ProShare Advisors LLC Has $37.51 Million Stake in ServiceNow, Inc. $NOW

Key Points

• ProShare Advisors LLC increased its ServiceNow stake by 426.3% in the fourth quarter, ending with 244,862 shares valued at about $37.5 million.
• Recent reports have been broadly positive for ServiceNow, including Bank of America’s Buy rating and $130 price target, with analysts saying AI trends may strengthen rather than hurt the company’s workflow software business.
• ServiceNow’s latest earnings topped expectations on revenue and matched EPS estimates, while the stock has remained under pressure amid valuation and AI-disruption concerns despite strong institutional ownership and continued analyst support.

ProShare Advisors LLC raised its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 426.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 244,862 shares of the information technology services provider's stock after purchasing an additional 198,341 shares during the quarter. ProShare Advisors LLC's holdings in ServiceNow were worth $37,510,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. IAG Wealth Partners LLC raised its stake in shares of ServiceNow by 200.0% in the 3rd quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 18 shares during the period. Wealth Watch Advisors INC acquired a new stake in shares of ServiceNow in the 3rd quarter valued at about $29,000. Texas Capital Bancshares Inc TX acquired a new stake in shares of ServiceNow in the 3rd quarter valued at about $37,000. Ameriflex Group Inc. raised its stake in shares of ServiceNow by 187.5% in the 3rd quarter. Ameriflex Group Inc. now owns 46 shares of the information technology services provider's stock valued at $42,000 after purchasing an additional 30 shares during the period. Finally, Kelleher Financial Advisors acquired a new stake in shares of ServiceNow in the 3rd quarter valued at about $50,000. Institutional investors and hedge funds own 87.18% of the company's stock.

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on NOW. Mizuho dropped their price target on ServiceNow from $150.00 to $140.00 and set an "outperform" rating on the stock in a research note on Thursday, April 23rd. BTIG Research reiterated a "buy" rating and set a $150.00 target price on shares of ServiceNow in a report on Monday, May 4th. The Goldman Sachs Group dropped their target price on ServiceNow from $188.00 to $163.00 and set a "buy" rating on the stock in a report on Thursday, April 23rd. Evercore upped their target price on ServiceNow from $140.00 to $150.00 and gave the stock an "outperform" rating in a report on Tuesday, May 5th. Finally, UBS Group set a $150.00 target price on ServiceNow in a report on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $141.89.

ServiceNow Stock Performance

NOW opened at $101.71 on Wednesday. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $211.48. The firm has a market capitalization of $104.86 billion, a PE ratio of 60.61, a PEG ratio of 1.76 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 50-day simple moving average is $99.72 and its 200 day simple moving average is $127.48.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, hitting analysts' consensus estimates of $0.97. The firm 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%.The business's revenue was up 22.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.81 earnings per share. As a group, sell-side analysts expect that ServiceNow, Inc. will post 2.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the transaction, the director owned 44,930 shares of the company's stock, valued at $3,919,243.90. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 3,696 shares of the business's stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $101.77, for a total value of $376,141.92. Following the transaction, the insider directly owned 8,061 shares in the company, valued at approximately $820,367.97. This trade represents a 31.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 31,767 shares of company stock worth $2,906,098 in the last three months. 0.34% of the stock is owned by corporate insiders.

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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