Jennison Associates LLC Sells 8,362,328 Shares of ServiceNow, Inc. $NOW

Jennison Associates LLC lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 99.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 70,061 shares of the information technology services provider’s stock after selling 8,362,328 shares during the period. Jennison Associates LLC’s holdings in ServiceNow were worth $7,325,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in NOW. Brighton Jones LLC increased its position in shares of ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after purchasing an additional 30 shares during the period. Sivia Capital Partners LLC lifted its position in ServiceNow by 4.2% in the second quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider’s stock worth $861,000 after purchasing an additional 34 shares during the period. United Bank lifted its position in ServiceNow by 15.5% in the second quarter. United Bank now owns 1,519 shares of the information technology services provider’s stock worth $1,562,000 after purchasing an additional 204 shares during the period. Riggs Asset Managment Co. Inc. boosted its stake in ServiceNow by 2.2% during the second quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider’s stock worth $1,976,000 after buying an additional 42 shares in the last quarter. Finally, Nebula Research & Development LLC boosted its stake in ServiceNow by 205.1% during the second quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider’s stock worth $931,000 after buying an additional 609 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

ServiceNow stock opened at $102.04 on Wednesday. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $210.20. The business’s fifty day moving average is $104.50 and its two-hundred day moving average is $108.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market cap of $105.20 billion, a P/E ratio of 60.81, a P/E/G ratio of 1.75 and a beta of 0.96.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data 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. The firm had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.75 billion. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The company’s quarterly revenue was up 22.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.81 EPS. Equities research analysts forecast that ServiceNow, Inc. will post 2.33 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of ServiceNow stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $87.23, for a total transaction of $130,845.00. Following the completion of the sale, the director owned 44,930 shares of the company’s stock, valued at approximately $3,919,243.90. The trade was a 3.23% decrease in their position. The transaction was disclosed in a legal filing 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, Director Anita M. Sands sold 16,445 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $90.14, for a total value of $1,482,352.30. Following the completion of the transaction, the director owned 30,090 shares in the company, valued at $2,712,312.60. This represents a 35.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 28,071 shares of company stock valued at $2,529,956 in the last three months. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NOW. Royal Bank Of Canada restated an “outperform” rating and issued a $130.00 price objective on shares of ServiceNow in a research note on Thursday, July 16th. Wolfe Research set a $125.00 target price on shares of ServiceNow in a research report on Thursday, April 23rd. FBN Securities lowered their target price on shares of ServiceNow from $160.00 to $120.00 in a research note on Thursday, April 23rd. Truist Financial increased their price target on shares of ServiceNow from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Finally, JPMorgan Chase & Co. decreased their price objective on ServiceNow from $195.00 to $145.00 and set an “overweight” rating on the stock in a report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $139.12.

Key Headlines Impacting ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Jefferies expects ServiceNow to deliver solid second-quarter results, with subscription revenue and cRPO likely coming in above guidance. The firm also sees a possible raise to full-year subscription revenue guidance, supported by strong execution, early contract renewals, and AI-related demand. Article Title
• Positive Sentiment: Cantor Fitzgerald raised its price target on ServiceNow to $141 and kept an overweight rating, signaling confidence in upside if earnings and guidance remain strong. Article Title
• Positive Sentiment: Morgan Stanley said software sentiment has become “too negative” and named top picks in the sector, reinforcing the idea that high-quality software names like ServiceNow could rebound if the market mood improves. Article Title
• Neutral Sentiment: ServiceNow is in the spotlight ahead of earnings, with mixed analyst views and a bearish technical setup adding uncertainty into the report. Article Title
• Neutral Sentiment: ServiceNow is expected to report after the market close on July 22, and several articles frame the stock as a high-stakes earnings setup rather than a clear fundamental change. Article Title
• Negative Sentiment: CLSA initiated coverage with a bearish view, which has added pressure ahead of earnings and contributed to cautious investor sentiment around the name. Article Title
• Negative Sentiment: A separate security report said a critical ServiceNow code-execution flaw is being exploited in attacks, which could create near-term reputational and security concerns for the company. Article Title

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.