Harvest Portfolios Group Inc. Has $23.03 Million Holdings in ServiceNow, Inc. $NOW

Key Points

• Harvest Portfolios Group Inc. boosted its ServiceNow stake by 441.3% in the fourth quarter, ending with 150,332 shares valued at about $23.03 million.
• Institutional interest in ServiceNow remains strong, with major firms like Vanguard, Jennison, Nordea, Pictet, and Swedbank also sharply increasing their holdings. Overall, institutions own 87.18% of the stock.
• Analysts are broadly constructive on the company: ServiceNow has a Moderate Buy consensus and an average price target of $141.89, even as some firms recently trimmed targets. The article also notes recent insider selling and mixed sentiment around AI-related valuation concerns.

Harvest Portfolios Group Inc. increased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 441.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 150,332 shares of the information technology services provider's stock after acquiring an additional 122,562 shares during the quarter. Harvest Portfolios Group Inc.'s holdings in ServiceNow were worth $23,029,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of NOW. Vanguard Group Inc. raised 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 acquiring an additional 81,752,460 shares during the period. Jennison Associates LLC raised its holdings in ServiceNow by 280.1% in the 4th quarter. Jennison Associates LLC now owns 8,432,389 shares of the information technology services provider's stock worth $1,291,758,000 after acquiring an additional 6,213,762 shares during the period. Nordea Investment Management AB raised its holdings in ServiceNow by 388.7% in the 4th quarter. Nordea Investment Management AB now owns 4,706,164 shares of the information technology services provider's stock worth $720,325,000 after acquiring an additional 3,743,087 shares during the period. Pictet Asset Management Holding SA raised its holdings in ServiceNow by 613.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 3,840,262 shares of the information technology services provider's stock worth $588,326,000 after acquiring an additional 3,301,962 shares during the period. Finally, Swedbank AB raised its holdings in ServiceNow by 326.9% in the 4th quarter. Swedbank AB now owns 3,415,650 shares of the information technology services provider's stock worth $523,243,000 after acquiring an additional 2,615,500 shares during the period. Institutional investors own 87.18% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Cantor Fitzgerald dropped their target price on shares of ServiceNow to $122.00 and set an "overweight" rating on the stock in a report on Thursday, April 23rd. Truist Financial dropped their target price on shares of ServiceNow from $125.00 to $120.00 and set a "buy" rating on the stock in a report on Thursday, April 23rd. Wolfe Research set a $125.00 target price on shares of ServiceNow in a report on Thursday, April 23rd. Benchmark assumed coverage on shares of ServiceNow in a research report on Wednesday, April 1st. They set a "buy" rating and a $125.00 price objective for the company. Finally, Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. Two analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $141.89.

Insider Activity

In other ServiceNow news, Director Anita M. Sands sold 16,445 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the transaction, the director directly owned 30,090 shares in the company, valued at $2,712,312.60. The trade was a 35.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul Edward Chamberlain sold 1,500 shares of the business'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 completion of the transaction, the director owned 44,930 shares in the company, valued at approximately $3,919,243.90. This trade represents 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. Insiders have sold 31,767 shares of company stock valued at $2,906,098 in the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

ServiceNow Stock Performance

NYSE NOW opened at $101.71 on Wednesday. The stock has a market cap of $104.86 billion, a P/E ratio of 60.61, a PEG ratio of 1.76 and a beta of 0.82. The company's 50-day simple moving average is $99.72 and its 200 day simple moving average is $127.48. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $211.48. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13.

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

ServiceNow News Summary

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Bank of America reinstated ServiceNow with a Buy rating and $130 price target, saying the company is well positioned for the agentic AI era. BofA Reinstates Coverage of ServiceNow, Salesforce. It Says 1 Is an AI Beneficiary.
• Positive Sentiment: Analysts and media reports said concerns about AI disrupting ServiceNow may be overblown and that AI could instead strengthen its enterprise workflow business. ServiceNow Stock Has Been Battered By AI Disruption Worries. These Experts Think AI Will Actually Boost Its Business
• Positive Sentiment: ServiceNow’s partnership with Experian and its new AI governance products support the view that the company is becoming more central to enterprise AI infrastructure. ServiceNow (NOW) Partners With Experian to Power Autonomous AI Agents With Trusted Data
• Neutral Sentiment: Broader software-sector strength is also helping NOW, as investors rotate back into beaten-down application software names. ServiceNow’s stock heads for best day in a year — flashing a green light for the software sector
• Negative Sentiment: Some reports still point to lingering valuation and “SaaSpocalypse” concerns, suggesting the rebound may not be fully settled yet. ServiceNow stock flashes a death cross amid rising SaaSpocalypse concerns

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.

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