D.A. Davidson & CO. Raises Stake in ServiceNow, Inc. $NOW

D.A. Davidson & CO. grew its position in ServiceNow, Inc. (NYSE:NOW) by 118.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 304,399 shares of the information technology services provider’s stock after purchasing an additional 165,171 shares during the quarter. D.A. Davidson & CO.’s holdings in ServiceNow were worth $31,825,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of NOW. Noble Wealth Management PBC lifted its holdings in ServiceNow by 400.0% during the 4th quarter. Noble Wealth Management PBC now owns 160 shares of the information technology services provider’s stock worth $25,000 after buying an additional 128 shares during the last quarter. Millstone Evans Group LLC increased its holdings in shares of ServiceNow by 400.0% in the 4th quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 132 shares during the last quarter. CBIZ Investment Advisory Services LLC raised its position in shares of ServiceNow by 540.0% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 135 shares in the last quarter. Blueline Advisors LLC acquired a new stake in shares of ServiceNow during the 4th quarter worth about $25,000. Finally, Measured Wealth Private Client Group LLC lifted its stake in ServiceNow by 560.0% during the fourth quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 140 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: BNP Paribas said ServiceNow has a “constructive setup” for Q2 results, pointing to conservative guidance and improving demand — including healthier federal demand — that could set up an earnings beat. ServiceNow offers ‘constructive setup’ going into Q2 results, BNP says
• Positive Sentiment: UBS raised its price target on NOW to $115 and kept a neutral rating, saying demand trends appear stable and implying some upside from current levels. UBS price target raise
• Positive Sentiment: Several commentary pieces argue the market may be too pessimistic on ServiceNow, with some analysts framing AI as an opportunity rather than a threat and noting the company is raising its AI monetization targets. ServiceNow (NOW) Is Raising Its AI Targets As Investors Shift Toward Software
• Neutral Sentiment: Some pre-earnings notes say ServiceNow may not have the “right combination” for a clear beat, so expectations remain cautious heading into next week’s report. ServiceNow (NOW) Earnings Expected to Grow
• Negative Sentiment: NOW was also dragged lower by a broader software selloff after IBM warned that clients are shifting spending toward servers and cybersecurity, which raised concerns across enterprise software stocks. IBM Plunge Triggers Tech Stock Selloff After Revenue Miss Warning

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on NOW shares. Truist Financial upped their target price on shares of ServiceNow from $120.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, July 9th. UBS Group boosted their price target on shares of ServiceNow from $100.00 to $115.00 and gave the company a “neutral” rating in a research report on Tuesday. Needham & Company LLC restated a “buy” rating and issued a $115.00 price objective on shares of ServiceNow in a research note on Tuesday, May 5th. Weiss Ratings lowered ServiceNow from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, July 10th. Finally, Citic Securities cut their target price on ServiceNow from $168.00 to $140.00 and set a “buy” rating on the stock in a research report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $140.80.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 8,927 shares of the stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the completion of the transaction, the insider directly owned 29,531 shares of the company’s stock, valued at approximately $2,645,977.60. This trade represents a 23.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Paul Edward Chamberlain sold 1,500 shares of ServiceNow stock in a transaction that occurred 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 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 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. Over the last 90 days, insiders have sold 28,071 shares of company stock worth $2,529,956. 0.34% of the stock is owned by company insiders.

ServiceNow Stock Down 0.1%

NOW stock opened at $104.78 on Thursday. The stock has a market capitalization of $108.03 billion, a PE ratio of 62.44, a price-to-earnings-growth ratio of 1.74 and a beta of 0.96. The company has a fifty day moving average of $103.52 and a 200-day moving average of $109.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $210.20.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.97. The firm had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The company’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.81 earnings per share. As a group, analysts expect that ServiceNow, Inc. will post 2.34 EPS for the current 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.