Rockefeller Capital Management L.P. Acquires 446,667 Shares of ServiceNow, Inc. $NOW

Key Points

• Rockefeller Capital Management boosted its ServiceNow stake by 649.2% in the fourth quarter, adding 446,667 shares and ending with 515,470 shares valued at about $79 million.
• ServiceNow continues to attract mostly bullish analyst coverage, with a consensus rating of Moderate Buy and an average price target of $142.17 despite some mixed individual target revisions.
• The company recently reported strong quarterly results, matching EPS estimates at $0.97 and topping revenue expectations with $3.77 billion in sales, up 22.1% year over year.

Rockefeller Capital Management L.P. grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 649.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 515,470 shares of the information technology services provider's stock after purchasing an additional 446,667 shares during the period. Rockefeller Capital Management L.P.'s holdings in ServiceNow were worth $78,965,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NOW. Meridian Wealth Advisors LLC increased its stake in ServiceNow by 2.2% during the 3rd quarter. Meridian Wealth Advisors LLC now owns 552 shares of the information technology services provider's stock worth $508,000 after acquiring an additional 12 shares during the period. Catalyst Financial Partners LLC grew its holdings in shares of ServiceNow by 1.0% during the 3rd quarter. Catalyst Financial Partners LLC now owns 1,270 shares of the information technology services provider's stock worth $1,169,000 after purchasing an additional 13 shares in the last quarter. JT Stratford LLC increased its position in shares of ServiceNow by 3.5% in the third quarter. JT Stratford LLC now owns 385 shares of the information technology services provider's stock worth $354,000 after purchasing an additional 13 shares during the period. Abbot Financial Management Inc. raised its stake in ServiceNow by 2.9% in the third quarter. Abbot Financial Management Inc. now owns 502 shares of the information technology services provider's stock valued at $462,000 after purchasing an additional 14 shares in the last quarter. Finally, Cozad Asset Management Inc. raised its stake in ServiceNow by 6.7% in the third quarter. Cozad Asset Management Inc. now owns 223 shares of the information technology services provider's stock valued at $205,000 after purchasing an additional 14 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow expanded its agentic AI ecosystem through new partnerships with Wipro, Digimarc, and HPE, reinforcing demand for its platform in enterprise automation and AIOps. ServiceNow (NOW) Expands Agentic AI With Wipro Digimarc And HPE Partnerships
• Positive Sentiment: Analyst-style coverage is constructive, with articles highlighting ServiceNow as a leading generative AI software name and citing strong buy ratings and upside potential from current levels. Why is ServiceNow (NOW) the Best Generative AI Software Stock to Buy in June
• Positive Sentiment: ServiceNow’s AI Control Tower is being viewed as a potential growth engine as enterprises look for governance and orchestration tools to manage expanding AI deployments. Can AI Control Tower Become ServiceNow's Next Growth Engine?
• Positive Sentiment: New ecosystem announcements with Aria Systems and Cognizant suggest ServiceNow is deepening integration across telecom and multi-agent enterprise workflows, which could support future platform adoption. Aria Systems and ServiceNow Replace Decades of Complexity by Launching the World’s First Agentic BSS for Telecoms Cognizant expands cross-platform agentic AI with new ServiceNow AI Agent interoperability
• Neutral Sentiment: Several AI infrastructure and industry commentary pieces underscore the broader demand for enterprise AI tools, but they are more thematic than directly tied to near-term ServiceNow financial results. Cloud AI Update - Exploring AI's Future Infrastructure Challenges And Solutions
• Negative Sentiment: The Seeking Alpha piece arguing that the “AI threat is overstated” implies there is still debate about whether AI could pressure software vendors, though the article itself is more reassuring than alarming for ServiceNow. ServiceNow: The AI Threat Is Overstated

ServiceNow Stock Up 0.5%

NYSE:NOW opened at $95.51 on Friday. The firm's 50 day simple moving average is $99.56 and its 200 day simple moving average is $117.81. 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 company has a market cap of $98.47 billion, a PE ratio of 56.92, a P/E/G ratio of 1.58 and a beta of 0.94.

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 (EPS) for the quarter, meeting the consensus estimate of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The firm had revenue of $3.77 billion during the quarter, compared to analysts' expectations of $3.75 billion. During the same period in the prior year, the company posted $0.81 EPS. The company's revenue was up 22.1% on a year-over-year basis. On average, research analysts anticipate that ServiceNow, Inc. will post 2.34 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have commented on NOW. KeyCorp set a $85.00 target price on shares of ServiceNow and gave the company an "underweight" rating in a report on Thursday, April 23rd. Barclays reissued an "overweight" rating and issued a $134.00 price objective (up from $132.00) on shares of ServiceNow in a research note on Tuesday, May 5th. TD Cowen restated a "buy" rating and set a $140.00 target price on shares of ServiceNow in a research note on Thursday, April 23rd. Mizuho reduced their target price on ServiceNow from $150.00 to $140.00 and set an "outperform" rating on the stock in a report on Thursday, April 23rd. Finally, Canaccord Genuity Group lowered their price target on ServiceNow from $200.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $142.17.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of ServiceNow 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 transaction, the director directly owned 44,930 shares of the company's stock, valued at approximately $3,919,243.90. The trade was a 3.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jacqueline P. Canney sold 8,927 shares of the company's stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the completion of the sale, the insider owned 29,531 shares in the company, valued at $2,645,977.60. This trade represents a 23.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 28,071 shares of company stock worth $2,529,956. Company insiders own 0.34% of the company's stock.

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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.