Long Corridor Asset Management Ltd Buys New Stake in ServiceNow, Inc. $NOW

Long Corridor Asset Management Ltd purchased a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the second quarter, HoldingsChannel reports. The institutional investor purchased 65,000 shares of the information technology services provider’s stock, valued at approximately $6,453,000. ServiceNow accounts for 1.9% of Long Corridor Asset Management Ltd’s portfolio, making the stock its 18th largest position.

Several other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of ServiceNow by 404.5% during the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock worth $15,619,771,000 after purchasing an additional 81,752,460 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of ServiceNow in the second quarter worth about $9,536,615,000. State Street Corp grew its stake in shares of ServiceNow by 406.6% in the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock valued at $7,337,280,000 after buying an additional 38,441,898 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of ServiceNow by 371.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock valued at $4,962,692,000 after buying an additional 25,517,218 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of ServiceNow by 404.8% during the 4th quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock valued at $3,591,425,000 after buying an additional 18,854,775 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently commented on NOW shares. Citizens Jmp reissued a “market outperform” rating and set a $157.00 price target on shares of ServiceNow in a research report on Tuesday, May 5th. CLSA assumed coverage on shares of ServiceNow in a research report on Monday, July 20th. They issued an “underperform” rating and a $72.00 price objective for the company. Sanford C. Bernstein reiterated an “outperform” rating and set a $248.00 price objective (up from $236.00) on shares of ServiceNow in a research note on Thursday, July 23rd. Royal Bank Of Canada reissued an “outperform” rating and set a $130.00 target price on shares of ServiceNow in a research report on Thursday, July 23rd. Finally, Weiss Ratings upgraded shares of ServiceNow from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $144.24.

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

ServiceNow Trading Down 0.8%

NYSE:NOW opened at $128.73 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $194.73. The business’s 50-day simple moving average is $108.88 and its 200 day simple moving average is $105.74. The stock has a market cap of $133.11 billion, a price-to-earnings ratio of 80.46, a price-to-earnings-growth ratio of 2.28 and a beta of 0.94.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same quarter in the prior year, the business posted $0.81 earnings per share. ServiceNow’s revenue for the quarter was up 24.0% on a year-over-year basis. As a group, sell-side analysts predict that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Insider Activity

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

ServiceNow Company 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.