Bank of Nova Scotia Grows Stock Holdings in ServiceNow, Inc. $NOW

Bank of Nova Scotia raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 53.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,018,036 shares of the information technology services provider’s stock after acquiring an additional 353,749 shares during the quarter. Bank of Nova Scotia’s holdings in ServiceNow were worth $106,436,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in NOW. Wealth Watch Advisors INC bought a new position in ServiceNow in the 3rd quarter worth about $29,000. Kelleher Financial Advisors purchased a new position in ServiceNow during the 3rd quarter valued at about $50,000. Pin Oak Investment Advisors Inc. increased its position in shares of ServiceNow by 20.7% during the third quarter. Pin Oak Investment Advisors Inc. now owns 134 shares of the information technology services provider’s stock valued at $123,000 after buying an additional 23 shares during the period. Jupiter Wealth Management LLC bought a new stake in shares of ServiceNow during the second quarter valued at about $154,000. Finally, CBIZ Investment Advisory Services LLC lifted its holdings in shares of ServiceNow by 540.0% in the fourth quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after buying an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

NOW stock opened at $92.15 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $210.20. The firm’s fifty day moving average is $104.70 and its 200 day moving average is $107.77. The firm has a market cap of $95.00 billion, a P/E ratio of 57.59, a P/E/G ratio of 1.60 and a beta of 0.96.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.63%. The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same period in the previous year, the firm posted $0.81 earnings per share. The firm’s revenue for the quarter was up 24.0% on a year-over-year basis. Research analysts predict that ServiceNow, Inc. will post 2.33 earnings per share for the current year.

Insider Transactions at ServiceNow

In related news, Director Paul Edward Chamberlain sold 1,500 shares of the 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 completion of the sale, the director directly owned 44,930 shares in the company, valued at $3,919,243.90. This represents a 3.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 1,048 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was 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 approximately $1,189,212.72. The trade was a 7.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 quarter, insiders have sold 19,144 shares of company stock worth $1,730,097. Company insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Benchmark restated a “buy” rating on shares of ServiceNow in a research report on Friday, July 17th. Morgan Stanley set a $180.00 target price on shares of ServiceNow in a research note on Tuesday. BMO Capital Markets raised their price target on shares of ServiceNow from $115.00 to $118.00 and gave the company an “outperform” rating in a report on Thursday. 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 research report on Thursday, May 21st. Finally, The Goldman Sachs Group restated a “buy” rating and set a $145.00 price target (down from $163.00) on shares of ServiceNow in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $143.39.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow beat Q2 earnings and revenue estimates, showing that demand for its workflow and AI products remains healthy.
• Positive Sentiment: The company raised its annual subscription revenue forecast again, which signals management confidence in continued growth.
• Positive Sentiment: AI-related momentum was a major highlight, with AI contract value topping $1 billion and multiple reports saying customers are adopting ServiceNow’s AI platform more aggressively.
• Positive Sentiment: Several analysts turned more constructive after earnings, including price-target increases and reaffirmed buy/overweight ratings.
• Neutral Sentiment: New partnerships and customer wins, including Experian, Leidos, TeamViewer, and Exclusive Networks, support the long-term platform story but are less likely to move the stock immediately. Article Title
• Negative Sentiment: Some investors remain worried that new AI tools from OpenAI and others could pressure legacy enterprise software, which has created volatility even after the earnings beat.

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.