ServiceNow, Inc. $NOW Shares Acquired by Manning & Napier Advisors LLC

Key Points

• Manning & Napier Advisors boosted its ServiceNow stake by 18.5% in the first quarter, buying 138,398 more shares and bringing its total holding to 885,241 shares worth about $92.9 million.
• ServiceNow remains heavily owned by institutions, with about 87.18% of shares held by institutional investors and hedge funds. Several large funds, including Vanguard, State Street, and Price T Rowe, also increased their positions significantly.
• Analyst sentiment is still broadly positive, with a consensus rating of “Moderate Buy” and a consensus price target of $141.47. Recent commentary also highlighted AI partnership news and target-price increases from firms like Truist and Guggenheim.

Manning & Napier Advisors LLC grew its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 18.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 885,241 shares of the information technology services provider's stock after buying an additional 138,398 shares during the period. ServiceNow accounts for 1.3% of Manning & Napier Advisors LLC's holdings, making the stock its 25th biggest position. Manning & Napier Advisors LLC owned 0.09% of ServiceNow worth $92,924,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted 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 acquiring an additional 81,752,460 shares during the period. State Street Corp increased its holdings in shares of ServiceNow by 406.6% in the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider's stock valued at $7,337,280,000 after purchasing an additional 38,441,898 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of ServiceNow by 371.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider's stock worth $4,962,692,000 after purchasing an additional 25,517,218 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of ServiceNow by 404.8% in the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider's stock worth $3,591,425,000 after purchasing an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley lifted its holdings in shares of ServiceNow by 335.6% during the fourth quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider's stock worth $3,482,543,000 after purchasing an additional 17,514,679 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NOW has been the topic of a number of recent research reports. Citizens Jmp reiterated a "market outperform" rating and issued a $157.00 target price on shares of ServiceNow in a research report on Tuesday, May 5th. Cantor Fitzgerald set a $130.00 price objective on shares of ServiceNow in a research note on Monday, June 15th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $145.00 price objective (down from $163.00) on shares of ServiceNow in a report on Wednesday. Guggenheim upgraded shares of ServiceNow from a "neutral" rating to a "buy" rating and set a $125.00 price objective on the stock in a research note on Wednesday, July 1st. Finally, HSBC reduced their target price on shares of ServiceNow from $226.00 to $171.00 and set a "buy" rating for the company in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $141.47.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow rallied after reports that a large international electronics company is teaming up with the company on a new AI-powered product that will be available on ServiceNow’s platform, reinforcing its role in enterprise AI. Why ServiceNow Stock Crushed it on Thursday
• Positive Sentiment: Truist Financial raised its price target on ServiceNow from $120 to $130 and kept a buy rating, signaling continued analyst confidence in the company’s growth prospects. Benzinga report on Truist price target increase
• Positive Sentiment: Investor sentiment around software improved as AI spending expectations shifted in favor of application software, helping ServiceNow participate in the broader rotation toward software names. Chip Stocks Drop 12% as Software Rebounds in AI Trade Shift
• Neutral Sentiment: Several market updates described ServiceNow as consolidating or trading flat while investors digested the AI partnership news and a more constructive analyst tone, suggesting a pause after the recent move rather than a fresh fundamental shift. ServiceNow Stock Consolidates as Accenture Launches Agentic AI Offerings
• Negative Sentiment: Friday trading saw ServiceNow slip as investors appeared to take profits and reassess whether the recent AI enthusiasm has already been priced in. ServiceNow Stock Falls Friday: What's Going On?

ServiceNow Stock Performance

ServiceNow stock traded down $1.03 during mid-day trading on Friday, hitting $107.81. The company had a trading volume of 11,058,890 shares, compared to its average volume of 20,996,616. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $210.20. The company's fifty day moving average is $102.49 and its 200-day moving average is $111.27. The company has a market capitalization of $111.16 billion, a price-to-earnings ratio of 64.25, a P/E/G ratio of 1.81 and a beta of 0.96.

ServiceNow (NYSE:NOW - Get Free Report) last posted 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. 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 analyst estimates of $3.75 billion. During the same period in the previous year, the firm earned $0.81 EPS. The business's quarterly revenue was up 22.1% on a year-over-year basis. Equities research analysts predict that ServiceNow, Inc. will post 2.34 EPS for the current year.

Insider Activity

In other ServiceNow news, Director Anita M. Sands sold 16,445 shares of the company'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 completion of the transaction, the director 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul Edward Chamberlain sold 1,500 shares of the 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 in the company, valued at approximately $3,919,243.90. The trade was a 3.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 28,071 shares of company stock worth $2,529,956 in the last ninety days. Corporate 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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