Cornerstone Advisors LLC Acquires 18,057 Shares of ServiceNow, Inc. $NOW

Cornerstone Advisors LLC increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 15.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 138,797 shares of the information technology services provider’s stock after purchasing an additional 18,057 shares during the quarter. Cornerstone Advisors LLC’s holdings in ServiceNow were worth $18,600,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of NOW. Cornerstone Financial Management LLC lifted its stake in ServiceNow by 72.8% in the second quarter. Cornerstone Financial Management LLC now owns 254 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 107 shares in the last quarter. Pathway Financial Advisers LLC bought a new stake in shares of ServiceNow during the third quarter worth $38,000. Marquette Asset Management LLC increased its position in shares of ServiceNow by 75.0% during the second quarter. Marquette Asset Management LLC now owns 301 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 129 shares in the last quarter. Kilter Group LLC bought a new stake in shares of ServiceNow during the second quarter worth $31,000. Finally, Solstein Capital LLC acquired a new stake in shares of ServiceNow during the second quarter worth $35,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NOW has been the topic of several research reports. Truist Financial set a $150.00 price objective on shares of ServiceNow and gave the company a “buy” rating in a research report on Thursday, October 29th. Robert W. Baird set a $185.00 target price on ServiceNow in a report on Thursday, October 29th. 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. Bank of America boosted their price target on ServiceNow from $130.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, August 19th. Finally, Wells Fargo & Company reduced their price objective on ServiceNow from $190.00 to $175.00 and set an “overweight” rating for the company in a research report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $154.50.

ServiceNow Stock Performance

Shares of NOW stock opened at $102.14 on Friday. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $175.00. The company’s fifty day simple moving average is $132.09 and its 200-day simple moving average is $114.07. The firm has a market cap of $106.02 billion, a PE ratio of 73.48, a P/E/G ratio of 1.97 and a beta of 1.00. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.42.

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

Insiders Place Their Bets

In other news, Director Paul Chamberlain sold 2,700 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $135.50, for a total transaction of $365,850.00. Following the completion of the transaction, the director directly owned 43,990 shares in the company, valued at $5,960,645. This represents a 5.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul Fipps sold 2,034 shares of the firm’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $147.87, for a total value of $300,767.58. Following the completion of the transaction, the insider owned 18,305 shares of the company’s stock, valued at $2,706,760.35. The trade was a 10.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,870 shares of company stock valued at $1,880,595 in the last three months. 0.34% of the stock is currently owned by corporate insiders.

More ServiceNow News

These are some of the NOW news items that stood out recently:

• Positive Sentiment: ServiceNow launched its Autonomous CRM Engine, designed to map existing CRM systems and help accelerate migrations, with ongoing monitoring for configuration issues. It is in controlled availability, with broader expansion planned for 2027; Datacom and Xactly are among its adopters. The launch could support adoption of ServiceNow’s AI products. Article: ServiceNow launches Autonomous CRM Engine
• Positive Sentiment: ServiceNow was cited as an AI stock to consider after Wells Fargo improved its outlook on the AI infrastructure trade. Separately, the article reports that Argus still rates the stock a Buy, offering a supportive analyst view despite the steep decline. Article: Argus rates ServiceNow a Buy
• Negative Sentiment: A law firm announced an investigation into potential claims on behalf of ServiceNow investors. The announcement does not establish wrongdoing, but could create a reputational or legal overhang as more information emerges. Article: Pomerantz investigation announcement

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.