ServiceNow, Inc. $NOW Stock: M&G PLC Lowers Holdings

M&G PLC decreased its position in ServiceNow, Inc. (NYSE:NOW) by 89.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,942 shares of the information technology services provider’s stock after selling 153,621 shares during the quarter. M&G PLC’s holdings in ServiceNow were worth $2,538,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of NOW. Cornerstone Financial Management LLC boosted its holdings in shares of ServiceNow by 72.8% during the 2nd quarter. Cornerstone Financial Management LLC now owns 254 shares of the information technology services provider’s stock worth $25,000 after buying an additional 107 shares during the period. Marquette Asset Management LLC grew its stake in ServiceNow by 75.0% in the 2nd quarter. Marquette Asset Management LLC now owns 301 shares of the information technology services provider’s stock valued at $30,000 after buying an additional 129 shares during the last quarter. Kilter Group LLC bought a new position in ServiceNow in the 2nd quarter worth $31,000. Solstein Capital LLC bought a new position in ServiceNow in the 2nd quarter worth $35,000. Finally, Pathway Financial Advisers LLC bought a new position in ServiceNow in the 3rd quarter worth $38,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ServiceNow

In related news, Director Paul Chamberlain sold 2,700 shares of the business’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $135.50, for a total value of $365,850.00. Following the sale, the director owned 43,990 shares of the company’s stock, valued at $5,960,645. The trade was a 5.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jacqueline P. Canney sold 7,847 shares of the company’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $138.00, for a total value of $1,082,886.00. Following the completion of the sale, the insider owned 30,042 shares in the company, valued at $4,145,796. This trade represents a 20.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 13,870 shares of company stock valued at $1,880,595. Corporate insiders own 0.34% of the company’s stock.

ServiceNow Stock Performance

NYSE NOW opened at $102.85 on Thursday. The stock has a market cap of $106.76 billion, a P/E ratio of 54.43, a PEG ratio of 1.95 and a beta of 1.00. The company’s 50-day simple moving average is $133.69 and its 200 day simple moving average is $114.40. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $175.00. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.42.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). The business had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.09 billion. ServiceNow had a return on equity of 15.17% and a net margin of 9.36%. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.82 EPS. As a group, research analysts forecast that ServiceNow, Inc. will post 2.12 earnings per share for the current fiscal year.

More ServiceNow News

Here’s some of the latest news about NOW:

• Neutral Sentiment: An analyst survey cited an average price target of $154.50, though targets may not reflect the latest market concerns. Insider Jacqueline Canney’s reported share sale was made under a pre-arranged plan to cover tax withholding on equity awards, making it less informative as a signal of her outlook. Analyst price target report
• Negative Sentiment: NOW has fallen about 29% over the past month, amid concerns that new AI tools from Anthropic could intensify competition for enterprise software providers. The selloff also follows the latest quarterly report: revenue grew 20.5% year over year and beat estimates, but earnings per share slightly missed consensus. ServiceNow drops 29% in a month
• Negative Sentiment: A law firm is investigating potential investor claims involving ServiceNow. The announcement adds uncertainty, but an investigation is not a finding of wrongdoing. Pomerantz investigation announcement

Wall Street Analyst Weigh In

NOW has been the subject of a number of research analyst reports. Canaccord Genuity Group set a $145.00 target price on shares of ServiceNow in a research report on Thursday, October 29th. Truist Financial set a $150.00 price target on ServiceNow and gave the company a “buy” rating in a research report on Thursday, October 29th. Barclays set a $152.00 price target on ServiceNow and gave the company an “overweight” rating in a research report on Thursday, October 29th. BTIG Research dropped their price objective on ServiceNow from $170.00 to $150.00 and set a “buy” rating on the stock in a research note on Thursday, October 29th. Finally, Needham & Company LLC boosted their price objective on ServiceNow from $115.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $154.50.

About ServiceNow

ServiceNow, Inc. provides cloud-based software that helps organizations manage digital workflows and automate business processes. Founded in 2004 by Fred Luddy, the company began with a focus on IT service management and has expanded its platform to support a range of enterprise operations. Its products include tools for IT service and operations management, customer service, human resources, security, and application development. ServiceNow also offers artificial intelligence capabilities, including tools designed to help organizations automate tasks and find information across workflows.