ProShare Advisors LLC Purchases 198,341 Shares of ServiceNow, Inc. $NOW

ProShare Advisors LLC raised its position in shares of ServiceNow, Inc. (NYSE:NOW) by 426.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 244,862 shares of the information technology services provider’s stock after acquiring an additional 198,341 shares during the period. ProShare Advisors LLC’s holdings in ServiceNow were worth $37,510,000 at the end of the most recent quarter.

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

Key Headlines Impacting ServiceNow

Here are the key news stories impacting ServiceNow this week:

• Positive Sentiment: Bank of America reinstated ServiceNow with a Buy rating and $130 price target, saying the company is well positioned for the agentic AI era. BofA Reinstates Coverage of ServiceNow, Salesforce. It Says 1 Is an AI Beneficiary.
• Positive Sentiment: Analysts and media reports said concerns about AI disrupting ServiceNow may be overblown and that AI could instead strengthen its enterprise workflow business. ServiceNow Stock Has Been Battered By AI Disruption Worries. These Experts Think AI Will Actually Boost Its Business
• Positive Sentiment: ServiceNow’s partnership with Experian and its new AI governance products support the view that the company is becoming more central to enterprise AI infrastructure. ServiceNow (NOW) Partners With Experian to Power Autonomous AI Agents With Trusted Data
• Neutral Sentiment: Broader software-sector strength is also helping NOW, as investors rotate back into beaten-down application software names. ServiceNow’s stock heads for best day in a year — flashing a green light for the software sector
• Negative Sentiment: Some reports still point to lingering valuation and “SaaSpocalypse” concerns, suggesting the rebound may not be fully settled yet. ServiceNow stock flashes a death cross amid rising SaaSpocalypse concerns

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NOW. Needham & Company LLC restated a “buy” rating and set a $115.00 price objective on shares of ServiceNow in a report on Tuesday, May 5th. Citigroup boosted their price objective on ServiceNow from $154.00 to $158.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Piper Sandler cut their price target on ServiceNow from $200.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, April 23rd. FBN Securities cut their price target on ServiceNow from $160.00 to $120.00 in a research note on Thursday, April 23rd. Finally, Weiss Ratings cut ServiceNow from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, April 21st. Two equities research 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 assigned a Sell rating to the company. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $141.89.

Insiders Place Their Bets

In other ServiceNow news, Director Anita M. Sands sold 16,445 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was 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 trade represents a 35.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Paul Fipps sold 1,048 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $98.51, for a total value of $103,238.48. Following the completion of the sale, the insider directly owned 12,072 shares in the company, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last 90 days, insiders sold 31,767 shares of company stock worth $2,906,098. 0.34% of the stock is owned by company insiders.

ServiceNow Stock Performance

NOW opened at $101.71 on Wednesday. The firm has a market cap of $104.86 billion, a P/E ratio of 60.61, a price-to-earnings-growth ratio of 1.76 and a beta of 0.82. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $211.48. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The business’s fifty day moving average is $99.72 and its 200-day moving average is $127.48.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.97. The company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.ServiceNow’s quarterly revenue was up 22.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.81 EPS. Sell-side analysts expect that ServiceNow, Inc. will post 2.35 EPS for the current fiscal year.

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.