Saranac Partners Ltd Grows Stock Position in ServiceNow, Inc. $NOW

Key Points

• Saranac Partners Ltd boosted its ServiceNow stake by 438% in the fourth quarter, ending with 23,460 shares valued at about $3.6 million.
• Other major institutions also increased their holdings, including Vanguard, Jennison Associates, Nordea, Pictet, and Swedbank, with institutional investors now owning 87.18% of ServiceNow’s stock.
• ServiceNow reported Q1 earnings of $0.97 per share and revenue of $3.77 billion, both in line with or slightly above expectations, while analysts remain mostly positive with an average Moderate Buy rating and a $141.89 target price.

Saranac Partners Ltd grew its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 438.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 23,460 shares of the information technology services provider's stock after acquiring an additional 19,099 shares during the quarter. Saranac Partners Ltd's holdings in ServiceNow were worth $3,601,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in ServiceNow by 404.5% during the 4th quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider's stock worth $15,619,771,000 after purchasing an additional 81,752,460 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of ServiceNow by 280.1% in the fourth quarter. Jennison Associates LLC now owns 8,432,389 shares of the information technology services provider's stock worth $1,291,758,000 after buying an additional 6,213,762 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of ServiceNow by 388.7% in the fourth quarter. Nordea Investment Management AB now owns 4,706,164 shares of the information technology services provider's stock worth $720,325,000 after buying an additional 3,743,087 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in shares of ServiceNow by 613.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,840,262 shares of the information technology services provider's stock worth $588,326,000 after buying an additional 3,301,962 shares during the period. Finally, Swedbank AB lifted its stake in shares of ServiceNow by 326.9% during the fourth quarter. Swedbank AB now owns 3,415,650 shares of the information technology services provider's stock worth $523,243,000 after buying an additional 2,615,500 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NOW opened at $101.71 on Wednesday. The business's 50-day moving average is $99.72 and its two-hundred day moving average is $127.48. The company has a market capitalization of $104.86 billion, a P/E ratio of 60.61, a P/E/G ratio of 1.76 and a beta of 0.82. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $211.48. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS 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 company's revenue was up 22.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.81 earnings per share. Research analysts predict that ServiceNow, Inc. will post 2.35 earnings per share for the current year.

Insider Buying and Selling

In other ServiceNow news, Director Anita M. Sands sold 16,445 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $90.14, for a total value of $1,482,352.30. Following the sale, the director owned 30,090 shares in the company, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Paul Edward Chamberlain sold 1,500 shares of ServiceNow stock in a transaction that occurred on Thursday, May 14th. The shares were 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. This trade represents a 3.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 31,767 shares of company stock valued at $2,906,098. Insiders own 0.34% of the company's stock.

ServiceNow News Roundup

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. BNP Paribas Exane raised ServiceNow from a "neutral" rating to an "outperform" rating and set a $140.00 target price on the stock in a research report on Monday, March 16th. Citizens Jmp reiterated a "market outperform" rating and set a $157.00 price target on shares of ServiceNow in a research note on Tuesday, May 5th. Oppenheimer set a $130.00 price objective on ServiceNow and gave the company an "outperform" rating in a report on Wednesday, April 15th. Mizuho reduced their price objective on ServiceNow from $150.00 to $140.00 and set an "outperform" rating for the company in a research note on Thursday, April 23rd. Finally, Morgan Stanley decreased their target price on ServiceNow from $210.00 to $180.00 and set an "overweight" rating for the company 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $141.89.

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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