SouthState Bank Corp Acquires 83,573 Shares of ServiceNow, Inc. $NOW

Key Points

• SouthState Bank Corp increased its ServiceNow stake by 390.1% in the fourth quarter, adding 83,573 shares to bring its total holdings to 104,995 shares worth about $16.1 million.
• Other institutional investors also boosted positions, and 87.18% of ServiceNow’s stock is owned by institutions, signaling strong professional investor interest despite recent market volatility.
• ServiceNow posted solid quarterly results, with EPS of $0.97 matching estimates and revenue of $3.77 billion topping forecasts; analysts currently rate the stock a Moderate Buy with an average price target of $141.85.

SouthState Bank Corp lifted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 390.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 104,995 shares of the information technology services provider's stock after acquiring an additional 83,573 shares during the period. SouthState Bank Corp's holdings in ServiceNow were worth $16,084,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Syon Capital LLC raised its position in shares of ServiceNow by 455.0% in the 4th quarter. Syon Capital LLC now owns 9,829 shares of the information technology services provider's stock worth $1,506,000 after acquiring an additional 8,058 shares in the last quarter. ING Groep NV grew its stake in shares of ServiceNow by 782.3% in the 4th quarter. ING Groep NV now owns 220,070 shares of the information technology services provider's stock valued at $33,713,000 after buying an additional 195,126 shares during the period. Capital Research Global Investors grew its stake in shares of ServiceNow by 341.1% in the 4th quarter. Capital Research Global Investors now owns 3,232,465 shares of the information technology services provider's stock valued at $495,189,000 after buying an additional 2,499,646 shares during the period. Capital International Sarl grew its stake in shares of ServiceNow by 467.1% in the 4th quarter. Capital International Sarl now owns 226,965 shares of the information technology services provider's stock valued at $34,769,000 after buying an additional 186,945 shares during the period. Finally, Capital International Ltd. CA grew its stake in shares of ServiceNow by 447.6% in the 4th quarter. Capital International Ltd. CA now owns 126,437 shares of the information technology services provider's stock valued at $19,369,000 after buying an additional 103,349 shares during the period. 87.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on NOW. KeyCorp set a $85.00 target price on ServiceNow and gave the company an "underweight" rating in a research note on Thursday, April 23rd. Stifel Nicolaus reduced their target price on ServiceNow from $135.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, April 23rd. Truist Financial reduced their target price on ServiceNow from $125.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, April 23rd. Wolfe Research set a $125.00 target price on ServiceNow in a research note on Thursday, April 23rd. Finally, Citizens Jmp restated a "market outperform" rating and issued a $157.00 target price on shares of ServiceNow in a research note on Tuesday, May 5th. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and an average price target of $141.85.

ServiceNow Price Performance

NOW stock opened at $112.45 on Friday. The company has a market capitalization of $115.94 billion, a P/E ratio of 67.02, a price-to-earnings-growth ratio of 1.86 and a beta of 0.94. 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, Inc. has a 52-week low of $81.24 and a 52-week high of $211.48. The business has a 50-day simple moving average of $99.48 and a two-hundred day simple moving average of $122.03.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.97. The business had revenue of $3.77 billion during 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 quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 EPS. Research analysts expect that ServiceNow, Inc. will post 2.35 EPS for the current fiscal year.

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 8,927 shares of ServiceNow stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $89.60, for a total transaction 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Fipps sold 1,048 shares of ServiceNow stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $98.51, for a total value of $103,238.48. Following the transaction, the insider owned 12,072 shares of the company's stock, valued at $1,189,212.72. This trade represents a 7.99% decrease in their position. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 28,071 shares of company stock worth $2,529,956 over the last 90 days. Company insiders own 0.34% of the company's stock.

Key Stories Impacting ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: New coverage highlights bullish catalysts for ServiceNow, including accelerating AI adoption, a model-agnostic architecture, and a possible path to $30 billion in revenue by 2030, which supports the long-term growth story. Article Title
• Positive Sentiment: Cognizant’s integration with ServiceNow’s AI Control Tower underscores growing demand for ServiceNow’s AI governance tools in regulated enterprise environments, potentially expanding use cases and customer adoption. Article Title
• Positive Sentiment: Analysts and recent commentary say EmployeeWorks is gaining traction quickly, with larger deals and broader AI adoption helping to reinforce ServiceNow’s growth narrative. Article Title
• Neutral Sentiment: ServiceNow’s recent conference appearances and transcript releases keep the company visible to investors, but they do not appear to contain a major new catalyst on their own. Article Title
• Neutral Sentiment: Some valuation-focused coverage notes that the stock has had a mixed year, with a strong recent bounce offset by weaker longer-term performance, suggesting investors are still debating whether the rebound is justified. Article Title
• Negative Sentiment: Multiple articles point to pressure on the shares from acquisition integration costs, deal delays, and intensifying competition, which are weighing on near-term expectations. Article Title
• Negative Sentiment: Friday’s decline is also being driven by a broader market sell-off, with enterprise software and other growth names facing risk-off trading as investors pull back from higher-valuation tech. Article Title
• Negative Sentiment: Additional commentary notes that large insider buying in ServiceNow occurred near the peak of earlier SaaS pessimism, highlighting how far sentiment and the stock have already fallen since then. Article Title

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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