Cullen Frost Bankers Inc. Grows Holdings in ServiceNow, Inc. $NOW

Cullen Frost Bankers Inc. grew its stake in ServiceNow, Inc. (NYSE:NOW) by 389.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 300,653 shares of the information technology services provider’s stock after buying an additional 239,229 shares during the period. Cullen Frost Bankers Inc.’s holdings in ServiceNow were worth $46,057,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. IAG Wealth Partners LLC grew its stake in ServiceNow by 200.0% in the 3rd quarter. IAG Wealth Partners LLC now owns 27 shares of the information technology services provider’s stock worth $25,000 after buying an additional 18 shares in the last quarter. Wealth Watch Advisors INC purchased a new position in ServiceNow in the 3rd quarter worth approximately $29,000. Texas Capital Bancshares Inc TX purchased a new position in ServiceNow in the 3rd quarter worth approximately $37,000. Ameriflex Group Inc. grew its stake in ServiceNow by 187.5% in the 3rd quarter. Ameriflex Group Inc. now owns 46 shares of the information technology services provider’s stock worth $42,000 after buying an additional 30 shares in the last quarter. Finally, Kelleher Financial Advisors purchased a new position in ServiceNow in the 3rd quarter worth approximately $50,000. Hedge funds and other 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: 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

Insider Activity

In related news, Director Anita M. Sands sold 16,445 shares of the company’s stock in a transaction on 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 completion of the sale, the director directly owned 30,090 shares in the company, valued at $2,712,312.60. This represents a 35.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul Fipps sold 1,048 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $98.51, for a total transaction of $103,238.48. Following the sale, the insider owned 12,072 shares of the company’s stock, valued at $1,189,212.72. This represents a 7.99% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 31,767 shares of company stock valued at $2,906,098. 0.34% of the stock is owned by corporate insiders.

ServiceNow Trading Down 1.7%

Shares of NOW opened at $101.71 on Wednesday. The firm has a 50 day moving average price of $99.72 and a 200-day moving average price of $127.48. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two 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 firm has a market cap of $104.86 billion, a price-to-earnings ratio of 60.61, a PEG ratio of 1.76 and a beta of 0.82.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting analysts’ consensus estimates 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 prior year, the business posted $0.81 EPS. The firm’s revenue was up 22.1% compared to the same quarter last year. As a group, equities research analysts forecast that ServiceNow, Inc. will post 2.35 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $135.00 price target (down from $175.00) on shares of ServiceNow in a research note on Thursday, April 23rd. Barclays restated an “overweight” rating and issued a $134.00 price objective (up from $132.00) on shares of ServiceNow in a report on Tuesday, May 5th. Deutsche Bank Aktiengesellschaft lowered their price objective 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. Benchmark began coverage on shares of ServiceNow in a report on Wednesday, April 1st. They issued a “buy” rating and a $125.00 price objective for the company. Finally, Evercore boosted their price objective 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 assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $141.89.

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.