Whittier Trust Co. Trims Stock Holdings in ServiceNow, Inc. $NOW

Whittier Trust Co. reduced its position in ServiceNow, Inc. (NYSE:NOW) by 72.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,722 shares of the information technology services provider’s stock after selling 176,237 shares during the quarter. Whittier Trust Co.’s holdings in ServiceNow were worth $6,731,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of NOW. Wealth Watch Advisors INC purchased a new stake in ServiceNow in the 3rd quarter valued at $29,000. Texas Capital Bancshares Inc TX purchased a new position in ServiceNow during the 3rd quarter worth $37,000. Ameriflex Group Inc. increased its stake in ServiceNow by 187.5% in the third quarter. Ameriflex Group Inc. now owns 46 shares of the information technology services provider’s stock valued at $42,000 after purchasing an additional 30 shares during the period. Kelleher Financial Advisors acquired a new position in ServiceNow in the third quarter valued at $50,000. Finally, Pin Oak Investment Advisors Inc. raised its holdings in shares of ServiceNow by 20.7% in 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 last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Guggenheim’s dismissive take on “software extinction” fears helped ease worries that AI could hurt enterprise software demand, supporting ServiceNow’s recent climb. Why ServiceNow Stock Is Climbing After Guggenheim Dismisses Software ‘Extinction’ Valuation
• Positive Sentiment: ServiceNow announced additional government and defense AI partnerships, including biosurveillance and health-services modernization projects, reinforcing the company’s AI credibility in mission-critical use cases. ServiceNow (NOW) Lands Defense And State AI Partnerships That Reach Beyond Workflows
• Positive Sentiment: Multiple articles argued that ServiceNow’s numbers continue to show resilience despite AI disruption fears, with commentary suggesting the stock may be undervalued relative to its growth and execution. ServiceNow Was the SaaS Stock AI Was Supposed to Kill. Its Numbers Say Otherwise.
• Positive Sentiment: Recent coverage also highlighted that analysts still see upside in ServiceNow despite some downgrades, keeping valuation debates in focus but not overturning the bullish long-term thesis. Contrarian Alert: 5 Downgraded Stocks That May Reward Long-Term Investors (NOW)

Analysts Set New Price Targets

Several brokerages have recently weighed in on NOW. Piper Sandler decreased their target price on shares of ServiceNow from $200.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, April 23rd. DA Davidson restated a “buy” rating and issued a $190.00 price target on shares of ServiceNow in a research report on Tuesday, May 5th. Stifel Nicolaus reduced their price objective on ServiceNow from $135.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, April 23rd. Evercore increased their price objective on ServiceNow from $140.00 to $150.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 5th. Finally, FBN Securities cut their price target on ServiceNow from $160.00 to $120.00 in a research note on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $141.68.

ServiceNow Price Performance

Shares of NOW stock traded up $3.13 during midday trading on Tuesday, reaching $111.06. 7,259,858 shares of the company traded hands, compared to its average volume of 23,954,566. The firm’s 50 day simple moving average is $100.53 and its two-hundred day simple moving average is $112.60. The firm has a market cap of $114.50 billion, a PE ratio of 65.86, a price-to-earnings-growth ratio of 1.77 and a beta of 0.96. 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 1-year low of $81.24 and a 1-year high of $210.20.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.97. The firm had revenue of $3.77 billion during 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%.ServiceNow’s revenue was up 22.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.81 earnings per share. On average, equities research analysts expect that ServiceNow, Inc. will post 2.34 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 8,927 shares of the business’s stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the sale, the insider directly owned 29,531 shares in the company, valued at $2,645,977.60. The trade was a 23.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Fipps sold 1,048 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $98.51, for a total transaction of $103,238.48. Following the completion of the sale, the insider directly 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. The SEC filing for this sale provides additional information. 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 sold 28,071 shares of company stock worth $2,529,956. Corporate insiders own 0.34% of the company’s stock.

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.