Korea Investment CORP Invests $71.29 Million in ServiceNow, Inc. $NOW

Korea Investment CORP purchased a new position in ServiceNow, Inc. (NYSE:NOW) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 718,044 shares of the information technology services provider’s stock, valued at approximately $71,287,000.

A number of other hedge funds have also recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of ServiceNow in the 2nd quarter valued at approximately $9,536,615,000. Vanguard Group Inc. grew its position in shares of ServiceNow by 404.5% during the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock worth $15,619,771,000 after buying an additional 81,752,460 shares in the last quarter. State Street Corp grew its position in shares of ServiceNow by 406.6% during the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock worth $7,337,280,000 after buying an additional 38,441,898 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of ServiceNow by 371.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock worth $4,962,692,000 after buying an additional 25,517,218 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of ServiceNow by 404.8% in the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock worth $3,591,425,000 after buying an additional 18,854,775 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Key Headlines Impacting ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow expanded its multi-year partnership with Tech Mahindra to help enterprises move AI projects from pilot programs into production. The “Client Zero” approach combines ServiceNow’s AI platform with Tech Mahindra’s industry expertise, potentially increasing adoption, automation revenue and measurable customer outcomes. Tech Mahindra and ServiceNow Expand Partnership to Deliver Production-Ready Enterprise AI at Scale
• Positive Sentiment: Bank of America raised its ServiceNow price target to $150, citing the company’s positioning to monetize artificial intelligence as concerns about AI disruption to traditional software fade. The move contributed to broader bullish sentiment across software stocks. Bank of America Increases ServiceNow Price Target to $150
• Positive Sentiment: ServiceNow has gained substantially since its latest earnings report, which beat estimates on both adjusted earnings and revenue. Quarterly revenue increased 24% year over year, reinforcing the view that the company remains a leading enterprise AI and workflow platform. ServiceNow Up 41.1% Since Last Earnings Report
• Positive Sentiment: ServiceNow was also selected as a CNBC “Final Trade,” providing additional visibility and signaling continued support from some professional investors. Final Trades: ServiceNow, Vertex and Uber
• Neutral Sentiment: Despite the favorable company news, midday AI buying has been concentrated in government-facing companies such as Palantir and BigBear.ai rather than enterprise software, limiting near-term upside for NOW. How Are Traders Picking the Software Winners?
• Negative Sentiment: Investors continue to monitor competitive threats from newer AI-native automation platforms, including Serval, as well as ServiceNow’s premium valuation. Those concerns may encourage profit-taking after the stock’s sharp post-earnings advance. Serval Wants To Replace ServiceNow With AI That Builds Enterprise Automation

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Benchmark reiterated a “buy” rating on shares of ServiceNow in a research note on Friday, July 17th. Citic Securities cut their target price on shares of ServiceNow from $168.00 to $140.00 and set a “buy” rating on the stock in a research note on Thursday, May 21st. Truist Financial increased their price target on shares of ServiceNow from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Wells Fargo & Company reiterated an “overweight” rating and issued a $175.00 price target (up from $160.00) on shares of ServiceNow in a research note on Wednesday, August 12th. Finally, JPMorgan Chase & Co. boosted their price objective on ServiceNow from $145.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $144.24.

ServiceNow Trading Down 0.8%

ServiceNow stock opened at $128.73 on Friday. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $194.73. The firm’s 50-day moving average is $108.88 and its 200-day moving average is $105.74. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $133.11 billion, a P/E ratio of 80.46, a PEG ratio of 2.28 and a beta of 0.94.

ServiceNow (NYSE:NOW) last released its quarterly earnings data 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 16.45%. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. During the same quarter in the prior year, the business earned $0.81 earnings per share. ServiceNow’s quarterly revenue was up 24.0% on a year-over-year basis. On average, equities analysts expect that ServiceNow, Inc. will post 2.24 earnings per share for the current year.

Insider Activity

In related news, Director Paul Edward Chamberlain sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $125.60, for a total transaction of $188,400.00. Following the completion of the transaction, the director owned 46,690 shares in the company, valued at $5,864,264. The trade was a 3.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.34% of the company’s stock.

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.