ServiceNow, Inc. $NOW Shares Bought by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group increased its stake in ServiceNow by 2.0% in the first quarter, ending with 999,014 shares valued at about $104.4 million.
• ServiceNow beat second-quarter expectations, posting EPS of $0.90 and revenue of $3.99 billion, while subscription revenue rose 24.5% year over year.
• The company also raised its annual subscription revenue forecast, reflecting continued demand for its AI-powered platform and broader enterprise adoption, including new public-sector wins.

PNC Financial Services Group Inc. grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 999,014 shares of the information technology services provider's stock after buying an additional 19,114 shares during the period. PNC Financial Services Group Inc. owned 0.10% of ServiceNow worth $104,447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Covenant Asset Management LLC raised its position in ServiceNow by 169.2% in the 4th quarter. Covenant Asset Management LLC now owns 20,863 shares of the information technology services provider's stock valued at $3,196,000 after purchasing an additional 13,114 shares during the last quarter. Norges Bank purchased a new stake in shares of ServiceNow in the fourth quarter valued at about $2,020,992,000. World Investment Advisors boosted its stake in shares of ServiceNow by 411.7% during the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider's stock worth $7,346,000 after buying an additional 38,583 shares during the period. Cohen Klingenstein LLC boosted its stake in shares of ServiceNow by 400.0% during the fourth quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider's stock worth $1,532,000 after buying an additional 8,000 shares during the period. Finally, Moors & Cabot Inc. boosted its stake in shares of ServiceNow by 387.7% during the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider's stock worth $6,990,000 after buying an additional 36,274 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Key ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow beat second-quarter expectations, reporting EPS of $0.90 versus $0.86 expected and revenue of $3.99 billion versus $3.93 billion expected, with subscription revenue rising 24.5% year over year. ServiceNow Reports Second Quarter 2026 Financial Results
• Positive Sentiment: The company raised its annual subscription revenue forecast again, signaling that demand for its AI-powered platform remains strong and helping reinforce the growth story. ServiceNow raises annual subscription revenue forecast again on AI-driven demand
• Positive Sentiment: ServiceNow highlighted new public-sector wins across nearly all 50 U.S. states and an expanded partnership with Leidos, both of which suggest continued enterprise adoption of its AI platform. ServiceNow accelerates AI-powered government reinvention across nearly all 50 U.S. states with new customer wins
• Positive Sentiment: Management also pushed back on fears that AI competition will hurt ServiceNow, arguing its “kill switch” and workflow control capabilities make the platform more important as customers adopt autonomous AI agents. ServiceNow CEO defends the company's relevancy, touting a kill switch for rogue AI agents
• Neutral Sentiment: ServiceNow also announced a small strategic investment in BusinessNext, a move that could expand its banking automation reach but is not likely to move the stock by itself. ServiceNow buys 5% of BusinessNext, values Indian software firm at $700 million
• Negative Sentiment: Despite the earnings beat, investors remain cautious because the stock had already sold off sharply into the report, and some commentary pointed to AI disruption risks and softer guidance as reasons the rally could fade. ServiceNow Earnings Top Views, Revenue Outlook Light, Software Stock Climbs
• Negative Sentiment: Earlier bearish analyst coverage and broader concerns about OpenAI and other AI tools pressuring legacy workflow software likely weighed on sentiment before earnings. ServiceNow gets bearish call before major earnings test

ServiceNow Trading Down 6.4%

NYSE NOW opened at $95.50 on Thursday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $98.46 billion, a P/E ratio of 56.91, a P/E/G ratio of 1.71 and a beta of 0.96. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $210.20. The firm has a 50-day moving average price of $104.67 and a 200 day moving average price of $108.16.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.04. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.93 billion. During the same quarter in the previous year, the company earned $0.81 EPS. The firm's revenue for the quarter was up 24.0% compared to the same quarter last year. Equities research analysts expect that ServiceNow, Inc. will post 2.33 EPS for the current year.

Wall Street Analyst Weigh In

NOW has been the topic of several recent research reports. TD Cowen restated a "buy" rating and issued a $140.00 price target on shares of ServiceNow in a research report on Friday, July 17th. Citizens Jmp reaffirmed a "market outperform" rating and set a $157.00 price objective on shares of ServiceNow in a research report on Tuesday, May 5th. Wolfe Research set a $125.00 target price on ServiceNow in a research note on Thursday, April 23rd. Needham & Company LLC reissued a "buy" rating and issued a $115.00 target price on shares of ServiceNow in a report on Tuesday, May 5th. Finally, CLSA started coverage on ServiceNow in a research note on Monday. They set an "underperform" rating and a $72.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and a consensus price target of $139.24.

Insiders Place Their Bets

In related news, Director Anita M. Sands sold 16,445 shares of the company's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the transaction, the director owned 30,090 shares of the company's stock, valued at $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 available at this link. Also, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the completion of 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 28,071 shares of company stock valued at $2,529,956 over the last 90 days. 0.34% of the stock is owned by corporate insiders.

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.

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