Investment Management Corp of Ontario Acquires 93,665 Shares of ServiceNow, Inc. $NOW

Investment Management Corp of Ontario increased its holdings in ServiceNow, Inc. (NYSE:NOW) by 454.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 114,265 shares of the information technology services provider’s stock after acquiring an additional 93,665 shares during the quarter. Investment Management Corp of Ontario’s holdings in ServiceNow were worth $17,504,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also bought and sold shares of NOW. Vanguard Group Inc. grew its position in shares of ServiceNow by 404.5% in the 4th 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 during the period. State Street Corp raised its holdings in ServiceNow by 406.6% in 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 during the last quarter. Price T Rowe Associates Inc. MD lifted 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 in the last quarter. Geode Capital Management LLC raised its holdings in ServiceNow by 404.8% in the 4th 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 acquiring an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of ServiceNow by 335.6% in the fourth quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock worth $3,482,543,000 after purchasing an additional 17,514,679 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on NOW shares. Canaccord Genuity Group dropped their price target on shares of ServiceNow from $200.00 to $145.00 and set a “buy” rating on the stock in a report on Thursday, April 23rd. UBS Group reiterated an “outperform” rating on shares of ServiceNow in a research note on Tuesday, May 26th. Argus cut their price objective on ServiceNow from $180.00 to $134.00 and set a “buy” rating for the company in a research note on Friday, April 24th. Evercore upped their target price on shares of ServiceNow from $140.00 to $150.00 and gave the stock an “outperform” rating in a report on Tuesday, May 5th. Finally, Cantor Fitzgerald set a $130.00 price objective on shares of ServiceNow in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $142.17.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $95.20 on Thursday. The company has a market capitalization of $98.15 billion, a price-to-earnings ratio of 56.73, a PEG ratio of 1.67 and a beta of 0.94. The firm’s 50-day moving average is $99.69 and its 200 day moving average is $118.44. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $211.48. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, hitting the consensus estimate of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The firm had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.75 billion. During the same period in the prior year, the business posted $0.81 earnings per share. The company’s revenue for the quarter was up 22.1% on a year-over-year basis. Research analysts predict that ServiceNow, Inc. will post 2.35 EPS for the current year.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: The Hackett Group joined the ServiceNow Partner Program to help enterprises speed up ROI-driven AI transformation using Hackett AI XPLR and the ServiceNow AI Platform, which could support future platform adoption and consulting-driven growth. The Hackett Group® Partners with ServiceNow to Help Enterprises Accelerate ROI-based AI Transformation
• Positive Sentiment: ServiceNow’s expanded partnership with Wipro to deploy agentic AI workflows at scale suggests continued momentum in enterprise AI adoption, which investors may view as a driver of longer-term revenue growth. ServiceNow (NOW): A Wipro Partnership to Close the Gap Between AI Pilots and Full Enterprise Deployment
• Positive Sentiment: A recent collaboration with Cognizant on AI governance also reinforces ServiceNow’s positioning as an enterprise AI workflow and compliance platform, a theme that has supported the stock’s recent recovery attempts. ServiceNow Inc (NOW) Teams Up With Cognizant on AI Governance
• Neutral Sentiment: Commentary from an investor letter noted that ServiceNow has benefited from growing adoption of AI-native solutions, but this is more of a broader thesis update than a new catalyst. ServiceNow (NOW) Slid Amid Growing Adoption of AI-Native Solutions
• Negative Sentiment: A report claiming a ServiceNow security breach exposed enterprise customer data could weigh on investor confidence if the issue proves credible, since trust and security are key to the company’s enterprise software business. ServiceNow Security Breach Exposes Enterprise Customer Data

Insider Activity at ServiceNow

In other news, insider Paul Fipps sold 1,048 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $98.51, for a total transaction of $103,238.48. Following the transaction, the insider owned 12,072 shares in the company, valued at approximately $1,189,212.72. This trade represents a 7.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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, insider Jacqueline P. Canney sold 8,927 shares of the firm’s stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $89.60, for a total transaction of $799,859.20. Following the transaction, the insider directly owned 29,531 shares in the company, valued at $2,645,977.60. This trade represents a 23.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 28,071 shares of company stock valued at $2,529,956 over the last 90 days. 0.34% of the stock is currently owned by insiders.

ServiceNow 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.