Bleakley Financial Group LLC Takes Position in ServiceNow, Inc. $NOW

Key Points

• Bleakley Financial Group LLC initiated a new position in ServiceNow during the fourth quarter, buying 23,655 shares worth about $3.62 million.
• Institutional ownership in ServiceNow remains very high, with 87.18% of the stock held by institutions and hedge funds, and several large investors significantly expanded their stakes in the quarter.
• ServiceNow’s recent fundamentals were solid: it reported EPS of $0.97 in line with expectations and 22.1% year-over-year revenue growth to $3.77 billion, though insider selling and AI-related margin/disruption concerns have weighed on sentiment.

Bleakley Financial Group LLC bought a new stake in ServiceNow, Inc. (NYSE:NOW - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 23,655 shares of the information technology services provider's stock, valued at approximately $3,624,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in NOW. Vanguard Group Inc. grew its holdings in shares of ServiceNow by 404.5% during the 4th quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider's stock valued at $15,619,771,000 after purchasing an additional 81,752,460 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of ServiceNow by 404.3% during the 4th quarter. Fisher Asset Management LLC now owns 8,351,824 shares of the information technology services provider's stock valued at $1,279,416,000 after purchasing an additional 6,695,802 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of ServiceNow by 280.1% during the 4th quarter. Jennison Associates LLC now owns 8,432,389 shares of the information technology services provider's stock valued at $1,291,758,000 after purchasing an additional 6,213,762 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of ServiceNow by 406.8% during the 4th quarter. Legal & General Group Plc now owns 6,895,985 shares of the information technology services provider's stock valued at $1,056,396,000 after purchasing an additional 5,535,170 shares during the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of ServiceNow by 388.7% during the 4th quarter. Nordea Investment Management AB now owns 4,706,164 shares of the information technology services provider's stock valued at $720,325,000 after purchasing an additional 3,743,087 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Bank of America reiterated ServiceNow as a top buy, saying AI is a growth engine for the company and highlighting it as better positioned than Salesforce. This kind of analyst support can lift investor sentiment. Article Title
• Positive Sentiment: A new Zacks article and broader market buzz show ServiceNow is trending with investors, suggesting renewed interest in the stock after recent weakness. Article Title
• Neutral Sentiment: ServiceNow presented at the Jefferies Software, Internet & AI Conference, keeping the company in focus but without any clearly reported new financial catalyst in the transcript headline alone. Article Title
• Neutral Sentiment: Market commentary about institutional order flows and software sector weakness provides broader context, but it is not a direct company-specific driver. Article Title
• Negative Sentiment: Recent coverage also notes that investors remain worried AI could disrupt ServiceNow’s business model, and the stock had already fallen sharply earlier in the week after margin concerns despite a revenue beat. Article Title

ServiceNow Stock Performance

Shares of NOW stock opened at $102.15 on Thursday. The firm has a 50-day moving average of $98.00 and a 200-day moving average of $124.18. The company has a market cap of $105.31 billion, a P/E ratio of 60.87, a P/E/G ratio of 1.65 and a beta of 0.82. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $211.48.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting the consensus estimate of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. The firm's revenue for the quarter was up 22.1% on a year-over-year basis. Equities research analysts forecast that ServiceNow, Inc. will post 2.35 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 8,927 shares of the stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $89.60, for a total transaction of $799,859.20. Following the completion of the transaction, the insider owned 29,531 shares in the company, valued at $2,645,977.60. This trade represents a 23.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anita M. Sands sold 16,445 shares of the stock in a transaction dated 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 transaction, the director owned 30,090 shares of the company's stock, valued at $2,712,312.60. This represents a 35.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 28,071 shares of company stock worth $2,529,956 over the last ninety days. Company insiders own 0.34% of the company's stock.

Analyst Ratings Changes

NOW has been the topic of a number of research reports. KeyCorp set a $85.00 target price on shares of ServiceNow and gave the stock an "underweight" rating in a report on Thursday, April 23rd. Raymond James Financial reduced their target price on shares of ServiceNow from $160.00 to $130.00 and set an "outperform" rating on the stock in a report on Thursday, April 23rd. Citigroup boosted their target price on shares of ServiceNow from $154.00 to $158.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Bank of America initiated coverage on shares of ServiceNow in a report on Monday, May 18th. They set a "buy" rating and a $130.00 target price on the stock. Finally, Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $141.85.

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.

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