Kestra Advisory Services LLC Acquires 35,484 Shares of ServiceNow, Inc. $NOW

Kestra Advisory Services LLC raised its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 38.7% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 127,269 shares of the information technology services provider’s stock after purchasing an additional 35,484 shares during the period. Kestra Advisory Services LLC’s holdings in ServiceNow were worth $17,055,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of ServiceNow in the second quarter valued at about $9,536,615,000. State Street Corp lifted its position in shares of ServiceNow by 2.0% during the second 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 purchasing an additional 979,726 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of ServiceNow by 16.6% during the second 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 purchasing an additional 2,362,606 shares in the last quarter. Amundi boosted its holdings in ServiceNow by 60.9% during the first quarter. Amundi now owns 11,479,098 shares of the information technology services provider’s stock worth $1,200,140,000 after purchasing an additional 4,346,722 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in ServiceNow by 6.5% during the first quarter. Bank of New York Mellon Corp now owns 8,526,931 shares of the information technology services provider’s stock worth $891,491,000 after purchasing an additional 518,263 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 7,847 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $138.00, for a total value of $1,082,886.00. Following the completion of the sale, the insider owned 30,042 shares of the company’s stock, valued at $4,145,796. This represents a 20.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Chamberlain sold 2,700 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $135.50, for a total value of $365,850.00. Following the completion of the sale, the director directly owned 43,990 shares of the company’s stock, valued at approximately $5,960,645. This represents a 5.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 14,081 shares of company stock valued at $1,937,904. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on NOW shares. Royal Bank Of Canada set a $165.00 price objective on shares of ServiceNow and gave the stock an “outperform” rating in a research report on Thursday, October 29th. The Goldman Sachs Group reissued a “buy” rating on shares of ServiceNow in a research report on Monday, August 3rd. Truist Financial set a $150.00 target price on ServiceNow and gave the stock a “buy” rating in a research note on Thursday, October 29th. Jefferies Financial Group set a $145.00 target price on ServiceNow in a research note on Thursday, October 29th. Finally, UBS Group reaffirmed an “underweight” rating on shares of ServiceNow in a report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently 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: ServiceNow is broadening its agentic-AI partnership with LTM, aiming to take AI workflows to more enterprise customers. The company also highlighted deployments and selections by customers including LTM, KORE and Keysight, supporting its case that businesses are adopting its AI platform. ServiceNow expands enterprise AI partnerships
• Positive Sentiment: ServiceNow raised its AI contract-value target to $1.7 billion, and its CFO described fears that AI will disrupt the company’s business as unfounded. These points may help reassure investors about AI’s potential as a growth driver. ServiceNow Q3 earnings call highlights
• Neutral Sentiment: The NBA extended its partnership with ServiceNow, adopting EmployeeWorks for employee self-service and workplace requests. The deal adds a customer use case, though its near-term financial impact was not specified. NBA and ServiceNow extend partnership
• Negative Sentiment: Investors are focused on the outlook: despite a third-quarter revenue beat, ServiceNow’s fourth-quarter current remaining performance obligations growth forecast of 18.5% disappointed the market and prompted concerns about slowing backlog growth. The stock has fallen sharply since the report. ServiceNow outlook and AI concerns
• Negative Sentiment: ServiceNow is undertaking another round of layoffs, while third-quarter severance costs rose to $87 million from $24 million a year earlier. Separate reports that the board approved $127 million in retention awards as the company cuts jobs may also draw scrutiny over costs and priorities. ServiceNow layoffs and severance costs
• Negative Sentiment: ETFs were net sellers of $29.5 million in ServiceNow shares on Wednesday, adding a modest near-term headwind. ETF selling of ServiceNow shares

ServiceNow Price Performance

NYSE NOW opened at $101.91 on Monday. The company has a market cap of $105.78 billion, a PE ratio of 73.32, a price-to-earnings-growth ratio of 1.99 and a beta of 1.00. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week 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 firm’s 50-day simple moving average is $136.31 and its two-hundred day simple moving average is $114.81.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $4.09 billion. During the same period in the previous year, the firm earned $4.82 EPS. The company’s revenue was up 20.5% compared to the same quarter last year. Research analysts predict that ServiceNow, Inc. will post 2.12 earnings per share for the current year.

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.

ServiceNow serves businesses and public-sector organizations around the world.