ServiceNow, Inc. $NOW Stake Boosted by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 189.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,328,805 shares of the information technology services provider’s stock after buying an additional 2,830,891 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in ServiceNow were worth $452,577,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Covenant Asset Management LLC lifted its holdings in shares of ServiceNow by 169.2% during the fourth quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider’s stock worth $3,196,000 after purchasing an additional 13,114 shares during the period. Norges Bank purchased a new position in ServiceNow during the fourth quarter worth about $2,020,992,000. World Investment Advisors lifted its position in ServiceNow by 411.7% in the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock valued at $7,346,000 after purchasing an additional 38,583 shares during the period. Cohen Klingenstein LLC boosted its holdings in ServiceNow by 400.0% in the 4th quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider’s stock valued at $1,532,000 after purchasing an additional 8,000 shares in the last quarter. Finally, Moors & Cabot Inc. increased its position in ServiceNow by 387.7% during the 4th 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. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Down 3.5%

NOW stock opened at $92.15 on Friday. The company has a 50 day moving average price of $104.70 and a two-hundred day moving average price of $107.77. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The stock has a market capitalization of $95.00 billion, a P/E ratio of 57.59, a PEG ratio of 1.60 and a beta of 0.96. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $210.20.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. ServiceNow had a return on equity of 16.63% and a net margin of 11.34%.The business’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.81 EPS. As a group, sell-side analysts expect that ServiceNow, Inc. will post 2.33 EPS 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 on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the transaction, the director directly owned 44,930 shares of the company’s stock, valued at approximately $3,919,243.90. This trade represents a 3.23% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 completion of the transaction, the director owned 30,090 shares in the company, valued at $2,712,312.60. The trade was a 35.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 19,144 shares of company stock worth $1,730,097 in the last three months. Company insiders own 0.34% of the company’s stock.

Trending Headlines about ServiceNow

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.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NOW. Citigroup reissued a “market outperform” rating on shares of ServiceNow in a research note on Thursday. Canaccord Genuity Group reduced their target price on ServiceNow from $200.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, April 23rd. Guggenheim upgraded shares of ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Wednesday, July 1st. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $130.00 price target on shares of ServiceNow in a research note on Thursday. Finally, Wells Fargo & Company cut their price target on shares of ServiceNow from $185.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.