Norges Bank acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW – Free Report) during the fourth quarter, HoldingsChannel.com reports. The firm acquired 13,192,716 shares of the information technology services provider’s stock, valued at approximately $2,020,992,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cohen Klingenstein LLC raised its position in ServiceNow by 400.0% during the fourth quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider’s stock valued at $1,532,000 after purchasing an additional 8,000 shares during the period. World Investment Advisors grew 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 valued at $7,218,000 after buying an additional 38,583 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of ServiceNow by 385.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,599,397 shares of the information technology services provider’s stock valued at $398,202,000 after buying an additional 2,064,440 shares during the last quarter. Moors & Cabot Inc. grew 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 valued at $6,990,000 after buying an additional 36,274 shares during the last quarter. Finally, Torray Investment Partners LLC grew its stake in shares of ServiceNow by 390.5% during the fourth quarter. Torray Investment Partners LLC now owns 40,629 shares of the information technology services provider’s stock valued at $6,224,000 after buying an additional 32,345 shares during the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
NOW has been the topic of a number of analyst reports. BNP Paribas Exane raised ServiceNow from a “neutral” rating to an “outperform” rating and set a $140.00 target price on the stock in a research note on Monday, March 16th. HSBC cut their target price on ServiceNow from $226.00 to $171.00 and set a “buy” rating on the stock in a research note on Thursday, April 16th. Barclays reaffirmed an “overweight” rating and set a $134.00 target price (up from $132.00) on shares of ServiceNow in a research note on Tuesday, May 5th. Argus cut their target price on ServiceNow from $180.00 to $134.00 and set a “buy” rating on the stock in a research note on Friday, April 24th. Finally, Oppenheimer reissued an “outperform” rating on shares of ServiceNow in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $141.85.
ServiceNow Stock Up 14.6%
Shares of NYSE NOW opened at $124.56 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $128.42 billion, a PE ratio of 74.23, a price-to-earnings-growth ratio of 1.80 and a beta of 0.82. The stock’s fifty day simple moving average is $98.05 and its two-hundred day simple moving average is $123.74. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $211.48.
ServiceNow (NYSE:NOW – Get Free Report) last announced its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.97. The business had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.81 EPS. As a group, analysts expect that ServiceNow, Inc. will post 2.35 EPS for the current fiscal year.
ServiceNow News Summary
Here are the key news stories impacting ServiceNow this week:
- Positive Sentiment: ServiceNow is benefiting from a sector-wide rebound in software stocks after Snowflake’s strong earnings suggested AI is more of an opportunity than a threat for enterprise platforms. ServiceNow (NOW) Stock Trades Up, Here Is Why
- Positive Sentiment: Investors are also responding to ServiceNow’s expanding AI narrative, including its position as a key platform for agentic AI workflows and enterprise automation. ServiceNow’s stock soars toward historic month as AI fears fade across software
- Positive Sentiment: Coverage calling ServiceNow a buy at current levels and setting a higher price target is adding to the bullish sentiment around the stock’s valuation reset. Buy, Hold, or Sell: Is This Cloud Automation Juggernaut a Steal Following Its Massive Valuation Reset?
- Positive Sentiment: Momentum from partnerships and AI-related headlines, including Wipro’s expanded ServiceNow collaboration, is reinforcing the company’s relevance in enterprise automation. Wipro stock gains 4%: can its ServiceNow tie-up drive growth?
- Neutral Sentiment: Unusually high options activity suggests traders are positioning for continued volatility in ServiceNow shares. ServiceNow Sees Unusually High Options Volume (NYSE:NOW)
Insiders Place Their Bets
In other 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 owned 12,072 shares in the company, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 the 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 owned 30,090 shares of the company’s stock, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 28,071 shares of company stock worth $2,529,956. 0.34% of the stock is currently owned by company 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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