ServiceNow, Inc. $NOW Position Lowered by Bank of America Corp DE

by · The Markets Daily

Bank of America Corp DE trimmed its position in ServiceNow, Inc. (NYSE:NOW – Free Report) by 26.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,081,771 shares of the information technology services provider’s stock after selling 2,581,344 shares during the period. Bank of America Corp DE’s holdings in ServiceNow were worth $740,399,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOW. Vanguard Group Inc. grew its position in shares of ServiceNow by 404.5% in the 4th quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock worth $15,619,771,000 after acquiring an additional 81,752,460 shares in the last quarter. State Street Corp raised its position in shares of ServiceNow by 406.6% during the 4th 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 acquiring an additional 38,441,898 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of ServiceNow by 371.0% during the 4th 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 acquiring an additional 25,517,218 shares in the last quarter. Geode Capital Management LLC lifted its stake in ServiceNow by 404.8% during the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock worth $3,591,425,000 after purchasing an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley lifted its stake in ServiceNow by 335.6% during the fourth quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock worth $3,482,543,000 after purchasing an additional 17,514,679 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 16,445 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the sale, the director owned 30,090 shares of the company’s stock, valued at approximately $2,712,312.60. This trade represents a 35.34% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Paul Fipps sold 1,048 shares of ServiceNow stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $98.51, for a total value of $103,238.48. Following the transaction, the insider owned 12,072 shares in the company, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 19,144 shares of company stock valued at $1,730,097 over the last three months. 0.34% of the stock is currently owned by corporate insiders.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $111.57 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $196.40. The firm has a market cap of $115.36 billion, a P/E ratio of 69.73, a P/E/G ratio of 1.94 and a beta of 0.96. The firm has a 50 day simple moving average of $105.64 and a 200 day simple moving average of $106.43.

ServiceNow (NYSE:NOW – Get Free Report) last issued its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. During the same quarter last year, the firm earned $0.81 EPS. The company’s revenue for the quarter was up 24.0% on a year-over-year basis. Sell-side analysts predict that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NOW. Citic Securities dropped their price target on ServiceNow from $168.00 to $140.00 and set a “buy” rating on the stock in a research report on Thursday, May 21st. HSBC reduced their price target on shares of ServiceNow from $226.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. Guggenheim upgraded ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a report on Wednesday, July 1st. Citigroup reissued a “market outperform” rating on shares of ServiceNow in a report on Thursday, July 23rd. Finally, KeyCorp reaffirmed an “underweight” rating on shares of ServiceNow in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $143.39.

Read Our Latest Research Report on NOW

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

  • Positive Sentiment: ServiceNow raised its full-year revenue outlook, reinforcing confidence in continued demand for its workflow-automation platform and supporting the recent improvement in the stock. Why Shares of ServiceNow Stock Were Rising This Week
  • Positive Sentiment: Second-quarter revenue rose approximately 24% year over year to about $4 billion, while adjusted earnings exceeded expectations. Management also highlighted more than $1 billion in AI-related contract value, suggesting AI agents are adding consumption-based revenue rather than simply reducing software-seat demand. ServiceNow Stock Opinions on Q2 Earnings Results
  • Positive Sentiment: Analyst commentary remains constructive, with reported price targets materially above the recent trading level. One bullish analysis raised its fair-value estimate to $160, citing accelerating user retention, strong organic growth, pricing power in AI products and a long-term target of $30 billion to $32 billion in subscription revenue. ServiceNow User Retention Is Accelerating
  • Neutral Sentiment: Dynamic Lifecycle Innovations launched an IT asset-disposition application on ServiceNow, adding another example of partners expanding the platform’s use cases. The announcement is strategically supportive but is unlikely to materially change near-term revenue expectations. Dynamic Lifecycle Innovations launches new ServiceNow app
  • Negative Sentiment: ServiceNow could eliminate up to 1,000 positions this year as part of a post-acquisition “rightsizing” effort. The cuts may improve efficiency and margins, but reports of continuing layoffs create execution, morale and integration concerns for investors. Exclusive: ServiceNow to cut up to 1K jobs

ServiceNow Company Profile

(Free Report)

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.

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