Assenagon Asset Management S.A. Buys 1,283,998 Shares of ServiceNow, Inc. $NOW

Assenagon Asset Management S.A. lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 1,231.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,388,243 shares of the information technology services provider’s stock after purchasing an additional 1,283,998 shares during the period. Assenagon Asset Management S.A.’s holdings in ServiceNow were worth $145,141,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of NOW. Norges Bank bought a new position in ServiceNow during the fourth quarter worth about $2,020,992,000. World Investment Advisors increased its holdings in shares of ServiceNow by 411.7% in the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock worth $7,346,000 after acquiring an additional 38,583 shares in the last quarter. Cohen Klingenstein LLC increased its holdings in shares of ServiceNow by 400.0% in the fourth quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider’s stock worth $1,532,000 after acquiring an additional 8,000 shares in the last quarter. 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 purchasing an additional 36,274 shares during the period. 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 purchasing an additional 2,064,440 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on NOW. Citigroup boosted their price objective on ServiceNow from $154.00 to $158.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. BNP Paribas Exane raised shares of ServiceNow from a “neutral” rating to an “outperform” rating and set a $140.00 price target on the stock in a research note on Monday, March 16th. Citic Securities reduced their price target on shares of ServiceNow from $168.00 to $140.00 and set a “buy” rating for the company in a report on Thursday, May 21st. Raymond James Financial lowered their price objective on shares of ServiceNow from $160.00 to $130.00 and set an “outperform” rating for the company in a research report on Thursday, April 23rd. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $135.00 price objective (down from $175.00) on shares of ServiceNow in a research report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $142.17.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 16,445 shares of ServiceNow stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the sale, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. The trade was a 35.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul Edward Chamberlain sold 1,500 shares of the business’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 directly owned 44,930 shares in the company, valued at $3,919,243.90. This trade represents a 3.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 28,071 shares of company stock worth $2,529,956 in the last three months. 0.34% of the stock is currently owned by company insiders.

ServiceNow News Summary

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Analysts remain constructive on ServiceNow’s long-term outlook, with multiple reports highlighting upside potential and calling the recent pullback an opportunity to buy. Wall Street expects ServiceNow stock to gain 52%, despite AI threat
• Positive Sentiment: Raymond James said ServiceNow may have pricing power that could drive faster revenue growth and support high-margin expansion. Raymond James sees ServiceNow pricing power driving high-margin growth
• Positive Sentiment: ServiceNow continues to expand its AI and workflow ecosystem through new partnerships in AI governance, public sector modernization, and communications billing, which could support future growth. ServiceNow (NOW) Expands AI Governance And Public Sector Reach With New Partnerships
• Neutral Sentiment: The stock has been drawing investor attention recently, with several articles noting increased trading interest and market focus, but without a clear new catalyst. ServiceNow, Inc. (NOW) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Recent coverage also compared ServiceNow with other enterprise software names and discussed how investors are positioning around AI-led business productivity platforms. ScienceLogic Announces New Skylar AI Updates and Recognition as a Leader in IDC MarketScape Reports
• Negative Sentiment: Some investors remain focused on AI concerns, which are being cited as a reason for weakness even after ServiceNow’s solid earnings performance. AI Concerns Hurt ServiceNow (NOW) Despite Strong Earnings
• Negative Sentiment: The latest trading updates show ServiceNow falling more than the broader market, reflecting ongoing selling pressure in software stocks. ServiceNow (NOW) Dips More Than Broader Market: What You Should Know

ServiceNow Trading Down 2.3%

NYSE:NOW opened at $93.73 on Thursday. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $211.48. 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 business has a 50 day moving average price of $99.98 and a two-hundred day moving average price of $115.96. The company has a market cap of $96.64 billion, a P/E ratio of 55.86, a price-to-earnings-growth ratio of 1.60 and a beta of 0.94.

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, meeting analysts’ consensus estimates of $0.97. The company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.75 billion. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The firm’s revenue was up 22.1% compared to the same quarter last year. During the same period last year, the company earned $0.81 earnings per share. As a group, analysts expect that ServiceNow, Inc. will post 2.34 EPS for the current fiscal year.

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.