Meeder Advisory Services Inc. Acquires Shares of 29,022 ServiceNow, Inc. $NOW

Meeder Advisory Services Inc. bought a new position in shares of ServiceNow, Inc. (NYSE:NOW) in the second quarter, HoldingsChannel reports. The firm bought 29,022 shares of the information technology services provider’s stock, valued at approximately $2,881,000.

A number of other institutional investors have also recently modified their holdings of NOW. Covenant Asset Management LLC grew its position in shares of ServiceNow by 169.2% in the fourth quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider’s stock valued at $3,196,000 after purchasing an additional 13,114 shares during the last quarter. Norges Bank purchased a new stake in ServiceNow during the 4th quarter worth about $2,020,992,000. World Investment Advisors lifted its holdings in ServiceNow by 411.7% in 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 in the last quarter. Moors & Cabot Inc. grew its holdings in shares of ServiceNow by 387.7% during the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock worth $6,990,000 after buying an additional 36,274 shares in the last quarter. Finally, Torray Investment Partners LLC raised its position in shares of ServiceNow by 390.5% in 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 buying an additional 32,345 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: New ServiceNow AI-platform partnership. Tribal launched Tribal for ServiceNow, allowing enterprise teams—not only developers—to build and personalize AI agents within the ServiceNow environment. The partnership could improve platform adoption and reinforce ServiceNow’s position in enterprise workflow automation. Tribal Partners with ServiceNow
• Positive Sentiment: AI security strategy is expanding. ServiceNow’s planned $7.75 billion acquisition of Armis would add cybersecurity capabilities to its AI-powered platform and broaden its addressable market. Analysts also point to security and AI workflow opportunities as potential drivers of sustained recurring-revenue growth. ServiceNow Is Spending $7.75 Billion on AI Security
• Positive Sentiment: Analyst remains bullish. TD Cowen reaffirmed a Buy rating and a $140 price target. ServiceNow’s latest reported quarter showed revenue growth of approximately 24% year over year, supporting the case that AI is adding to—not replacing—existing platform demand. ServiceNow Earns Buy Rating
• Neutral Sentiment: Insider sale was modest and scheduled. Director Paul Edward Chamberlain sold 1,500 shares for roughly $188,400 under a pre-arranged Rule 10b5-1 plan. The transaction reduced his position by 3.11%, but provides limited insight into current management sentiment. SEC Insider Filing
• Negative Sentiment: Valuation and business-model risks remain. Commentators say NOW still looks expensive despite its steep prior decline. Parnassus CIO Todd Ahlsten also warned that AI could pressure per-seat software pricing if companies accomplish more with fewer employees. Salesforce and ServiceNow Business Model Risk
• Negative Sentiment: Software-sector rotation is a headwind. Investors have been favoring semiconductor and AI-hardware stocks over SaaS names, contributing to weakness across software. The Armis deal also creates integration and execution risks.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on NOW shares. Citic Securities lowered their price objective on ServiceNow from $168.00 to $140.00 and set a “buy” rating for the company in a research report on Thursday, May 21st. Weiss Ratings lowered shares of ServiceNow from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, July 10th. Morgan Stanley set a $180.00 target price on shares of ServiceNow in a research report on Tuesday, July 21st. Wells Fargo & Company reaffirmed an “overweight” rating and set a $175.00 price target (up from $160.00) on shares of ServiceNow in a research report on Wednesday, August 12th. Finally, CLSA initiated coverage on shares of ServiceNow in a research note on Monday, July 20th. They set an “underperform” rating and a $72.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $143.76.

ServiceNow Stock Up 1.6%

NOW opened at $119.57 on Wednesday. The firm has a 50 day moving average price of $107.40 and a 200 day moving average price of $105.41. The company has a market cap of $123.63 billion, a PE ratio of 74.73, a price-to-earnings-growth ratio of 2.18 and a beta of 0.94. 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 quick ratio of 0.70 and a current ratio of 0.70.

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

Insiders Place Their Bets

In related news, Director Paul Edward Chamberlain sold 1,500 shares of the company’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 completion of the sale, the director directly owned 46,690 shares of the company’s stock, valued at approximately $5,864,264. This represents a 3.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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.

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.