ServiceNow, Inc. $NOW Shares Acquired by Peregrine Capital Management LLC

Key Points

• Peregrine Capital Management increased its ServiceNow stake by 18% in Q1, buying 80,768 additional shares and bringing its total to 530,306 shares worth about $55.4 million.
• Several large institutional investors also boosted their positions, and hedge funds and institutions now own 87.18% of ServiceNow’s shares, underscoring strong ongoing institutional interest.
• Recent company updates were mostly positive, including new AI-focused partnerships with Accenture and IBM and analyst support such as BTIG’s reaffirmed buy rating and $150 price target, though insider selling and competitive pressure remain watch points.

Peregrine Capital Management LLC raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 18.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 530,306 shares of the information technology services provider's stock after buying an additional 80,768 shares during the period. ServiceNow comprises approximately 2.1% of Peregrine Capital Management LLC's investment portfolio, making the stock its 5th biggest position. Peregrine Capital Management LLC owned approximately 0.05% of ServiceNow worth $55,443,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in NOW. Vanguard Group Inc. raised its position in shares of ServiceNow by 404.5% during the fourth 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 period. State Street Corp lifted its holdings in shares of ServiceNow by 406.6% during 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 last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of ServiceNow by 371.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider's stock valued at $4,962,692,000 after purchasing an additional 25,517,218 shares during the period. Geode Capital Management LLC increased its stake in ServiceNow by 404.8% in the 4th 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 in the last quarter. Finally, Morgan Stanley increased its stake in ServiceNow by 335.6% in the 4th 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 in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow and Accenture launched new AI-driven cybersecurity and migration services, expanding the companies’ enterprise security push and giving investors another sign that ServiceNow is monetizing AI across higher-value workflows. ServiceNow, Accenture unveil AI-driven cyber risk management offering
• Positive Sentiment: BTIG reaffirmed its “buy” rating and set a $150 price target, while a separate note said ServiceNow is seeing stronger AI bundle traction, both of which support the stock’s valuation case. ServiceNow Rises on AI Bundle Momentum BTIG rating update
• Positive Sentiment: ServiceNow and IBM expanded their multi-year partnership to make legacy enterprise systems more “AI-ready,” which could create additional product demand and larger deal opportunities in the second half of 2026. ServiceNow's New IBM Partnership
• Neutral Sentiment: Analysts are now looking ahead to ServiceNow’s upcoming Q2 2026 earnings, with expectations calling for a single-digit earnings decline; that creates event risk, but also a potential catalyst if results and guidance beat expectations. ServiceNow's Q2 2026 Earnings: What to Expect
• Negative Sentiment: Atera said its latest G2 rankings placed it ahead of platforms including ServiceNow in some enterprise categories, highlighting rising competitive pressure in autonomous IT and workflow automation. Atera Extends Enterprise Lead with Top G2 Rankings
• Negative Sentiment: One article framed Adobe as the better 2026 technology pick versus ServiceNow, pointing to valuation and risk concerns that may weigh on investor sentiment. Adobe vs. ServiceNow: Which Technology Stock Is a Better Buy in 2026?

Insider Activity at ServiceNow

In related news, insider Paul Fipps sold 1,048 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $98.51, for a total transaction of $103,238.48. Following the completion of the sale, the insider directly owned 12,072 shares in the company, valued at approximately $1,189,212.72. This trade represents a 7.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Anita M. Sands sold 16,445 shares of ServiceNow stock in a transaction on 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 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. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 28,071 shares of company stock worth $2,529,956. Corporate insiders own 0.34% of the company's stock.

Analyst Ratings Changes

NOW has been the subject of a number of analyst reports. BMO Capital Markets reduced their price objective on shares of ServiceNow from $120.00 to $115.00 and set an "outperform" rating for the company in a research note on Thursday, April 23rd. Cantor Fitzgerald set a $130.00 target price on shares of ServiceNow in a research report on Monday, June 15th. Robert W. Baird cut their price target on shares of ServiceNow from $125.00 to $118.00 and set an "outperform" rating on the stock in a report on Thursday, April 23rd. FBN Securities reduced their price target on shares of ServiceNow from $160.00 to $120.00 in a research report on Thursday, April 23rd. Finally, Piper Sandler lowered their price objective on shares of ServiceNow from $200.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, ServiceNow has an average rating of "Moderate Buy" and an average price target of $142.17.

ServiceNow Price Performance

Shares of NOW opened at $99.34 on Wednesday. The business's 50-day moving average is $100.23 and its 200-day moving average is $113.88. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market capitalization of $102.42 billion, a price-to-earnings ratio of 59.20, a P/E/G ratio of 1.66 and a beta of 0.94. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $211.48.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, hitting the consensus estimate of $0.97. The business had revenue of $3.77 billion during 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 firm's quarterly revenue was up 22.1% compared to the same quarter last year. During the same period last year, the company posted $0.81 earnings per share. Equities research analysts expect that ServiceNow, Inc. will post 2.34 EPS for the current fiscal year.

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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