Sycale Advisors NY LLC Takes $6.98 Million Position in ServiceNow, Inc. $NOW

Sycale Advisors NY LLC purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the second quarter, Holdings Channel reports. The firm purchased 70,310 shares of the information technology services provider’s stock, valued at approximately $6,980,000. ServiceNow comprises about 2.1% of Sycale Advisors NY LLC’s portfolio, making the stock its 16th largest position.

A number of other hedge funds have also bought and sold shares of the business. Covenant Asset Management LLC increased its position 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 worth $3,196,000 after buying an additional 13,114 shares in the last quarter. Norges Bank bought a new position in shares of ServiceNow in the fourth quarter worth about $2,020,992,000. World Investment Advisors lifted 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 buying an additional 38,583 shares in the last quarter. Moors & Cabot Inc. lifted its position in shares of ServiceNow by 387.7% during the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock valued at $6,990,000 after buying an additional 36,274 shares in the last quarter. Finally, Torray Investment Partners LLC grew its stake in shares of ServiceNow by 390.5% during the 4th quarter. Torray Investment Partners LLC now owns 40,629 shares of the information technology services provider’s stock valued at $6,224,000 after acquiring an additional 32,345 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on NOW shares. Raymond James Financial reduced their target price on shares of ServiceNow from $160.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. Piper Sandler reiterated an “overweight” rating and issued a $140.00 price target on shares of ServiceNow in a research report on Thursday, July 23rd. Wells Fargo & Company reissued an “overweight” rating and issued a $175.00 price objective (up from $160.00) on shares of ServiceNow in a research note on Wednesday, August 12th. The Goldman Sachs Group restated a “buy” rating on shares of ServiceNow in a research report on Monday, August 3rd. Finally, Stifel Nicolaus lowered their target price on shares of ServiceNow from $135.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $144.24.

ServiceNow News Summary

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Bank of America raised its price target to $150 from $130 and maintained a Buy rating. The firm said ServiceNow is among the software companies best positioned to monetize AI, helping support a broader software-sector rally. ServiceNow, Adobe, Workday stocks get BofA PT boost
• Positive Sentiment: ServiceNow expanded its multi-year partnership with Tech Mahindra to help enterprises move AI projects from pilot programs into production-scale deployments. The agreement could increase adoption of ServiceNow’s AI and automation tools and reinforce its positioning as an enterprise “AI control tower.” Tech Mahindra and ServiceNow Expand Partnership
• Positive Sentiment: Several market commentaries described NOW as an AI beneficiary, citing its recurring-revenue model, enterprise workflow position, and potential for continued earnings growth. Some analysts see further upside if ServiceNow delivers a strong third quarter. ServiceNow: A Clear AI Winner
• Neutral Sentiment: Television commentators included ServiceNow among their “final trades,” while broader coverage characterized the recent move as part of a rebound in beaten-down software stocks as fears of AI-driven disruption ease. CNBC Final Trades
• Negative Sentiment: Competitive and valuation risks remain. A Forbes article highlighted an AI startup, Serval, that aims to challenge ServiceNow in enterprise automation, while the stock’s elevated valuation leaves it sensitive to slower growth or disappointing AI monetization. Serval Wants To Replace ServiceNow
• Negative Sentiment: Separate coverage reported trading pressure following insider selling, which may raise short-term concerns about executive confidence, although TD Cowen reiterated its Buy rating. ServiceNow Trading Down Following Insider Selling

ServiceNow Trading Up 2.0%

NOW stock opened at $129.73 on Friday. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $194.73. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $134.14 billion, a price-to-earnings ratio of 81.08, a PEG ratio of 2.24 and a beta of 0.94. The business has a 50 day simple moving average of $108.36 and a two-hundred day simple moving average of $105.58.

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

Insider Buying and Selling at ServiceNow

In related news, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $125.60, for a total transaction of $188,400.00. Following the completion of the transaction, the director directly owned 46,690 shares of the company’s stock, valued at approximately $5,864,264. This trade represents a 3.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate 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.