Parallel Advisors LLC Decreases Position in ServiceNow, Inc. $NOW

Parallel Advisors LLC trimmed its holdings in ServiceNow, Inc. (NYSE:NOW) by 18.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,346 shares of the information technology services provider’s stock after selling 4,608 shares during the quarter. Parallel Advisors LLC’s holdings in ServiceNow were worth $2,127,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Covenant Asset Management LLC increased its stake in ServiceNow by 169.2% in the fourth 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 period. Norges Bank acquired a new stake in shares of ServiceNow during the fourth quarter worth about $2,020,992,000. World Investment Advisors boosted its stake in shares of ServiceNow by 411.7% during the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock worth $7,346,000 after buying an additional 38,583 shares during the period. Moors & Cabot Inc. grew its holdings in shares of ServiceNow by 387.7% during 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. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of ServiceNow by 385.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,599,397 shares of the information technology services provider’s stock worth $398,202,000 after buying an additional 2,064,440 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $117.31 on Friday. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $194.73. The company has a 50-day moving average price of $106.72 and a 200 day moving average price of $105.73. The company has a market cap of $121.30 billion, a P/E ratio of 73.32, a PEG ratio of 2.06 and a beta of 0.94. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.04. The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The firm’s quarterly revenue was up 24.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 EPS. Research analysts predict that ServiceNow, Inc. will post 2.24 earnings per share for the current year.

ServiceNow News Summary

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow’s agentic-AI push is attracting attention as deployments reportedly grew ninefold over the past nine months. The company’s workflow and IT-management software is deeply embedded in large enterprises, potentially making it more likely to benefit from AI-driven automation than to be displaced by it. Why Is ServiceNow in Focus as Its Agentic AI Push Widens?
• Positive Sentiment: Investor commentary remains constructive following second-quarter results that exceeded expectations. Revenue rose about 24% year over year to approximately $4 billion, subscription growth remained strong, and full-year guidance was raised. These results support the view that AI monetization is beginning to complement ServiceNow’s core business. ServiceNow Stock Opinions on Q2 Earnings and AI Growth
• Positive Sentiment: Some analysts view the software sell-off as an opportunity to buy ServiceNow. Despite continued double-digit growth and strong free cash flow, the stock’s forward earnings multiple is described as being in the mid-20s, substantially below its historical valuation. ServiceNow: Why the Latest Quarter Is an Opportunity to Buy
• Neutral Sentiment: New partnerships and applications are expanding ServiceNow’s AI ecosystem, including healthcare administrative automation, fraud-and-abuse detection, and industrial security. These announcements may improve product adoption over time, but their near-term financial impact was not disclosed. Hyro Partners with ServiceNow
• Neutral Sentiment: Analyst opinions are mixed, though 29 recent price targets carry a median target of $134, above the reported trading level. Insider activity is also mixed: CEO William McDermott purchased shares, while several other executives sold stock. ServiceNow Stock Opinions on Q2 Earnings and AI Growth
• Negative Sentiment: ServiceNow is being pressured by a broad software-sector sell-off after Datadog and HubSpot results raised concerns about AI competition, pricing power, and future growth. Investors remain cautious that AI-native tools could eventually reduce demand for or pricing of traditional enterprise software. Software Stocks Fall as Earnings Raise Questions Over AI Pricing

Insider Buying and Selling

In other ServiceNow news, Director Anita M. Sands sold 16,445 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the sale, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. The trade was a 35.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Fipps sold 1,048 shares of the business’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 sale, the insider owned 12,072 shares in the company, valued at $1,189,212.72. The trade was a 7.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 18,993 shares of company stock valued at $1,716,436 over the last quarter. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NOW. Oppenheimer restated an “outperform” rating and issued a $140.00 price target (up from $130.00) on shares of ServiceNow in a research report on Wednesday, July 15th. JPMorgan Chase & Co. lifted their target price on ServiceNow from $145.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, July 23rd. Citizens Jmp reiterated a “market outperform” rating and issued a $157.00 target price on shares of ServiceNow in a research note on Tuesday, May 5th. Argus dropped their target price on ServiceNow from $180.00 to $134.00 and set a “buy” rating on the stock in a report on Friday, April 24th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $248.00 price target (up from $236.00) on shares of ServiceNow in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, ServiceNow presently has a consensus 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.