Riverbridge Partners LLC Sells 23,773 Shares of ServiceNow, Inc. $NOW

Riverbridge Partners LLC lessened its position in shares of ServiceNow, Inc. (NYSE:NOW) by 4.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 467,041 shares of the information technology services provider’s stock after selling 23,773 shares during the quarter. ServiceNow makes up 1.9% of Riverbridge Partners LLC’s holdings, making the stock its 15th biggest position. Riverbridge Partners LLC’s holdings in ServiceNow were worth $62,588,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of ServiceNow in the second quarter worth about $9,536,615,000. Bank of New York Mellon Corp purchased a new stake in shares of ServiceNow during the 2nd quarter worth about $712,573,000. Legal & General Group Plc acquired a new stake in shares of ServiceNow during the 2nd quarter valued at about $641,888,000. Bank of America Corp DE acquired a new stake in shares of ServiceNow during the 2nd quarter valued at about $627,355,000. Finally, Deutsche Bank AG purchased a new position in shares of ServiceNow in the 2nd quarter valued at about $595,157,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling at ServiceNow

In other news, insider Paul Fipps sold 2,034 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $147.87, for a total value of $300,767.58. Following the transaction, the insider owned 18,305 shares in the company, valued at $2,706,760.35. This trade represents a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline Canney sold 7,847 shares of the firm’s stock in a transaction that occurred on 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 owned 30,042 shares in the company, valued at approximately $4,145,796. This trade represents 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 sold 15,370 shares of company stock valued at $2,068,995 over the last quarter. 0.34% of the stock is currently owned by insiders.

ServiceNow Stock Down 3.3%

NOW opened at $99.35 on Wednesday. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $175.00. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average price of $134.49 and a 200 day moving average price of $114.55. The company has a market cap of $103.13 billion, a PE ratio of 71.48, a price-to-earnings-growth ratio of 2.01 and a beta of 1.00.

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

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

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Wells Fargo & Company reduced their price target on ServiceNow from $190.00 to $175.00 and set an “overweight” rating for the company in a report on Thursday, October 29th. Jefferies Financial Group set a $145.00 price objective on ServiceNow in a report on Thursday, October 29th. Deutsche Bank Aktiengesellschaft boosted their price objective on ServiceNow from $135.00 to $155.00 and gave the company a “buy” rating in a research report on Monday, September 21st. Royal Bank Of Canada set a $165.00 target price on ServiceNow and gave the stock an “outperform” rating in a research note on Thursday, October 29th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $175.00 target price on shares of ServiceNow in a research note on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $154.50.

ServiceNow Company Profile

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.