Clarkston Capital Partners LLC Makes New $837,000 Investment in ServiceNow, Inc. $NOW

Clarkston Capital Partners LLC bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,002 shares of the information technology services provider’s stock, valued at approximately $837,000.

A number of other large investors also recently bought and sold shares of the business. Covenant Asset Management LLC lifted its stake in shares of ServiceNow by 169.2% in the 4th quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider’s stock worth $3,196,000 after purchasing an additional 13,114 shares during the period. Norges Bank bought a new stake in ServiceNow during the fourth quarter valued at approximately $2,020,992,000. World Investment Advisors grew its position in 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 $7,346,000 after buying an additional 38,583 shares during the period. Cohen Klingenstein LLC increased its holdings in 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 buying an additional 8,000 shares during the last quarter. Finally, Moors & Cabot Inc. increased its holdings in ServiceNow by 387.7% during the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock valued at $6,990,000 after buying an additional 36,274 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

NOW has been the topic of several analyst reports. Morgan Stanley set a $180.00 target price on ServiceNow in a research report on Tuesday. Citizens Jmp restated a “market outperform” rating and issued a $157.00 price target on shares of ServiceNow in a research report on Tuesday, May 5th. Oppenheimer reaffirmed an “outperform” rating and issued a $140.00 price objective (up from $130.00) on shares of ServiceNow in a research note on Wednesday, July 15th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $145.00 price objective (down from $163.00) on shares of ServiceNow in a research report on Wednesday, July 8th. Finally, DA Davidson set a $170.00 price objective on ServiceNow and gave the company a “buy” rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $143.39.

ServiceNow Stock Down 3.5%

NYSE NOW opened at $92.15 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The company has a market capitalization of $95.00 billion, a P/E ratio of 57.59, a P/E/G ratio of 1.60 and a beta of 0.96. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $210.20. The stock has a 50 day moving average price of $104.70 and a 200-day moving average price of $107.77.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.86 by $0.04. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.93 billion. ServiceNow had a return on equity of 16.63% and a net margin of 11.34%.The firm’s revenue was up 24.0% on a year-over-year basis. During the same quarter last year, the business posted $0.81 earnings per share. As a group, equities analysts predict that ServiceNow, Inc. will post 2.33 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In other news, Director Anita M. Sands sold 16,445 shares of ServiceNow 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 completion of the sale, the director owned 30,090 shares of the company’s stock, valued at approximately $2,712,312.60. The trade was a 35.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul Edward Chamberlain sold 1,500 shares of ServiceNow stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $87.23, for a total value of $130,845.00. Following the sale, the director directly owned 44,930 shares of the company’s stock, valued at approximately $3,919,243.90. This trade represents 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 three months, insiders have sold 19,144 shares of company stock worth $1,730,097. 0.34% of the stock is currently owned by company insiders.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow beat Q2 earnings and revenue estimates, showing that demand for its workflow and AI products remains healthy.
• Positive Sentiment: The company raised its annual subscription revenue forecast again, which signals management confidence in continued growth.
• Positive Sentiment: AI-related momentum was a major highlight, with AI contract value topping $1 billion and multiple reports saying customers are adopting ServiceNow’s AI platform more aggressively.
• Positive Sentiment: Several analysts turned more constructive after earnings, including price-target increases and reaffirmed buy/overweight ratings.
• Neutral Sentiment: New partnerships and customer wins, including Experian, Leidos, TeamViewer, and Exclusive Networks, support the long-term platform story but are less likely to move the stock immediately. Article Title
• Negative Sentiment: Some investors remain worried that new AI tools from OpenAI and others could pressure legacy enterprise software, which has created volatility even after the earnings beat.

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.