Bank of Nova Scotia Purchases 353,749 Shares of ServiceNow, Inc. $NOW

Bank of Nova Scotia raised its position in ServiceNow, Inc. (NYSE:NOW) by 53.3% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,018,036 shares of the information technology services provider’s stock after acquiring an additional 353,749 shares during the period. Bank of Nova Scotia owned approximately 0.10% of ServiceNow worth $106,436,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC grew its holdings in shares of ServiceNow by 1.1% during the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after buying an additional 30 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in shares of ServiceNow by 4.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider’s stock worth $861,000 after acquiring an additional 34 shares during the last quarter. United Bank lifted its position in ServiceNow by 15.5% in the 2nd quarter. United Bank now owns 1,519 shares of the information technology services provider’s stock valued at $1,562,000 after acquiring an additional 204 shares in the last quarter. Riggs Asset Managment Co. Inc. lifted its position in ServiceNow by 2.2% in the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider’s stock valued at $1,976,000 after acquiring an additional 42 shares in the last quarter. Finally, Nebula Research & Development LLC boosted its stake in ServiceNow by 205.1% during the 2nd quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider’s stock valued at $931,000 after purchasing an additional 609 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Performance

Shares of NOW stock opened at $92.15 on Friday. The firm has a market cap of $95.00 billion, a price-to-earnings ratio of 57.59, a P/E/G ratio of 1.60 and a beta of 0.96. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $210.20. The firm’s 50-day simple moving average is $104.70 and its two-hundred day simple moving average is $107.77.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a net margin of 11.34% and a return on equity of 16.63%. The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same period in the prior year, the firm earned $0.81 EPS. The company’s revenue was up 24.0% compared to the same quarter last year. As a group, equities analysts forecast that ServiceNow, Inc. will post 2.33 earnings per share for the current year.

Analyst Ratings Changes

NOW has been the subject of a number of recent research reports. Raymond James Financial decreased their price objective on ServiceNow from $160.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. Bank of America started coverage on ServiceNow in a report on Monday, May 18th. They set a “buy” rating and a $130.00 price target for the company. Argus lowered their price target on ServiceNow from $180.00 to $134.00 and set a “buy” rating for the company in a research report on Friday, April 24th. Jefferies Financial Group restated a “buy” rating and set a $140.00 price objective (up from $135.00) on shares of ServiceNow in a research note on Thursday. Finally, Weiss Ratings downgraded shares of ServiceNow from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $143.39.

Insider Activity at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 16,445 shares of the stock in a transaction on Thursday, May 14th. The stock was 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. This represents a 35.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of the sale, the director directly owned 44,930 shares of the company’s stock, valued at $3,919,243.90. This represents a 3.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 19,144 shares of company stock worth $1,730,097. Insiders own 0.34% of the company’s stock.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow beat Q2 earnings and revenue estimates, showing that demand for its workflow and AI products remains healthy.
• Positive Sentiment: The company raised its annual subscription revenue forecast again, which signals management confidence in continued growth.
• Positive Sentiment: AI-related momentum was a major highlight, with AI contract value topping $1 billion and multiple reports saying customers are adopting ServiceNow’s AI platform more aggressively.
• Positive Sentiment: Several analysts turned more constructive after earnings, including price-target increases and reaffirmed buy/overweight ratings.
• Neutral Sentiment: New partnerships and customer wins, including Experian, Leidos, TeamViewer, and Exclusive Networks, support the long-term platform story but are less likely to move the stock immediately. Article Title
• Negative Sentiment: Some investors remain worried that new AI tools from OpenAI and others could pressure legacy enterprise software, which has created volatility even after the earnings beat.

ServiceNow Company Profile

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.