Westpac Banking Corp Acquires Shares of 7,368 ServiceNow, Inc. $NOW

Westpac Banking Corp bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 7,368 shares of the information technology services provider’s stock, valued at approximately $731,000.

Several other large investors also recently modified their holdings of the stock. Covenant Asset Management LLC boosted its position in shares of ServiceNow by 169.2% during 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 acquiring an additional 13,114 shares in the last quarter. Norges Bank bought a new position in ServiceNow in the fourth quarter valued at approximately $2,020,992,000. World Investment Advisors increased its stake in 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 during the last quarter. Moors & Cabot Inc. raised its position in ServiceNow by 387.7% during the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock valued at $6,990,000 after purchasing an additional 36,274 shares in the last quarter. Finally, Bank of Nova Scotia raised its position in ServiceNow by 53.3% during the first quarter. Bank of Nova Scotia now owns 1,018,036 shares of the information technology services provider’s stock valued at $106,436,000 after purchasing an additional 353,749 shares in the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow expanded its multi-year partnership with Tech Mahindra to help enterprises move AI projects from pilot programs into production. The “Client Zero” approach combines ServiceNow’s AI platform with Tech Mahindra’s industry expertise, potentially increasing adoption, automation revenue and measurable customer outcomes. Tech Mahindra and ServiceNow Expand Partnership to Deliver Production-Ready Enterprise AI at Scale
• Positive Sentiment: Bank of America raised its ServiceNow price target to $150, citing the company’s positioning to monetize artificial intelligence as concerns about AI disruption to traditional software fade. The move contributed to broader bullish sentiment across software stocks. Bank of America Increases ServiceNow Price Target to $150
• Positive Sentiment: ServiceNow has gained substantially since its latest earnings report, which beat estimates on both adjusted earnings and revenue. Quarterly revenue increased 24% year over year, reinforcing the view that the company remains a leading enterprise AI and workflow platform. ServiceNow Up 41.1% Since Last Earnings Report
• Positive Sentiment: ServiceNow was also selected as a CNBC “Final Trade,” providing additional visibility and signaling continued support from some professional investors. Final Trades: ServiceNow, Vertex and Uber
• Neutral Sentiment: Despite the favorable company news, midday AI buying has been concentrated in government-facing companies such as Palantir and BigBear.ai rather than enterprise software, limiting near-term upside for NOW. How Are Traders Picking the Software Winners?
• Negative Sentiment: Investors continue to monitor competitive threats from newer AI-native automation platforms, including Serval, as well as ServiceNow’s premium valuation. Those concerns may encourage profit-taking after the stock’s sharp post-earnings advance. Serval Wants To Replace ServiceNow With AI That Builds Enterprise Automation

Insider Buying and Selling at ServiceNow

In related news, Director Paul Edward Chamberlain sold 1,500 shares of the business’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $125.60, for a total transaction of $188,400.00. Following the sale, the director owned 46,690 shares in the company, valued at $5,864,264. The trade was a 3.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.34% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

NOW has been the topic of a number of research analyst reports. CLSA initiated coverage on ServiceNow in a report on Monday, July 20th. They issued an “underperform” rating and a $72.00 target price on the stock. Citic Securities decreased their price target on ServiceNow from $168.00 to $140.00 and set a “buy” rating on the stock in a research note on Thursday, May 21st. Morgan Stanley set a $180.00 price target on ServiceNow in a report on Tuesday, July 21st. Cantor Fitzgerald upped their price objective on ServiceNow from $122.00 to $141.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Finally, Barclays reaffirmed an “overweight” rating and issued a $134.00 price objective (up from $132.00) on shares of ServiceNow in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.24.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $128.73 on Friday. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week 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 firm has a market capitalization of $133.11 billion, a P/E ratio of 80.46, a P/E/G ratio of 2.26 and a beta of 0.94. The company’s 50 day moving average price is $108.88 and its two-hundred day moving average price is $105.74.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same period in the prior year, the business earned $0.81 earnings per share. The company’s revenue for the quarter was up 24.0% compared to the same quarter last year. On average, equities analysts forecast that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

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.