Pinnacle Associates Ltd. Purchases 16,309 Shares of ServiceNow, Inc. $NOW

Pinnacle Associates Ltd. grew its position in ServiceNow, Inc. (NYSE:NOW) by 512.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 19,490 shares of the information technology services provider’s stock after buying an additional 16,309 shares during the period. Pinnacle Associates Ltd.’s holdings in ServiceNow were worth $2,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of NOW. Brighton Jones LLC grew its position in shares of ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after acquiring an additional 30 shares during the period. Sivia Capital Partners LLC grew its position in shares of ServiceNow by 4.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider’s stock valued at $861,000 after acquiring an additional 34 shares during the period. United Bank grew its position in shares of ServiceNow by 15.5% in the 2nd quarter. United Bank now owns 1,519 shares of the information technology services provider’s stock valued at $1,562,000 after acquiring an additional 204 shares during the period. Riggs Asset Managment Co. Inc. grew its position in shares of ServiceNow by 2.2% in the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider’s stock valued at $1,976,000 after acquiring an additional 42 shares during the period. Finally, Nebula Research & Development LLC grew its position in shares of ServiceNow by 205.1% in the 2nd quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider’s stock valued at $931,000 after acquiring an additional 609 shares during the period. Institutional investors own 87.18% of the company’s stock.

More ServiceNow News

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: ServiceNow and Experian announced a new multi-year global partnership to embed autonomous AI capabilities into workflows such as employee onboarding and third-party risk management, which could deepen platform adoption and expand use cases. Experian Partners With ServiceNow to Scale Trusted Decisioning to Agentic AI
• Positive Sentiment: ServiceNow also expanded AI and automation partnerships with Accenture and FedEx Dataworks, signaling stronger enterprise demand for its workflow platform and potential conversion of pilot projects into full production deployments. ServiceNow AI Partnerships Aim To Turn Pilot Projects Into Core Workflows
• Positive Sentiment: The company completed a $4 billion multi-tranche debt offering, which should improve financing flexibility even though it increases leverage. ServiceNow Completes $4 Billion Multi-Tranche Debt Offering
• Neutral Sentiment: Commentary from analysts highlights ServiceNow’s expanding customer base, 22% subscription revenue growth, and strong remaining performance obligations visibility, reinforcing expectations for continued top-line growth. Can an Expanding Clientele Boost ServiceNow’s Top-Line Growth?
• Negative Sentiment: Some market coverage and options activity suggest the stock has been under pressure recently, reflecting lingering concerns about valuation and post-earnings weakness. See ServiceNow Stock Heading Lower? This Trade Profits From Further Downside.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on NOW shares. Macquarie Infrastructure decreased their price objective on shares of ServiceNow from $172.00 to $140.00 and set a “neutral” rating for the company in a research report on Thursday, January 29th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $236.00 target price (up from $226.00) on shares of ServiceNow in a report on Wednesday, May 6th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of ServiceNow from $180.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, April 16th. Wells Fargo & Company reduced their target price on shares of ServiceNow from $185.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, April 23rd. Finally, Evercore lifted their target price on shares of ServiceNow from $140.00 to $150.00 and gave the stock an “outperform” rating in a report on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $144.71.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $95.15 on Friday. ServiceNow, Inc. has a twelve month low of $81.24 and a twelve month high of $211.48. 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 company has a 50-day simple moving average of $100.52 and a two-hundred day simple moving average of $129.07. The stock has a market capitalization of $98.10 billion, a price-to-earnings ratio of 56.71, a price-to-earnings-growth ratio of 1.60 and a beta of 0.82.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share 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 business had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.75 billion. During the same quarter in the previous year, the company earned $0.81 EPS. The business’s revenue was up 22.1% on a year-over-year basis. Analysts forecast that ServiceNow, Inc. will post 2.35 EPS for the current year.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 8,927 shares of ServiceNow stock in a transaction dated 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 sale, the insider owned 29,531 shares in the company, valued at $2,645,977.60. The trade was a 23.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Fipps sold 3,696 shares of ServiceNow stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $101.77, for a total transaction of $376,141.92. Following the completion of the sale, the insider owned 8,061 shares of the company’s stock, valued at $820,367.97. This trade represents a 31.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 22,415 shares of company stock valued at $2,210,933 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

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.