre-earnings notes say ServiceNow may not have the “right combination” for a clear beat, so expectations remain cautious heading into next week’s report. ServiceNow (NOW) Earnings Expected to Grow
• Negative Sentiment: NOW was also dragged lower by a broader software selloff after IBM warned that clients are shifting spending toward servers and cybersecurity, which raised concerns across enterprise software stocks. IBM Plunge Triggers Tech Stock Selloff After Revenue Miss Warning

ServiceNow Trading Down 0.1%

NYSE:NOW opened at $104.78 on Thursday. The firm has a market capitalization of $108.03 billion, a P/E ratio of 62.44, a P/E/G ratio of 1.74 and a beta of 0.96. The business has a 50 day simple moving average of $103.52 and a 200 day simple moving average of $109.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $210.20.

ServiceNow (NYSE:NOW) last issued its earnings results 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 firm had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The firm’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same period last year, the company earned $0.81 earnings per share. Equities research analysts predict that ServiceNow, Inc. will post 2.34 EPS for the current year.

About ServiceNow

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.