PNC Financial Services Group Inc. Raises Stake in ServiceNow, Inc. $NOW

Key Points

• PNC Financial Services Group boosted its stake in ServiceNow by 378% in the fourth quarter, buying 774,904 additional shares and bringing its holdings to 979,900 shares worth about $150.1 million.
• ServiceNow reported solid quarterly results, with EPS of $0.97 matching estimates and revenue of $3.77 billion slightly ahead of forecasts. Revenue rose 22.1% year over year.
• Wall Street sentiment remains broadly positive, with multiple firms maintaining or raising buy/outperform ratings and a consensus price target of $141.89, while some analysts see the stock as increasingly tied to AI-driven workflow demand.

PNC Financial Services Group Inc. boosted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 378.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 979,900 shares of the information technology services provider's stock after purchasing an additional 774,904 shares during the quarter. PNC Financial Services Group Inc. owned about 0.09% of ServiceNow worth $150,111,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Saranac Partners Ltd raised its stake in ServiceNow by 438.0% during the fourth quarter. Saranac Partners Ltd now owns 23,460 shares of the information technology services provider's stock valued at $3,601,000 after buying an additional 19,099 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of ServiceNow in the fourth quarter worth $1,167,000. Tredje AP fonden bought a new position in shares of ServiceNow during the fourth quarter valued at $85,724,000. Larson Financial Group LLC increased its holdings in shares of ServiceNow by 348.8% during the fourth quarter. Larson Financial Group LLC now owns 3,846 shares of the information technology services provider's stock valued at $589,000 after acquiring an additional 2,989 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its position in shares of ServiceNow by 403.0% in the 4th quarter. Handelsbanken Fonder AB now owns 824,376 shares of the information technology services provider's stock worth $126,286,000 after purchasing an additional 660,496 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

ServiceNow Trading Up 1.3%

ServiceNow stock opened at $103.13 on Thursday. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $211.48. The company has a market cap of $106.33 billion, a P/E ratio of 61.46, a P/E/G ratio of 1.85 and a beta of 0.82. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The business has a 50-day simple moving average of $99.35 and a two-hundred day simple moving average of $126.89.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, hitting the consensus estimate of $0.97. The firm 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 business's quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.81 EPS. Analysts predict that ServiceNow, Inc. will post 2.35 EPS for the current year.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Bank of America restarted coverage on ServiceNow with a Buy rating and a $130 target, calling it an AI winner in the emerging agentic AI era. BofA Reinstates Coverage of ServiceNow, Salesforce. It Says 1 Is an AI Beneficiary.
• Positive Sentiment: Several articles said Wall Street is warming to ServiceNow because its workflow software could serve as a control layer for AI agents, easing fears that AI will replace its business. Wall Street Is Warming Up to ServiceNow Stock. That’s Because It’s Now a Bet on Agentic AI.
• Positive Sentiment: Analysts and commentators highlighted that the recent selloff may have been overdone, with ServiceNow’s valuation looking more attractive after a sharp yearlong decline. Assessing ServiceNow (NOW) Valuation After A Year Of Sharp Share Price Declines
• Positive Sentiment: Media and analyst pieces also framed the stock’s rebound as part of a broader rotation back into software names, with ServiceNow singled out as one of the sector leaders. ServiceNow and Snowflake Stocks Trade Up, What You Need To Know
• Neutral Sentiment: Some reports noted that the stock has fallen sharply over the past year despite revenue and profit growth, so investors are still weighing strong fundamentals against a still-extended valuation. After a 50% Drop, Is ServiceNow Stock Worth Buying?
• Negative Sentiment: There are still lingering concerns that AI disruption could pressure traditional enterprise software, and some commentary warned the recent bounce could fade if those fears return. ServiceNow stock flashes a death cross amid rising SaaSpocalypse concerns

Analyst Ratings Changes

A number of research firms have weighed in on NOW. Oppenheimer set a $130.00 price objective on shares of ServiceNow and gave the company an "outperform" rating in a research note on Wednesday, April 15th. Evercore upped their target price on shares of ServiceNow from $140.00 to $150.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 5th. The Goldman Sachs Group cut their price target on shares of ServiceNow from $188.00 to $163.00 and set a "buy" rating on the stock in a report on Thursday, April 23rd. Royal Bank Of Canada reissued an "outperform" rating and set a $121.00 price target on shares of ServiceNow in a research report on Tuesday, May 5th. Finally, DA Davidson restated a "buy" rating and issued a $190.00 price objective on shares of ServiceNow in a report on Tuesday, May 5th. Two research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $141.89.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 8,927 shares of the stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the transaction, the insider directly owned 29,531 shares in the company, valued at approximately $2,645,977.60. This trade represents a 23.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anita M. Sands sold 16,445 shares of the business's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the sale, the director directly owned 30,090 shares of the company's stock, valued at approximately $2,712,312.60. The trade was a 35.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 31,767 shares of company stock valued at $2,906,098 over the last three months. Insiders own 0.34% of the company's stock.

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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