Waycross Partners LLC Decreases Stock Position in ServiceNow, Inc. $NOW

Waycross Partners LLC cut its stake in ServiceNow, Inc. (NYSE:NOW) by 12.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 84,408 shares of the information technology services provider’s stock after selling 12,390 shares during the quarter. Waycross Partners LLC’s holdings in ServiceNow were worth $8,825,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Covenant Asset Management LLC lifted its holdings in shares of ServiceNow by 169.2% in the 4th 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 during the period. Norges Bank purchased a new position in shares of ServiceNow during the fourth quarter valued at $2,020,992,000. World Investment Advisors raised its holdings in shares of ServiceNow by 411.7% in the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock valued at $7,346,000 after acquiring an additional 38,583 shares in the last quarter. Cohen Klingenstein LLC lifted its stake in ServiceNow by 400.0% in the fourth quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider’s stock worth $1,532,000 after acquiring an additional 8,000 shares during the period. Finally, Moors & Cabot Inc. lifted its stake in ServiceNow by 387.7% in the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock worth $6,990,000 after acquiring an additional 36,274 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on NOW shares. Weiss Ratings downgraded shares of ServiceNow from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, July 10th. Citic Securities lowered their price target on shares of ServiceNow from $168.00 to $140.00 and set a “buy” rating for the company in a research report on Thursday, May 21st. Jefferies Financial Group reissued a “buy” rating and issued a $135.00 price objective (down from $175.00) on shares of ServiceNow in a research note on Thursday, April 23rd. Needham & Company LLC restated a “buy” rating and set a $115.00 target price on shares of ServiceNow in a report on Tuesday, May 5th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $140.00 price target (up from $130.00) on shares of ServiceNow in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $141.03.

ServiceNow Trading Up 0.2%

NYSE NOW opened at $103.40 on Monday. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $210.20. The company has a 50 day moving average price of $103.97 and a 200 day moving average price of $109.27. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The firm has a market cap of $106.60 billion, a PE ratio of 61.62, a price-to-earnings-growth ratio of 1.73 and a beta of 0.96.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, meeting the consensus estimate of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.75 billion. During the same period last year, the firm earned $0.81 earnings per share. ServiceNow’s revenue was up 22.1% compared to the same quarter last year. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 2.33 EPS for the current fiscal year.

ServiceNow News Roundup

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: TD Cowen reaffirmed its buy rating on ServiceNow and set a $140 price target, implying meaningful upside from current levels. Benzinga report on TD Cowen rating
• Positive Sentiment: BNP Paribas and RBC Capital both raised their views on ServiceNow ahead of earnings, citing conservative guidance, improving channel feedback, and stronger demand signals. ServiceNow (NOW) Stock Receives Dual Upgrades Ahead of Q2 Results
• Positive Sentiment: Several analysts argue ServiceNow could benefit from continued AI adoption and subscription growth, which may help support an earnings beat or solid outlook when Q2 results are reported. ServiceNow Set to Report Q2 Earnings: Buy, Sell or Hold the Stock?
• Neutral Sentiment: Media coverage comparing ServiceNow with UiPath highlights agentic AI as a major long-term opportunity, but this is more of a strategic theme than an immediate catalyst. UiPath Vs. ServiceNow: Which Agentic AI Stock Is the Better Buy?
• Negative Sentiment: Some analysts and commentators warn that rising costs, competition, and still-rich valuation multiples could limit upside if Q2 results or guidance disappoint. ServiceNow Set to Report Q2 Earnings: Buy, Sell or Hold the Stock?
• Negative Sentiment: ServiceNow remains down sharply over the past year, and some investors still question whether the stock deserves a premium multiple after the selloff. Can ServiceNow (NOW) Trade At A Premium After A 46% Drop?

Insiders Place Their Bets

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the sale, the director owned 44,930 shares of the company’s stock, valued at $3,919,243.90. This trade represents a 3.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 value of $103,238.48. Following the transaction, the insider owned 12,072 shares in the company, valued at approximately $1,189,212.72. This trade represents a 7.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 sold 28,071 shares of company stock worth $2,529,956 over the last quarter. Company insiders own 0.34% of the company’s stock.

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.