ServiceNow, Inc. $NOW Stake Raised by State Street Corp

State Street Corp lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 2.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 49,038,218 shares of the information technology services provider’s stock after acquiring an additional 979,726 shares during the period. State Street Corp’s holdings in ServiceNow were worth $4,868,514,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in NOW. BlackRock Inc. acquired a new position in ServiceNow during the 2nd quarter worth $9,536,615,000. Geode Capital Management LLC increased its holdings in shares of ServiceNow by 404.8% during the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock valued at $3,591,425,000 after purchasing an additional 18,854,775 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of ServiceNow by 16.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 16,638,071 shares of the information technology services provider’s stock valued at $1,651,828,000 after purchasing an additional 2,362,606 shares during the period. Norges Bank bought a new stake in shares of ServiceNow during the fourth quarter valued at about $2,020,992,000. Finally, Amundi raised its stake in shares of ServiceNow by 60.9% during the first quarter. Amundi now owns 11,479,098 shares of the information technology services provider’s stock valued at $1,200,140,000 after purchasing an additional 4,346,722 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Insider Buying and Selling

In other ServiceNow news, insider Paul Fipps sold 2,034 shares of the business’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $147.87, for a total transaction of $300,767.58. Following the sale, the insider owned 18,305 shares in the company, valued at approximately $2,706,760.35. The trade was a 10.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jacqueline Canney sold 7,847 shares of the firm’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $138.00, for a total transaction of $1,082,886.00. Following the completion of the transaction, the insider owned 30,042 shares of the company’s stock, valued at approximately $4,145,796. The trade was a 20.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 14,081 shares of company stock valued at $1,937,904. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. BMO Capital Markets increased their target price on shares of ServiceNow from $115.00 to $118.00 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. The Goldman Sachs Group restated a “buy” rating on shares of ServiceNow in a research report on Monday, August 3rd. Sanford C. Bernstein reiterated an “outperform” rating on shares of ServiceNow in a report on Wednesday, September 9th. Morgan Stanley set a $180.00 target price on ServiceNow in a report on Tuesday, July 21st. Finally, Cantor Fitzgerald upped their target price on ServiceNow from $141.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $146.51.

ServiceNow Price Performance

Shares of NYSE NOW traded down $1.72 during trading on Tuesday, hitting $135.96. The company had a trading volume of 6,837,194 shares, compared to its average volume of 22,649,033. The company has a market cap of $140.59 billion, a P/E ratio of 85.07, a PEG ratio of 2.49 and a beta of 0.97. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $194.73. The business’s 50-day moving average is $123.90 and its 200 day moving average is $110.30. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70.

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. The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The company’s revenue was up 24.0% compared to the same quarter last year. During the same period last year, the company posted $0.81 EPS. Equities research analysts predict that ServiceNow, Inc. will post 2.22 earnings per share for the current fiscal year.

Trending Headlines about ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Higher analyst price target: Cantor Fitzgerald raised its ServiceNow price target from $141 to $174 and reiterated an “overweight” rating, implying substantial potential upside from the referenced price. The move contributed to recent positive sentiment toward NOW. Cantor Fitzgerald Boosts ServiceNow Price Target
• Positive Sentiment: AI due-diligence integration: ServiceNow is partnering with Xapien to embed automated, fully sourced due-diligence research into workflows used for onboarding and third-party risk management. The arrangement strengthens ServiceNow’s positioning as an AI-enabled enterprise workflow platform and could support additional customer use cases. Xapien Partners With ServiceNow
• Positive Sentiment: Workflow and AI demand: Analysts continue to cite broad workflow demand, cross-selling opportunities and AI partnerships as growth drivers. ServiceNow’s ability to expand across enterprise functions may help it compete for larger software budgets. NOW Rides on Strong Workflow Demand
• Positive Sentiment: Improved software-stock backdrop: Falling Treasury yields and signs of easing U.S.–China tensions improved risk appetite. Lower yields can benefit high-growth software companies such as ServiceNow because more of their expected cash flows occur in the future. Software Stocks Rise as Treasury Yields Fall
• Neutral Sentiment: Brokerage consensus: ServiceNow carries a consensus “Moderate Buy” rating, indicating generally favorable expectations but not unanimous conviction. ServiceNow Given Moderate Buy Rating
• Negative Sentiment: Competition and valuation concerns: ServiceNow faces increasing competition from Salesforce and Microsoft, while its elevated valuation leaves the stock sensitive to interest rates and any signs of slowing growth. Commentary also describes the company as difficult to assess because analysts have widely differing views on the impact of AI-driven software disruption. ServiceNow Competition and Workflow Demand Analysis

ServiceNow Profile

ServiceNow, Inc is a cloud-based enterprise software company that provides digital workflow and automation solutions. Its Now Platform enables organizations to manage and connect business processes across information technology, customer service, human resources, finance, legal operations and other departments.

The company’s products and services include IT service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance management, strategic portfolio management and application development tools.