PNC Financial Services Group Inc. Purchases 774,904 Shares of ServiceNow, Inc. $NOW

PNC Financial Services Group Inc. raised its position in shares of ServiceNow, Inc. (NYSE:NOW) by 378.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 979,900 shares of the information technology services provider’s stock after purchasing an additional 774,904 shares during the period. PNC Financial Services Group Inc.’s holdings in ServiceNow were worth $150,111,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in ServiceNow by 404.5% in 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 buying an additional 81,752,460 shares during the period. State Street Corp lifted its position in shares of ServiceNow by 1.4% in the third quarter. State Street Corp now owns 9,454,699 shares of the information technology services provider’s stock valued at $8,700,970,000 after acquiring an additional 131,080 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of ServiceNow by 280.1% in the fourth quarter. Jennison Associates LLC now owns 8,432,389 shares of the information technology services provider’s stock worth $1,291,758,000 after acquiring an additional 6,213,762 shares during the period. Nordea Investment Management AB grew its position in shares of ServiceNow by 388.7% during the fourth quarter. Nordea Investment Management AB now owns 4,706,164 shares of the information technology services provider’s stock worth $720,325,000 after purchasing an additional 3,743,087 shares in the last quarter. Finally, Pictet Asset Management Holding SA grew its position in shares of ServiceNow by 613.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,840,262 shares of the information technology services provider’s stock worth $588,326,000 after purchasing an additional 3,301,962 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related 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 transaction of $1,482,352.30. Following the transaction, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 completion of the sale, the director directly owned 44,930 shares in the company, valued at $3,919,243.90. This trade represents 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 sold a total of 31,767 shares of company stock valued at $2,906,098 in the last quarter. 0.34% of the stock is currently owned by company insiders.

ServiceNow Stock Performance

NYSE NOW opened at $103.13 on Thursday. The business’s 50 day moving average price is $99.35 and its 200-day moving average price is $126.89. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $211.48. The company has a market cap of $106.33 billion, a P/E ratio of 61.46, a P/E/G ratio of 1.85 and a beta of 0.82. 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 (NYSE:NOW) last posted its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, hitting the consensus estimate of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The company 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 earnings per share. ServiceNow’s quarterly revenue was up 22.1% compared to the same quarter last year. Sell-side analysts predict that ServiceNow, Inc. will post 2.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on NOW. Stifel Nicolaus lowered their price target on ServiceNow from $135.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, April 23rd. The Goldman Sachs Group reduced their price objective on shares of ServiceNow from $188.00 to $163.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. Citigroup upped their target price on shares of ServiceNow from $154.00 to $158.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Cantor Fitzgerald reduced their price target on shares of ServiceNow to $122.00 and set an “overweight” rating on the stock in a report on Thursday, April 23rd. Finally, Capital One Financial boosted their price target on shares of ServiceNow from $105.00 to $120.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $141.89.

Trending Headlines about ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Bank of America restarted coverage on ServiceNow with a Buy rating and a $130 target, calling it an AI winner in the emerging agentic AI era. BofA Reinstates Coverage of ServiceNow, Salesforce. It Says 1 Is an AI Beneficiary.
• Positive Sentiment: Several articles said Wall Street is warming to ServiceNow because its workflow software could serve as a control layer for AI agents, easing fears that AI will replace its business. Wall Street Is Warming Up to ServiceNow Stock. That’s Because It’s Now a Bet on Agentic AI.
• Positive Sentiment: Analysts and commentators highlighted that the recent selloff may have been overdone, with ServiceNow’s valuation looking more attractive after a sharp yearlong decline. Assessing ServiceNow (NOW) Valuation After A Year Of Sharp Share Price Declines
• Positive Sentiment: Media and analyst pieces also framed the stock’s rebound as part of a broader rotation back into software names, with ServiceNow singled out as one of the sector leaders. ServiceNow and Snowflake Stocks Trade Up, What You Need To Know
• Neutral Sentiment: Some reports noted that the stock has fallen sharply over the past year despite revenue and profit growth, so investors are still weighing strong fundamentals against a still-extended valuation. After a 50% Drop, Is ServiceNow Stock Worth Buying?
• Negative Sentiment: There are still lingering concerns that AI disruption could pressure traditional enterprise software, and some commentary warned the recent bounce could fade if those fears return. ServiceNow stock flashes a death cross amid rising SaaSpocalypse concerns

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.