ServiceNow, Inc. $NOW Shares Acquired by CenterBook Partners LP

CenterBook Partners LP increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 50.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,438 shares of the information technology services provider’s stock after purchasing an additional 25,356 shares during the quarter. CenterBook Partners LP’s holdings in ServiceNow were worth $10,109,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOW. Asset One Wealth Management LLC grew its holdings in shares of ServiceNow by 33.6% during the third quarter. Asset One Wealth Management LLC now owns 13,557 shares of the information technology services provider’s stock worth $1,817,000 after buying an additional 3,411 shares in the last quarter. Heritage Family Offices LLP acquired a new position in shares of ServiceNow in the third quarter valued at approximately $195,000. Waldron Private Wealth LLC lifted its stake in shares of ServiceNow by 14.3% during the third quarter. Waldron Private Wealth LLC now owns 20,880 shares of the information technology services provider’s stock valued at $2,798,000 after buying an additional 2,610 shares during the period. Calamos Wealth Management LLC lifted its stake in shares of ServiceNow by 4.5% during the third quarter. Calamos Wealth Management LLC now owns 47,514 shares of the information technology services provider’s stock valued at $6,367,000 after buying an additional 2,052 shares during the period. Finally, Calamos Advisors LLC boosted its position in ServiceNow by 33.6% during the third quarter. Calamos Advisors LLC now owns 289,056 shares of the information technology services provider’s stock worth $38,736,000 after acquiring an additional 72,731 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Down 0.4%

Shares of NYSE NOW traded down $0.45 during midday trading on Friday, hitting $101.91. The stock had a trading volume of 15,093,492 shares, compared to its average volume of 18,003,326. The company has a market capitalization of $105.78 billion, a price-to-earnings ratio of 73.32, a PEG ratio of 2.03 and a beta of 1.00. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $175.00. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.42. The company has a fifty day moving average price of $136.31 and a 200 day moving average price of $114.81.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). ServiceNow had a net margin of 9.36% and a return on equity of 15.17%. The business had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.09 billion. During the same quarter in the previous year, the business posted $4.82 EPS. The company’s quarterly revenue was up 20.5% on a year-over-year basis. On average, analysts predict that ServiceNow, Inc. will post 2.12 earnings per share for the current year.

Insider Activity

In related news, insider Jacqueline P. Canney sold 7,847 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $138.00, for a total value of $1,082,886.00. Following the completion of the sale, the insider directly owned 30,042 shares in the company, valued at approximately $4,145,796. This represents a 20.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 2,034 shares of the firm’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $147.87, for a total value of $300,767.58. Following the completion of the transaction, the insider directly owned 18,305 shares in the company, valued at $2,706,760.35. This trade represents a 10.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 14,081 shares of company stock valued at $1,937,904. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

NOW has been the topic of several recent analyst reports. Guggenheim reiterated a “buy” rating and set a $175.00 target price (up from $125.00) on shares of ServiceNow in a research report on Friday, October 23rd. Needham & Company LLC upped their price objective on shares of ServiceNow from $115.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, September 11th. Morgan Stanley reaffirmed an “overweight” rating and set a $160.00 price objective on shares of ServiceNow in a research note on Thursday, October 29th. Wells Fargo & Company cut their price objective on shares of ServiceNow from $190.00 to $175.00 and set an “overweight” rating on the stock in a report on Thursday, October 29th. Finally, Benchmark reissued a “buy” rating on shares of ServiceNow in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $154.50.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow is broadening its agentic-AI partnership with LTM, aiming to take AI workflows to more enterprise customers. The company also highlighted deployments and selections by customers including LTM, KORE and Keysight, supporting its case that businesses are adopting its AI platform. ServiceNow expands enterprise AI partnerships
• Positive Sentiment: ServiceNow raised its AI contract-value target to $1.7 billion, and its CFO described fears that AI will disrupt the company’s business as unfounded. These points may help reassure investors about AI’s potential as a growth driver. ServiceNow Q3 earnings call highlights
• Neutral Sentiment: The NBA extended its partnership with ServiceNow, adopting EmployeeWorks for employee self-service and workplace requests. The deal adds a customer use case, though its near-term financial impact was not specified. NBA and ServiceNow extend partnership
• Negative Sentiment: Investors are focused on the outlook: despite a third-quarter revenue beat, ServiceNow’s fourth-quarter current remaining performance obligations growth forecast of 18.5% disappointed the market and prompted concerns about slowing backlog growth. The stock has fallen sharply since the report. ServiceNow outlook and AI concerns
• Negative Sentiment: ServiceNow is undertaking another round of layoffs, while third-quarter severance costs rose to $87 million from $24 million a year earlier. Separate reports that the board approved $127 million in retention awards as the company cuts jobs may also draw scrutiny over costs and priorities. ServiceNow layoffs and severance costs
• Negative Sentiment: ETFs were net sellers of $29.5 million in ServiceNow shares on Wednesday, adding a modest near-term headwind. ETF selling of ServiceNow shares

ServiceNow Profile

ServiceNow, Inc provides cloud-based software that helps organizations manage digital workflows and automate business processes. Founded in 2004 by Fred Luddy, the company began with a focus on IT service management and has expanded its platform to support a range of enterprise operations.

Its products include tools for IT service and operations management, customer service, human resources, security, and application development. ServiceNow also offers artificial intelligence capabilities, including tools designed to help organizations automate tasks and find information across workflows.

ServiceNow serves businesses and public-sector organizations around the world.