Geode Capital Management LLC Grows Stock Holdings in ServiceNow, Inc. $NOW

Geode Capital Management LLC grew its stake in ServiceNow, Inc. (NYSE:NOW) by 404.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,512,428 shares of the information technology services provider’s stock after acquiring an additional 18,854,775 shares during the period. Geode Capital Management LLC’s holdings in ServiceNow were worth $3,591,425,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in NOW. Cohen Klingenstein LLC boosted its stake in shares of ServiceNow by 400.0% during the fourth quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider’s stock valued at $1,532,000 after purchasing an additional 8,000 shares in the last quarter. World Investment Advisors boosted its stake in shares of ServiceNow by 411.7% during the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock valued at $7,218,000 after purchasing an additional 38,583 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of ServiceNow by 385.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,599,397 shares of the information technology services provider’s stock valued at $398,202,000 after purchasing an additional 2,064,440 shares in the last quarter. Torray Investment Partners LLC boosted its stake in shares of ServiceNow by 390.5% during the fourth quarter. Torray Investment Partners LLC now owns 40,629 shares of the information technology services provider’s stock valued at $6,224,000 after purchasing an additional 32,345 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of ServiceNow by 280.1% during the fourth quarter. Jennison Associates LLC now owns 8,432,389 shares of the information technology services provider’s stock valued at $1,291,758,000 after purchasing an additional 6,213,762 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Trading Up 2.2%

NYSE:NOW opened at $102.15 on Thursday. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $211.48. The firm has a 50 day moving average of $98.00 and a 200 day moving average of $124.18. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $105.31 billion, a price-to-earnings ratio of 60.87, a PEG ratio of 1.65 and a beta of 0.82.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting analysts’ consensus estimates of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The company had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.75 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. ServiceNow’s revenue for the quarter was up 22.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 2.35 earnings per share for the current fiscal year.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 8,927 shares of the company’s stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $89.60, for a total transaction of $799,859.20. Following the transaction, the insider owned 29,531 shares in the company, valued at approximately $2,645,977.60. This represents a 23.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 16,445 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the transaction, the director owned 30,090 shares in the company, valued at $2,712,312.60. The trade was a 35.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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.

Analyst Ratings Changes

A number of research firms have recently issued reports on NOW. Citizens Jmp reiterated a “market outperform” rating and set a $157.00 price objective on shares of ServiceNow in a research note on Tuesday, May 5th. Macquarie Infrastructure decreased their target price on shares of ServiceNow from $172.00 to $140.00 and set a “neutral” rating for the company in a research report on Thursday, January 29th. Royal Bank Of Canada reissued an “outperform” rating and set a $121.00 target price on shares of ServiceNow in a research report on Tuesday, May 5th. Canaccord Genuity Group decreased their target price on shares of ServiceNow from $200.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, April 23rd. Finally, Robert W. Baird decreased their target price on shares of ServiceNow from $125.00 to $118.00 and set an “outperform” rating for the company in a research report on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $141.85.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Bank of America reiterated ServiceNow as a top buy, saying AI is a growth engine for the company and highlighting it as better positioned than Salesforce. This kind of analyst support can lift investor sentiment. Article Title
• Positive Sentiment: A new Zacks article and broader market buzz show ServiceNow is trending with investors, suggesting renewed interest in the stock after recent weakness. Article Title
• Neutral Sentiment: ServiceNow presented at the Jefferies Software, Internet & AI Conference, keeping the company in focus but without any clearly reported new financial catalyst in the transcript headline alone. Article Title
• Neutral Sentiment: Market commentary about institutional order flows and software sector weakness provides broader context, but it is not a direct company-specific driver. Article Title
• Negative Sentiment: Recent coverage also notes that investors remain worried AI could disrupt ServiceNow’s business model, and the stock had already fallen sharply earlier in the week after margin concerns despite a revenue beat. 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.