Gibbs Wealth Management Acquires 6,050 Shares of ServiceNow, Inc. $NOW

Gibbs Wealth Management raised its holdings in ServiceNow, Inc. (NYSE:NOW) by 57.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,518 shares of the information technology services provider’s stock after purchasing an additional 6,050 shares during the period. Gibbs Wealth Management’s holdings in ServiceNow were worth $1,727,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Covenant Asset Management LLC increased its position in shares of ServiceNow by 169.2% during the fourth quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider’s stock worth $3,196,000 after acquiring an additional 13,114 shares in the last quarter. Norges Bank bought a new position in ServiceNow in the 4th quarter valued at about $2,020,992,000. World Investment Advisors boosted its stake in ServiceNow by 411.7% during the 4th quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock valued at $7,346,000 after purchasing an additional 38,583 shares during the last quarter. Cohen Klingenstein LLC boosted its stake in ServiceNow by 400.0% during the 4th 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 during the last quarter. Finally, Moors & Cabot Inc. increased its holdings in ServiceNow by 387.7% during the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock worth $6,990,000 after purchasing an additional 36,274 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

Insiders Place Their Bets

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anita M. Sands sold 16,445 shares of ServiceNow stock in a transaction dated 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 sale, the director directly owned 30,090 shares in the company, valued at $2,712,312.60. The trade was a 35.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 19,144 shares of company stock worth $1,730,097. 0.34% of the stock is currently owned by corporate insiders.

ServiceNow Stock Performance

ServiceNow stock opened at $92.15 on Friday. The firm has a market cap 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 1-year low of $81.24 and a 1-year high of $210.20. The firm has a 50-day moving average of $104.70 and a 200-day moving average of $107.77. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW) last announced its earnings results 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. ServiceNow had a return on equity of 16.63% and a net margin of 11.34%.The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same quarter in the prior year, the company earned $0.81 earnings per share. The firm’s revenue for the quarter was up 24.0% on a year-over-year basis. Sell-side analysts expect that ServiceNow, Inc. will post 2.33 EPS for the current year.

Key Headlines Impacting ServiceNow

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.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of recent research reports. Citic Securities dropped their target price on ServiceNow from $168.00 to $140.00 and set a “buy” rating on the stock in a report on Thursday, May 21st. Royal Bank Of Canada reiterated an “outperform” rating and set a $130.00 price target on shares of ServiceNow in a report on Thursday. Sanford C. Bernstein restated an “outperform” rating and set a $248.00 price objective (up from $236.00) on shares of ServiceNow in a research note on Thursday. Citizens Jmp reaffirmed a “market outperform” rating and set a $157.00 price objective on shares of ServiceNow in a report on Tuesday, May 5th. Finally, Capital One Financial upped their target price on shares of ServiceNow from $105.00 to $120.00 and gave the stock an “overweight” rating 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 issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $143.39.

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.