Norges Bank Acquires New Stake in ServiceNow, Inc. $NOW

Key Points

• Norges Bank disclosed a new stake in ServiceNow, buying 13.19 million shares valued at about $2.02 billion, which amounts to roughly 1.26% of the company.
• Several other institutional investors also increased their holdings, and overall institutional ownership stands at 87.18% of ServiceNow’s stock.
• Company insiders have been selling shares recently, including directors Paul Edward Chamberlain and Anita M. Sands, while ServiceNow’s latest earnings met EPS expectations and slightly topped revenue estimates with 22.1% year-over-year revenue growth.

Norges Bank acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 13,192,716 shares of the information technology services provider's stock, valued at approximately $2,020,992,000. Norges Bank owned approximately 1.26% of ServiceNow as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cohen Klingenstein LLC grew its holdings in shares of ServiceNow by 400.0% in the fourth quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider's stock worth $1,532,000 after acquiring an additional 8,000 shares during the period. World Investment Advisors grew its holdings in shares of ServiceNow by 411.7% in the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider's stock worth $7,218,000 after acquiring an additional 38,583 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of ServiceNow by 385.9% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,599,397 shares of the information technology services provider's stock worth $398,202,000 after acquiring an additional 2,064,440 shares during the period. Moors & Cabot Inc. grew its holdings in shares of ServiceNow by 387.7% in the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider's stock worth $6,990,000 after acquiring an additional 36,274 shares during the period. Finally, Torray Investment Partners LLC grew its holdings in shares of ServiceNow by 390.5% in the fourth quarter. Torray Investment Partners LLC now owns 40,629 shares of the information technology services provider's stock worth $6,224,000 after acquiring an additional 32,345 shares during the period. Institutional investors own 87.18% of the company's stock.

Insiders Place Their Bets

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the firm's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the sale, the director directly owned 44,930 shares of the company's stock, valued at $3,919,243.90. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anita M. Sands sold 16,445 shares of the firm'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 sale, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 28,071 shares of company stock valued at $2,529,956 in the last ninety days. Insiders own 0.34% of the company's stock.

ServiceNow Price Performance

NYSE NOW opened at $124.56 on Friday. The company has a market capitalization of $128.42 billion, a PE ratio of 74.23, a price-to-earnings-growth ratio of 1.80 and a beta of 0.82. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The business's fifty day moving average is $98.05 and its 200 day moving average is $123.74. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $211.48.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, meeting the consensus estimate 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 quarterly revenue was up 22.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.81 earnings per share. Sell-side analysts predict that ServiceNow, Inc. will post 2.35 earnings per share for the current year.

Trending Headlines about ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow is benefiting from a sector-wide rebound in software stocks after Snowflake’s strong earnings suggested AI is more of an opportunity than a threat for enterprise platforms. ServiceNow (NOW) Stock Trades Up, Here Is Why
• Positive Sentiment: Investors are also responding to ServiceNow’s expanding AI narrative, including its position as a key platform for agentic AI workflows and enterprise automation. ServiceNow's stock soars toward historic month as AI fears fade across software
• Positive Sentiment: Coverage calling ServiceNow a buy at current levels and setting a higher price target is adding to the bullish sentiment around the stock’s valuation reset. Buy, Hold, or Sell: Is This Cloud Automation Juggernaut a Steal Following Its Massive Valuation Reset?
• Positive Sentiment: Momentum from partnerships and AI-related headlines, including Wipro’s expanded ServiceNow collaboration, is reinforcing the company’s relevance in enterprise automation. Wipro stock gains 4%: can its ServiceNow tie-up drive growth?
• Neutral Sentiment: Unusually high options activity suggests traders are positioning for continued volatility in ServiceNow shares. ServiceNow Sees Unusually High Options Volume NYSE: NOW

Analyst Ratings Changes

NOW has been the subject of several research analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $121.00 price objective on shares of ServiceNow in a report on Tuesday, May 5th. Argus cut their price objective on ServiceNow from $180.00 to $134.00 and set a "buy" rating for the company in a report on Friday, April 24th. Truist Financial cut their price objective on ServiceNow from $125.00 to $120.00 and set a "buy" rating for the company in a report on Thursday, April 23rd. Jefferies Financial Group reaffirmed a "buy" rating and issued a $135.00 price objective (down from $175.00) on shares of ServiceNow in a report on Thursday, April 23rd. Finally, Benchmark initiated coverage on ServiceNow in a report on Wednesday, April 1st. They issued a "buy" rating and a $125.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $141.85.

ServiceNow 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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