1ST Source Bank Acquires Shares of 12,805 ServiceNow, Inc. $NOW

1ST Source Bank acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW) during the 1st quarter, HoldingsChannel.com reports. The firm acquired 12,805 shares of the information technology services provider’s stock, valued at approximately $1,339,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NOW. Covenant Asset Management LLC lifted its stake in shares of ServiceNow by 169.2% in the 4th quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider’s stock valued at $3,196,000 after purchasing an additional 13,114 shares during the last quarter. Norges Bank bought a new position in shares of ServiceNow during the 4th quarter valued at approximately $2,020,992,000. World Investment Advisors increased its position in shares of ServiceNow by 411.7% during the 4th 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 last quarter. Cohen Klingenstein LLC raised its holdings in ServiceNow by 400.0% during 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 buying an additional 8,000 shares during the period. Finally, Moors & Cabot Inc. lifted its position in ServiceNow by 387.7% in the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock worth $6,990,000 after buying an additional 36,274 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling at ServiceNow

In related news, insider Paul Fipps sold 1,048 shares of the company’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 completion of the sale, the insider directly owned 12,072 shares of the company’s stock, valued at $1,189,212.72. This represents a 7.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 Anita M. Sands sold 16,445 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the transaction, the director owned 30,090 shares in the company, valued at approximately $2,712,312.60. The trade was a 35.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 28,071 shares of company stock valued at $2,529,956 in the last ninety days. 0.34% of the stock is owned by insiders.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: UBS raised its price target on ServiceNow to $115 from $100, suggesting analysts still see upside and stable demand trends. Benzinga
• Positive Sentiment: New partner and government-contract announcements highlighted continued ecosystem momentum, including C1Secure’s ServiceNow-native FedRAMP 20x platform and Empower AI’s GSA enterprise IT award, both reinforcing ServiceNow’s role in AI-enabled workflow and public-sector modernization. Article Title Article Title
• Positive Sentiment: Recent commentary argues ServiceNow’s AI tools, including Now Assist, could become a stronger monetization driver as investors rotate toward application software. Article Title
• Neutral Sentiment: Several analyst-style articles debated ServiceNow’s valuation and long-term prospects, with some calling it attractive for the rebound and others saying it is not the cheapest name in software. Article Title Article Title
• Negative Sentiment: IBM’s revenue warning triggered a broader selloff in tech and dragged ServiceNow lower along with other enterprise software names like Accenture. Article Title Article Title

Analysts Set New Price Targets

Several research analysts have commented on NOW shares. Truist Financial lifted their price objective on shares of ServiceNow from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, July 9th. JPMorgan Chase & Co. lowered their target price on shares of ServiceNow from $195.00 to $145.00 and set an “overweight” rating for the company in a report on Thursday, April 23rd. Citic Securities dropped their price target on shares of ServiceNow from $168.00 to $140.00 and set a “buy” rating for the company in a research note on Thursday, May 21st. Sanford C. Bernstein reiterated an “outperform” rating on shares of ServiceNow in a report on Monday, June 29th. Finally, Evercore increased their price objective on shares of ServiceNow from $140.00 to $150.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 5th. One investment 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 given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $140.60.

ServiceNow Price Performance

ServiceNow stock opened at $104.90 on Wednesday. The stock has a market cap of $108.15 billion, a price-to-earnings ratio of 62.51, a price-to-earnings-growth ratio of 1.85 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. The firm has a 50-day moving average of $103.20 and a two-hundred day moving average of $110.31.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, hitting analysts’ consensus estimates of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.75 billion. During the same period last year, the company posted $0.81 earnings per share. The company’s quarterly revenue was up 22.1% compared to the same quarter last year. On average, research analysts forecast that ServiceNow, Inc. will post 2.34 earnings per share for the current year.

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.