ServiceNow, Inc. $NOW Shares Bought by SCS Capital Management LLC

Key Points

• SCS Capital Management LLC increased its ServiceNow stake by 398.4% in the fourth quarter, ending with 39,415 shares valued at about $6.0 million.
• Several other institutional investors also boosted positions, and institutions now own 87.18% of ServiceNow’s stock, signaling strong professional investor interest.
• ServiceNow’s latest quarter showed earnings met expectations at $0.97 per share while revenue beat estimates at $3.77 billion, with sales up 22.1% year over year; analysts currently have a Moderate Buy consensus and an average target price of $141.85.

SCS Capital Management LLC grew its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 398.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,415 shares of the information technology services provider's stock after acquiring an additional 31,507 shares during the quarter. SCS Capital Management LLC's holdings in ServiceNow were worth $6,038,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank acquired a new position in shares of ServiceNow in the 4th quarter valued at approximately $2,020,992,000. Cohen Klingenstein LLC raised its position in shares of ServiceNow by 400.0% during the 4th quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider's stock valued at $1,532,000 after acquiring an additional 8,000 shares in the last quarter. World Investment Advisors increased its position in ServiceNow by 411.7% in the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider's stock worth $7,218,000 after buying an additional 38,583 shares during the period. Moors & Cabot Inc. increased its position in ServiceNow by 387.7% in 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. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in ServiceNow by 385.9% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,599,397 shares of the information technology services provider's stock worth $398,202,000 after buying an additional 2,064,440 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on NOW shares. Benchmark started coverage on ServiceNow in a research note on Wednesday, April 1st. They set a "buy" rating and a $125.00 target price for the company. Jefferies Financial Group reaffirmed a "buy" rating and set a $135.00 price target (down from $175.00) on shares of ServiceNow in a research note on Thursday, April 23rd. Wolfe Research set a $125.00 price objective on ServiceNow in a research note on Thursday, April 23rd. Wells Fargo & Company decreased their price objective on ServiceNow from $185.00 to $160.00 and set an "overweight" rating on the stock in a report on Thursday, April 23rd. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $121.00 price objective on shares of ServiceNow in a report on Tuesday, May 5th. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $141.85.

Insider Transactions at ServiceNow

In related news, Director Anita M. Sands sold 16,445 shares of the stock in a transaction that occurred 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 sale, 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 filing with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 8,927 shares of ServiceNow stock in a transaction on 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 transaction, the insider owned 29,531 shares in the company, valued at approximately $2,645,977.60. The trade was a 23.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,071 shares of company stock worth $2,529,956 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

ServiceNow News Summary

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow is benefiting from a broad software rally after Nvidia’s Jensen Huang said AI should be seen as an opportunity for software firms rather than a threat. ServiceNow, Adobe stocks jump as Nvidia's new AI chip sparks software rally
• Positive Sentiment: Investors are also reacting to ServiceNow’s recent quarterly results, which beat revenue estimates and showed continued double-digit growth, supporting the view that fundamentals remain strong. ServiceNow (NOW) shares skyrocket, what you need to know
• Positive Sentiment: Coverage points to ServiceNow as a leader in the software comeback, with investors betting the sector may have more room to rebound as AI demand grows. ServiceNow Is Leading a Software Comeback for These Stocks
• Neutral Sentiment: Commentary around “agentic AI” and ServiceNow’s role in enterprise automation is adding to bullish sentiment, but it is more narrative-driven than a new hard catalyst. What Exactly Is Agentic AI, and Why Are Some Stocks Blowing Up Because of It? (NOW)
• Neutral Sentiment: Analyst and media coverage continues to highlight ServiceNow as a stock with upside potential, reinforcing the positive tone but not adding a new company-specific announcement. ServiceNow Stock: Is NOW Underperforming the Technology Sector?

ServiceNow Stock Up 9.1%

NOW stock opened at $135.70 on Tuesday. The business has a 50-day moving average of $98.50 and a 200-day moving average of $123.13. 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 current ratio of 0.84 and a quick ratio of 0.84. The stock has a market capitalization of $139.91 billion, a P/E ratio of 80.87, a P/E/G ratio of 2.05 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting the consensus estimate of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.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 firm posted $0.81 earnings per share. The business's quarterly revenue was up 22.1% compared to the same quarter last year. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 2.36 earnings per share 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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