New York Life Investment Management LLC Purchases 123,495 Shares of ServiceNow, Inc. $NOW

Key Points

• New York Life Investment Management increased its ServiceNow stake by 405.6% in the fourth quarter, buying 123,495 additional shares and bringing its total holding to 153,944 shares worth about $23.6 million.
• Institutional ownership remains heavy, with 87.18% of ServiceNow shares held by institutions, and several other funds also sharply boosted their positions during the quarter.
• Analyst sentiment is still constructive despite recent target cuts: the consensus rating remains “Moderate Buy,” with an average price target of $144.71, while ServiceNow recently reported Q1 results that met EPS expectations and topped revenue estimates.

New York Life Investment Management LLC boosted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 405.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 153,944 shares of the information technology services provider's stock after purchasing an additional 123,495 shares during the quarter. New York Life Investment Management LLC's holdings in ServiceNow were worth $23,583,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of NOW. Cornerstone Wealth Management LLC raised its holdings in ServiceNow by 406.1% in the fourth quarter. Cornerstone Wealth Management LLC now owns 1,827 shares of the information technology services provider's stock worth $280,000 after buying an additional 1,466 shares during the last quarter. Mesirow Financial Investment Management Inc. grew its holdings in shares of ServiceNow by 311.5% during the fourth quarter. Mesirow Financial Investment Management Inc. now owns 2,835 shares of the information technology services provider's stock valued at $434,000 after buying an additional 2,146 shares during the last quarter. Pinnacle Associates Ltd. grew its holdings in shares of ServiceNow by 512.7% during the fourth quarter. Pinnacle Associates Ltd. now owns 19,490 shares of the information technology services provider's stock valued at $2,986,000 after buying an additional 16,309 shares during the last quarter. Simmons Bank increased its position in shares of ServiceNow by 378.7% during the fourth quarter. Simmons Bank now owns 14,595 shares of the information technology services provider's stock valued at $2,236,000 after acquiring an additional 11,546 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich raised its holdings in ServiceNow by 290.8% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 276,155 shares of the information technology services provider's stock worth $42,375,000 after acquiring an additional 205,486 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors.

Insider Activity

In other ServiceNow news, insider Paul Fipps sold 3,696 shares of the company's stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $101.77, for a total transaction of $376,141.92. Following the completion of the sale, the insider directly owned 8,061 shares of the company's stock, valued at approximately $820,367.97. This represents a 31.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 8,927 shares of the stock in a transaction that occurred on Friday, April 24th. The stock was 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. The trade was a 23.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,415 shares of company stock valued at $2,210,933 in the last ninety days. 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 expanded its partnership with Boomi to improve real-time data activation across enterprise systems, strengthening its positioning as a platform for agentic AI and workflow automation. ServiceNow and Boomi partner for data activation
• Positive Sentiment: FedEx is deepening its ServiceNow relationship with a procurement integration, a sign that major enterprise customers are broadening use of the platform and could drive more recurring revenue. FedEx advances ServiceNow partnership with procurement integration
• Positive Sentiment: ServiceNow and Accenture launched an engineering program to scale agentic AI for enterprise clients, which supports the company’s AI growth narrative and suggests more commercialization of its platform. ServiceNow (NOW), Accenture Launch Engineering Program to Scale Agentic AI for Enterprises
• Positive Sentiment: Several articles highlighted ServiceNow as an attractive AI/software name, with commentary suggesting the recent sell-off may be overdone and that investors are focusing on the stock’s long-term AI upside. 1 Incredible Artificial Intelligence (AI) Stock to Buy After Its Post-Earnings Sell-Off
• Neutral Sentiment: Analyst and media coverage remains mixed but generally constructive, with pieces debating whether the market is underestimating the impact of AI on ServiceNow’s business. ServiceNow: The Market Is Misunderstanding The Effects Of AI
• Negative Sentiment: A bearish options trade and commentary about further downside show that some traders still expect weakness, reflecting lingering pressure on the stock after its post-earnings decline. See ServiceNow Stock Heading Lower? This Trade Profits From Further Downside.
• Negative Sentiment: An insider sale by Paul Fipps was disclosed, which can add to short-term caution even though it was small and made under a pre-arranged trading plan. SEC insider filing for Paul Fipps

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. BTIG Research reaffirmed a "buy" rating and issued a $150.00 price objective on shares of ServiceNow in a research report on Monday, May 4th. Raymond James Financial decreased their price target on ServiceNow from $160.00 to $130.00 and set an "outperform" rating for the company in a research note on Thursday, April 23rd. Wall Street Zen downgraded ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. JPMorgan Chase & Co. dropped their price objective on ServiceNow from $195.00 to $145.00 and set an "overweight" rating on the stock in a research report on Thursday, April 23rd. Finally, Mizuho decreased their target price on ServiceNow from $150.00 to $140.00 and set an "outperform" rating for the company in a research report on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $144.71.

ServiceNow Stock Performance

Shares of NOW opened at $90.56 on Friday. The firm has a market capitalization of $93.37 billion, a P/E ratio of 53.97, a PEG ratio of 1.54 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. The business has a fifty day moving average of $100.89 and a 200 day moving average of $129.31.

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 company had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.ServiceNow's revenue was up 22.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 earnings per share. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 2.35 EPS for the current year.

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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