Cibc World Market Inc. Takes Position in ServiceNow, Inc. $NOW

Cibc World Market Inc. acquired a new stake in ServiceNow, Inc. (NYSE:NOW) in the second quarter, Holdings Channel reports. The firm acquired 370,009 shares of the information technology services provider’s stock, valued at approximately $36,734,000.

Several other large investors have also recently added to or reduced their stakes in NOW. BlackRock Inc. purchased a new stake in shares of ServiceNow during the second quarter worth $9,536,615,000. Vanguard Group Inc. raised its stake in shares of ServiceNow by 404.5% in the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock valued at $15,619,771,000 after acquiring an additional 81,752,460 shares in the last quarter. State Street Corp boosted its holdings in ServiceNow by 406.6% in the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock valued at $7,337,280,000 after purchasing an additional 38,441,898 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in ServiceNow by 371.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock valued at $4,962,692,000 after purchasing an additional 25,517,218 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in ServiceNow by 404.8% in the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock valued at $3,591,425,000 after purchasing an additional 18,854,775 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Up 0.2%

ServiceNow stock opened at $128.73 on Monday. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $194.73. 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 stock has a market cap of $133.11 billion, a PE ratio of 80.46, a P/E/G ratio of 2.26 and a beta of 0.94. The stock’s fifty day moving average is $108.88 and its two-hundred day moving average is $105.66.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.ServiceNow’s revenue for the quarter was up 24.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 EPS. On average, sell-side analysts expect that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, Director Paul Edward Chamberlain sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $125.60, for a total transaction of $188,400.00. Following the completion of the sale, the director owned 46,690 shares in the company, valued at $5,864,264. The trade was a 3.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.34% of the company’s stock.

Key Headlines Impacting ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow expanded its multi-year partnership with Tech Mahindra to help enterprises move AI projects from pilot programs into production. The “Client Zero” approach combines ServiceNow’s AI platform with Tech Mahindra’s industry expertise, potentially increasing adoption, automation revenue and measurable customer outcomes. Tech Mahindra and ServiceNow Expand Partnership to Deliver Production-Ready Enterprise AI at Scale
• Positive Sentiment: Bank of America raised its ServiceNow price target to $150, citing the company’s positioning to monetize artificial intelligence as concerns about AI disruption to traditional software fade. The move contributed to broader bullish sentiment across software stocks. Bank of America Increases ServiceNow Price Target to $150
• Positive Sentiment: ServiceNow has gained substantially since its latest earnings report, which beat estimates on both adjusted earnings and revenue. Quarterly revenue increased 24% year over year, reinforcing the view that the company remains a leading enterprise AI and workflow platform. ServiceNow Up 41.1% Since Last Earnings Report
• Positive Sentiment: ServiceNow was also selected as a CNBC “Final Trade,” providing additional visibility and signaling continued support from some professional investors. Final Trades: ServiceNow, Vertex and Uber
• Neutral Sentiment: Despite the favorable company news, midday AI buying has been concentrated in government-facing companies such as Palantir and BigBear.ai rather than enterprise software, limiting near-term upside for NOW. How Are Traders Picking the Software Winners?
• Negative Sentiment: Investors continue to monitor competitive threats from newer AI-native automation platforms, including Serval, as well as ServiceNow’s premium valuation. Those concerns may encourage profit-taking after the stock’s sharp post-earnings advance. Serval Wants To Replace ServiceNow With AI That Builds Enterprise Automation

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Capital One Financial upped their price target on ServiceNow from $105.00 to $120.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Oppenheimer reiterated 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. DA Davidson set a $170.00 price objective on ServiceNow and gave the stock a “buy” rating in a research report on Monday, July 20th. BMO Capital Markets upped their target price on shares of ServiceNow from $115.00 to $118.00 and gave the stock an “outperform” rating in a research note on Thursday, July 23rd. Finally, Truist Financial raised 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. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.24.

ServiceNow 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.