LGT Fund Management Co Ltd. Grows Stake in ServiceNow, Inc. $NOW

LGT Fund Management Co Ltd. lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 223.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 121,015 shares of the information technology services provider’s stock after purchasing an additional 83,550 shares during the period. LGT Fund Management Co Ltd.’s holdings in ServiceNow were worth $12,652,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Covenant Asset Management LLC boosted its holdings in 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 valued at $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 $2,020,992,000. World Investment Advisors increased its stake 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 worth $7,346,000 after acquiring an additional 38,583 shares during the last quarter. Cohen Klingenstein LLC raised its holdings in shares of ServiceNow by 400.0% in 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 acquiring an additional 8,000 shares in the last quarter. Finally, Moors & Cabot Inc. boosted its position in shares of ServiceNow by 387.7% during the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock valued at $6,990,000 after acquiring an additional 36,274 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Down 0.9%

Shares of ServiceNow stock traded down $1.03 during trading on Friday, reaching $107.81. The company’s stock had a trading volume of 11,058,890 shares, compared to its average volume of 20,996,616. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $210.20. The firm’s 50-day moving average is $102.49 and its two-hundred day moving average is $111.27. The company has a market cap of $111.16 billion, a price-to-earnings ratio of 64.25, a PEG ratio of 1.79 and a beta of 0.96.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, hitting the consensus estimate of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The business had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.75 billion. During the same period in the previous year, the firm posted $0.81 earnings per share. The firm’s revenue for the quarter was up 22.1% on a year-over-year basis. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 2.34 earnings per share for the current year.

ServiceNow News Roundup

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow rallied after reports that a large international electronics company is teaming up with the company on a new AI-powered product that will be available on ServiceNow’s platform, reinforcing its role in enterprise AI. Why ServiceNow Stock Crushed it on Thursday
• Positive Sentiment: Truist Financial raised its price target on ServiceNow from $120 to $130 and kept a buy rating, signaling continued analyst confidence in the company’s growth prospects. Benzinga report on Truist price target increase
• Positive Sentiment: Investor sentiment around software improved as AI spending expectations shifted in favor of application software, helping ServiceNow participate in the broader rotation toward software names. Chip Stocks Drop 12% as Software Rebounds in AI Trade Shift
• Neutral Sentiment: Several market updates described ServiceNow as consolidating or trading flat while investors digested the AI partnership news and a more constructive analyst tone, suggesting a pause after the recent move rather than a fresh fundamental shift. ServiceNow Stock Consolidates as Accenture Launches Agentic AI Offerings
• Negative Sentiment: Friday trading saw ServiceNow slip as investors appeared to take profits and reassess whether the recent AI enthusiasm has already been priced in. ServiceNow Stock Falls Friday: What’s Going On?

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NOW shares. Evercore raised their target price on shares of ServiceNow from $140.00 to $150.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Argus lowered their price objective on shares of ServiceNow from $180.00 to $134.00 and set a “buy” rating on the stock in a research report on Friday, April 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $115.00 price objective on shares of ServiceNow in a report on Tuesday, May 5th. Benchmark upped their target price on shares of ServiceNow from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Finally, Wells Fargo & Company reduced their target price on ServiceNow from $185.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $141.47.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 8,927 shares of the business’s stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $89.60, for a total value of $799,859.20. Following the completion of the sale, the insider owned 29,531 shares in the company, valued at approximately $2,645,977.60. The trade was a 23.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction that occurred 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 position. 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. Insiders sold 28,071 shares of company stock valued at $2,529,956 over the last quarter. 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.