Narwhal Capital Management Sells 13,522 Shares of ServiceNow, Inc. $NOW

Narwhal Capital Management reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 13.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,189 shares of the information technology services provider’s stock after selling 13,522 shares during the quarter. Narwhal Capital Management’s holdings in ServiceNow were worth $12,086,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. BlackRock Inc. bought a new position in ServiceNow in the 2nd quarter worth approximately $9,536,615,000. State Street Corp boosted its position in ServiceNow by 2.0% in the 2nd quarter. State Street Corp now owns 49,038,218 shares of the information technology services provider’s stock valued at $4,868,514,000 after buying an additional 979,726 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of ServiceNow by 16.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 16,638,071 shares of the information technology services provider’s stock valued at $1,651,828,000 after buying an additional 2,362,606 shares during the period. Amundi increased its stake in shares of ServiceNow by 60.9% in the 1st quarter. Amundi now owns 11,479,098 shares of the information technology services provider’s stock valued at $1,200,140,000 after buying an additional 4,346,722 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of ServiceNow by 6.5% in the 1st quarter. Bank of New York Mellon Corp now owns 8,526,931 shares of the information technology services provider’s stock valued at $891,491,000 after buying an additional 518,263 shares during the period. 87.18% of the stock is owned by institutional investors.

ServiceNow Price Performance

NOW opened at $99.35 on Wednesday. The company has a fifty day moving average price of $134.49 and a two-hundred day moving average price of $114.55. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.72 and a current ratio of 0.72. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $175.00. The firm has a market capitalization of $103.13 billion, a PE ratio of 71.48, a P/E/G ratio of 2.01 and a beta of 1.00.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.02). The business had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.09 billion. ServiceNow had a net margin of 9.36% and a return on equity of 15.17%. The business’s revenue was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.82 EPS. As a group, analysts anticipate that ServiceNow, Inc. will post 2.12 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. DA Davidson set a $170.00 price target on ServiceNow and gave the company a “buy” rating in a research note on Monday, July 20th. Truist Financial set a $150.00 price target on ServiceNow and gave the company a “buy” rating in a report on Thursday, October 29th. The Goldman Sachs Group reiterated a “buy” rating on shares of ServiceNow in a research report on Monday, August 3rd. Stifel Nicolaus set a $160.00 price objective on ServiceNow and gave the stock a “buy” rating in a report on Tuesday, October 6th. Finally, Benchmark restated a “buy” rating on shares of ServiceNow in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $154.50.

Key Stories Impacting ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Kyndryl and ServiceNow launched a jointly developed autonomous-operations offering on the ServiceNow Store. The AI-powered product is designed to improve productivity and automate IT issue resolution, supporting the case for ServiceNow’s AI opportunity. Kyndryl expands partnership with ServiceNow
• Positive Sentiment: Broward County, Florida, has gone live with ServiceNow’s IT Service Management and Workflow Data Fabric, providing a concrete public-sector deployment that may help demonstrate customer adoption of its workflow platform. Broward County selects ServiceNow
• Neutral Sentiment: Institutional ownership reports were mixed: 71 West Capital Partners increased its stake, while Alps Advisors reduced its position. These filings reflect differing investor views and may have limited near-term significance. 71 West Capital Partners increases stake
• Negative Sentiment: Shares weakened as Anthropic introduced new Claude tools, renewing fears that AI products could intensify competition or erode demand for enterprise software. The concern is part of a broader slide in software stocks. ServiceNow stock drops amid Anthropic’s new AI tools
• Negative Sentiment: Reports describe a steep recent decline, with investors still reacting to the October quarterly results: revenue exceeded estimates and grew year over year, but EPS came in slightly below consensus. A Pomerantz law firm investigation into potential investor claims adds another source of uncertainty, although an investigation is not a finding of wrongdoing. Pomerantz investigation notice

Insider Transactions at ServiceNow

In other ServiceNow news, Director Paul Chamberlain sold 2,700 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $135.50, for a total value of $365,850.00. Following the transaction, the director owned 43,990 shares of the company’s stock, valued at approximately $5,960,645. This represents a 5.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 7,847 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $138.00, for a total value of $1,082,886.00. Following the completion of the transaction, the insider directly owned 30,042 shares in the company, valued at $4,145,796. The trade was a 20.71% 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 have sold 15,370 shares of company stock worth $2,068,995 in the last three months. Insiders own 0.34% of the company’s stock.

About ServiceNow

ServiceNow, Inc. provides cloud-based software that helps organizations manage digital workflows and automate business processes. Founded in 2004 by Fred Luddy, the company began with a focus on IT service management and has expanded its platform to support a range of enterprise operations. Its products include tools for IT service and operations management, customer service, human resources, security, and application development. ServiceNow also offers artificial intelligence capabilities, including tools designed to help organizations automate tasks and find information across workflows.