Bleakley Financial Group LLC Purchases 5,545 Shares of ServiceNow, Inc. $NOW

Bleakley Financial Group LLC raised its position in ServiceNow, Inc. (NYSE:NOW) by 23.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 29,200 shares of the information technology services provider’s stock after purchasing an additional 5,545 shares during the period. Bleakley Financial Group LLC’s holdings in ServiceNow were worth $3,053,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Covenant Asset Management LLC raised its stake in shares of 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 purchasing an additional 13,114 shares during the last quarter. Norges Bank purchased a new stake in shares of ServiceNow during the fourth quarter valued at $2,020,992,000. World Investment Advisors increased its holdings in ServiceNow by 411.7% in the 4th 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 in the last quarter. Cohen Klingenstein LLC increased its holdings in ServiceNow by 400.0% in the 4th quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider’s stock worth $1,532,000 after buying an additional 8,000 shares in the last quarter. Finally, Moors & Cabot Inc. raised its position in ServiceNow by 387.7% in the 4th 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. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In other ServiceNow news, insider Paul Fipps sold 1,048 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the completion of the transaction, the insider directly owned 12,072 shares in the company, valued at $1,189,212.72. This represents a 7.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $89.60, for a total transaction of $799,859.20. Following the sale, the insider directly owned 29,531 shares of the company’s stock, valued at approximately $2,645,977.60. This trade represents a 23.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,071 shares of company stock worth $2,529,956 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

ServiceNow Trading Down 0.1%

NYSE:NOW opened at $104.78 on Thursday. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $210.20. The business has a fifty day moving average price of $103.52 and a 200-day moving average price of $109.98. The firm has a market capitalization of $108.03 billion, a price-to-earnings ratio of 62.44, a price-to-earnings-growth ratio of 1.74 and a beta of 0.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.97. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The firm’s revenue was up 22.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 EPS. Sell-side analysts forecast that ServiceNow, Inc. will post 2.34 EPS for the current year.

ServiceNow News Roundup

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: BNP Paribas said ServiceNow has a “constructive setup” for Q2 results, pointing to conservative guidance and improving demand — including healthier federal demand — that could set up an earnings beat. ServiceNow offers ‘constructive setup’ going into Q2 results, BNP says
• Positive Sentiment: UBS raised its price target on NOW to $115 and kept a neutral rating, saying demand trends appear stable and implying some upside from current levels. UBS price target raise
• Positive Sentiment: Several commentary pieces argue the market may be too pessimistic on ServiceNow, with some analysts framing AI as an opportunity rather than a threat and noting the company is raising its AI monetization targets. ServiceNow (NOW) Is Raising Its AI Targets As Investors Shift Toward Software
• Neutral Sentiment: Some pre-earnings notes say ServiceNow may not have the “right combination” for a clear beat, so expectations remain cautious heading into next week’s report. ServiceNow (NOW) Earnings Expected to Grow
• Negative Sentiment: NOW was also dragged lower by a broader software selloff after IBM warned that clients are shifting spending toward servers and cybersecurity, which raised concerns across enterprise software stocks. IBM Plunge Triggers Tech Stock Selloff After Revenue Miss Warning

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Royal Bank Of Canada reiterated an “outperform” rating and issued a $121.00 price target on shares of ServiceNow in a research note on Tuesday, May 5th. Citigroup restated a “buy” rating and issued a $156.00 target price (down from $158.00) on shares of ServiceNow in a report on Wednesday. Barclays reaffirmed an “overweight” rating and issued a $134.00 target price (up from $132.00) on shares of ServiceNow in a research report on Tuesday, May 5th. Bank of America initiated coverage on shares of ServiceNow in a research note on Monday, May 18th. They set a “buy” rating and a $130.00 target price for the company. Finally, Benchmark increased their price target on ServiceNow from $125.00 to $130.00 and gave the company a “buy” rating in a report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $140.80.

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.