Canandaigua National Bank & Trust Co. Purchases Shares of 14,848 ServiceNow, Inc. $NOW

Canandaigua National Bank & Trust Co. purchased a new position in ServiceNow, Inc. (NYSE:NOW) in the second quarter, HoldingsChannel reports. The firm purchased 14,848 shares of the information technology services provider’s stock, valued at approximately $1,474,000.

Several other institutional investors and hedge funds have also recently modified their holdings of NOW. Vanguard Group Inc. boosted its holdings in ServiceNow by 404.5% in the 4th quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock worth $15,619,771,000 after buying an additional 81,752,460 shares during the period. State Street Corp raised its holdings in ServiceNow by 406.6% during the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock valued at $7,337,280,000 after acquiring an additional 38,441,898 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of ServiceNow by 371.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock valued at $4,962,692,000 after acquiring an additional 25,517,218 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of ServiceNow by 404.8% in the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock valued at $3,591,425,000 after acquiring an additional 18,854,775 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of ServiceNow by 335.6% in the fourth quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock worth $3,482,543,000 after acquiring an additional 17,514,679 shares during the period. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Trading Down 0.9%

Shares of NYSE NOW opened at $117.10 on Thursday. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $194.73. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The business’s 50 day moving average is $106.55 and its two-hundred day moving average is $105.80. The stock has a market capitalization of $121.08 billion, a P/E ratio of 73.19, a PEG ratio of 2.08 and a beta of 0.94.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The company’s quarterly revenue was up 24.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 EPS. As a group, research analysts expect that ServiceNow, Inc. will post 2.24 EPS for the current year.

Key Headlines Impacting ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow launched six autonomous security products built on its Armis and Veza acquisitions, strengthening its position in enterprise cybersecurity and expanding its AI-driven product portfolio. ServiceNow debuts six autonomous security products built on Armis and Veza
• Positive Sentiment: New healthcare partnerships with Hyro and Autonomize AI are adding agentic AI, workflow automation, and fraud-prevention applications to the ServiceNow Store, supporting use-case expansion and potential recurring revenue growth. Hyro partners with ServiceNow
• Positive Sentiment: Analysts and investment commentators continue to describe NOW as an “enterprise AI bargain,” citing strong subscription growth, AI monetization, and a cybersecurity business that reportedly exceeds $1 billion and is growing rapidly. ServiceNow built a billion-dollar cybersecurity business
• Neutral Sentiment: ServiceNow named Simon Mouyal as chief marketing officer, an executive change that could support go-to-market efforts but has no immediate financial impact. ServiceNow names Simon Mouyal chief marketing officer
• Negative Sentiment: The main overhang is that NOW’s sizable year-to-date decline reflects investor concerns about AI competition, elevated valuation, and the broader software sell-off. These concerns are pressuring the stock even though operating growth remains solid. ServiceNow drops 23 percent year to date
• Negative Sentiment: ServiceNow’s planned reduction of approximately 1,000 jobs may improve efficiency and margins, but it also signals cost discipline and potential uncertainty around near-term growth, contributing to investor caution. ServiceNow cuts 1,000 jobs

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 16,445 shares of ServiceNow stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the completion of the transaction, the director directly owned 30,090 shares of the company’s stock, valued at approximately $2,712,312.60. The trade was a 35.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul Edward Chamberlain sold 1,500 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $87.23, for a total transaction of $130,845.00. Following the transaction, the director owned 44,930 shares in the company, valued at $3,919,243.90. The trade was a 3.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 19,144 shares of company stock worth $1,730,097. 0.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Guggenheim upgraded shares of ServiceNow from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a research report on Wednesday, July 1st. CLSA began coverage on shares of ServiceNow in a report on Monday, July 20th. They set an “underperform” rating and a $72.00 price objective for the company. Truist Financial raised their price objective on ServiceNow from $120.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. FBN Securities dropped their price target on ServiceNow from $160.00 to $120.00 in a research note on Thursday, April 23rd. Finally, Argus reduced their price objective on ServiceNow from $180.00 to $134.00 and set a “buy” rating on the stock in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average target price of $143.39.

About ServiceNow

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.