Harmony Asset Management LLC Has $2.72 Million Stock Holdings in ServiceNow, Inc. $NOW

Harmony Asset Management LLC grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 388.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,006 shares of the information technology services provider’s stock after purchasing an additional 20,681 shares during the period. ServiceNow makes up 0.8% of Harmony Asset Management LLC’s investment portfolio, making the stock its 26th biggest holding. Harmony Asset Management LLC’s holdings in ServiceNow were worth $2,719,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Florida Financial Advisors LLC boosted its holdings 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 acquiring an additional 14 shares in the last quarter. First Affirmative Financial Network increased its holdings in shares of 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 acquiring an additional 15 shares in the last quarter. Opes Wealth Management LLC increased its holdings in shares of 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 acquiring an additional 17 shares in the last quarter. Clark Capital Management Group Inc. raised its position in shares of ServiceNow by 3.6% during the third quarter. Clark Capital Management Group Inc. now owns 514 shares of the information technology services provider’s stock worth $473,000 after purchasing an additional 18 shares during the period. Finally, American Trust raised its position in shares of ServiceNow by 1.8% during the third quarter. American Trust now owns 1,029 shares of the information technology services provider’s stock worth $947,000 after purchasing an additional 18 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW opened at $104.78 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $108.03 billion, a price-to-earnings ratio of 62.44, a PEG ratio of 1.74 and a beta of 0.96. The stock has a 50 day moving average of $103.52 and a 200 day moving average of $109.98. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $210.20.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data 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 business had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business’s revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 earnings per share. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 2.34 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. KeyCorp set a $85.00 price target on shares of ServiceNow and gave the company an “underweight” rating in a research report on Thursday, April 23rd. Argus lowered their price objective on shares of ServiceNow from $180.00 to $134.00 and set a “buy” rating on the stock in a report on Friday, April 24th. Morgan Stanley dropped their price objective on shares of ServiceNow from $210.00 to $180.00 and set an “overweight” rating on the stock in a research note on Thursday, April 23rd. Jefferies Financial Group reiterated a “buy” rating and set a $135.00 price objective (down from $175.00) on shares of ServiceNow in a report on Thursday, April 23rd. Finally, Citigroup reissued a “buy” rating and set a $156.00 target price (down from $158.00) on shares of ServiceNow in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average 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

Insiders Place Their Bets

In related news, insider Paul Fipps sold 1,048 shares of the business’s 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 directly owned 12,072 shares of the company’s stock, valued at approximately $1,189,212.72. The trade was a 7.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. Also, 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 transaction of $130,845.00. Following the transaction, the director owned 44,930 shares of the company’s stock, valued at approximately $3,919,243.90. The trade was a 3.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 28,071 shares of company stock valued at $2,529,956. 0.34% of the stock is currently owned by company insiders.

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.