5,586 ServiceNow, Inc. $NOW Shares Bought by New York Life Investment Management LLC

by · The Cerbat Gem

New York Life Investment Management LLC raised its position in ServiceNow, Inc. (NYSE:NOW – Free Report) by 3.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 173,947 shares of the information technology services provider’s stock after purchasing an additional 5,586 shares during the quarter. New York Life Investment Management LLC’s holdings in ServiceNow were worth $23,311,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new position in ServiceNow in the second quarter valued at approximately $9,536,615,000. Bank of New York Mellon Corp acquired a new stake in ServiceNow during the second quarter worth $712,573,000. Legal & General Group Plc acquired a new stake in ServiceNow during the second quarter worth $641,888,000. Bank of America Corp DE acquired a new stake in ServiceNow during the second quarter worth $627,355,000. Finally, Deutsche Bank AG purchased a new stake in ServiceNow in the second quarter valued at $595,157,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

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

ServiceNow Price Performance

ServiceNow stock opened at $99.35 on Wednesday. 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, Inc. has a 52-week low of $81.24 and a 52-week high of $175.00. The firm 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. The company’s 50 day moving average is $134.49 and its two-hundred day moving average is $114.55.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NOW. Piper Sandler reaffirmed an “overweight” rating and issued a $175.00 price target on shares of ServiceNow in a research note on Thursday, October 29th. The Goldman Sachs Group reiterated a “buy” rating on shares of ServiceNow in a report on Monday, August 3rd. Yorkville Ives assumed coverage on ServiceNow in a research report on Monday, October 5th. They set an “outperform” rating and a $160.00 price objective for the company. Weiss Ratings lowered shares of ServiceNow from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, October 30th. Finally, Argus restated a “buy” rating and issued a $170.00 price objective on shares of ServiceNow in a report on Tuesday, November 3rd. One 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 given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $154.50.

View Our Latest Stock Analysis on ServiceNow

Insider Activity

In other news, insider Paul Fipps sold 2,034 shares of the stock in a transaction 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 sale, the insider directly owned 18,305 shares in the company, valued at approximately $2,706,760.35. This trade represents a 10.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline Canney sold 1,289 shares of ServiceNow stock in a transaction on Monday, November 9th. The shares were sold at an average price of $101.70, for a total value of $131,091.30. Following the completion of the transaction, the insider owned 30,042 shares of the company’s stock, valued at approximately $3,055,271.40. This trade represents a 4.11% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 15,370 shares of company stock worth $2,068,995. Corporate insiders own 0.34% of the company’s stock.

ServiceNow Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW – Free Report).