Cornerstone Advisors LLC Makes New $11.99 Million Investment in ServiceNow, Inc. $NOW

Cornerstone Advisors LLC purchased a new stake in ServiceNow, Inc. (NYSE:NOW) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 120,740 shares of the information technology services provider’s stock, valued at approximately $11,987,000.

Several other large investors have also modified their holdings of the stock. Millstone Evans Group LLC raised its position in shares of ServiceNow by 400.0% during the fourth quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 132 shares during the period. CBIZ Investment Advisory Services LLC boosted its position in shares of ServiceNow by 540.0% in the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 135 shares during the period. Blueline Advisors LLC acquired a new position in shares of ServiceNow in the 4th quarter valued at $25,000. Measured Wealth Private Client Group LLC increased its stake in ServiceNow by 560.0% in the 4th 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 in the last quarter. Finally, Wealth Watch Advisors INC raised its holdings in ServiceNow by 432.3% during the 4th quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider’s stock worth $25,000 after buying an additional 134 shares during the period. 87.18% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on NOW shares. DA Davidson set a $170.00 target price on shares of ServiceNow and gave the stock a “buy” rating in a report on Monday, July 20th. The Goldman Sachs Group restated a “buy” rating on shares of ServiceNow in a report on Monday, August 3rd. KeyCorp restated an “underweight” rating on shares of ServiceNow in a research report on Tuesday, July 21st. Morgan Stanley set a $180.00 price objective on shares of ServiceNow in a research report on Tuesday, July 21st. Finally, Barclays reissued an “overweight” rating and set a $134.00 target price (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 issued a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.76.

Insider Activity at ServiceNow

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

ServiceNow Price Performance

NYSE NOW opened at $117.70 on Tuesday. 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 $121.70 billion, a price-to-earnings ratio of 73.56, a price-to-earnings-growth ratio of 2.18 and a beta of 0.94. The company has a 50 day simple moving average of $107.15 and a 200-day simple moving average of $105.49. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $194.73.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data 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. The firm had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The firm’s revenue was up 24.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.81 earnings per share. Equities research analysts predict that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Cybersecurity expansion supports long-term growth. ServiceNow’s planned $7.75 billion acquisition of Armis would broaden its AI-powered security platform and strengthen its preventive cyber-defense offerings. The appointment of former Armis executive Simon Mouyal as chief marketing officer also signals an increased focus on security and go-to-market execution. ServiceNow Is Spending $7.75 Billion On AI Security
• Positive Sentiment: Analyst support remains firm. TD Cowen reaffirmed its Buy rating and assigned a $140 price target, implying meaningful upside from the referenced market level. Analysts cited ServiceNow’s expanding security platform, AI workflow opportunities and recurring-revenue model. ServiceNow Earns Buy Rating
• Positive Sentiment: Fundamentals and AI momentum continue to attract dip buyers. Recent commentary points to roughly 24% year-over-year revenue growth and a substantial rebound from the stock’s lows. Some investors view support near the 200-day moving average as an opportunity if the company’s growth remains intact. NOW Stock Has Rebounded Over 54%
• Neutral Sentiment: Institutional positioning is mixed. JPMorgan added a large position, while T. Rowe Price, Wellington Management and several other firms reduced holdings. The split suggests continued disagreement about valuation and the pace of the recovery.
• Neutral Sentiment: A director sold shares under a pre-arranged Rule 10b5-1 plan. Paul Edward Chamberlain sold 1,500 shares worth approximately $188,400, reducing his holdings by 3.11%. Because the transaction was scheduled in advance, it provides limited evidence of a change in the company’s outlook. SEC Insider Filing
• Negative Sentiment: Valuation remains a major concern. Even after a reported 30.5% decline over the past year, commentary argues that ServiceNow still does not look inexpensive, leaving the stock vulnerable to further pressure if growth expectations soften. ServiceNow Stock Still Looks Expensive
• Negative Sentiment: Broad software-sector weakness is weighing on the shares. Investors have been rotating toward semiconductor and AI-hardware stocks, pressuring software names including ServiceNow, Adobe and Intuit. The sizable Armis acquisition also introduces execution, integration and spending risks.

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.