Santa Clara, May 26, 2026, 05:34 PDT
Institutional buyers stepped up in ServiceNow, with MarketBeat alerts on Monday and Tuesday noting big fourth-quarter stake hikes from Coldstream Capital Management, Glenview Trust, and MMBG Investment Advisors. Shares last traded around $102, valuing the workflow software firm at about $106 billion, according to latest market figures. MarketBeat
Timing is an issue as software stocks deal with an AI reset. Investors are weighing which business software vendors might see pricing take a hit as AI picks up more work, and which ones will get more valuable with AI used in everyday business. Reuters
Some analysts now see ServiceNow leaning more toward the second camp. Last week, Reuters said that shares of Workday, ServiceNow, and Salesforce climbed as investors looked again at risk in software stocks. Bank of America put a buy on ServiceNow, but rated Salesforce underperform. That left the two enterprise-software outfits on different sides of the AI debate. Reuters
MarketBeat alerts focus on Form 13F filings. These U.S. quarterly filings disclose institutional equity positions for a specific point in time. The reports offer lagged signals, listing quarter-end holdings. They don’t reveal the reasons for buying or what’s in the portfolio today.
Glenview Trust made the biggest bet out of the three, according to MarketBeat. The firm boosted its ServiceNow holding 250.9% in the fourth quarter, snapping up 78,897 shares. That brought its total to 110,348 shares valued at about $16.9 million at the end of December. An SEC info table for the same quarter matched Glenview’s reported ServiceNow totals when lines were combined. MarketBeat
Coldstream Capital Management boosted its ServiceNow holding in the quarter, according to MarketBeat. The firm bought 24,796 shares, increasing its position by 402.2% to 30,961 shares, valued at about $4.7 million. The SEC filing showed 30,961 shares worth $4,742,943 as of Dec. 31. MarketBeat
MMBG Investment Advisors posted the biggest percentage gain of the trio, according to MarketBeat. The firm increased its ServiceNow stake by 885.3% during the fourth quarter, finishing with 24,475 shares valued near $3.75 million. That matches the SEC filings for the quarter. MarketBeat
The trio’s reported fourth-quarter holdings came to 165,784 shares, with a combined value of about $25.4 million as of the Dec. 31 filings. That’s not a big stake relative to ServiceNow, but the quarter-over-quarter jumps got attention in the filings.
ServiceNow has put up growth numbers for investors to compare with the cloud sector’s AI caution. The company said first-quarter total revenue reached $3.77 billion, a 22% jump versus the same period last year. Subscription revenue totaled $3.67 billion. Current remaining performance obligations climbed to $12.64 billion, pointing to contracted sales expected over the next year. ServiceNow Newsroom
ServiceNow CEO Bill McDermott said the company’s quarter “beat the high end” of its guidance. He called ServiceNow an “AI control tower” for businesses. That lines up with how the company markets its platform: a tool that sits across a company’s software and helps route work, approvals and data, not just another seat-based app. ServiceNow Newsroom
Bank of America analysts, including Tal Liani, wrote last week that ServiceNow holds an “AI beneficiary” spot thanks to its strong workflow footprint. The analysts said AI adds to the need for governance, backing up the bull thesis that AI agents — software able to execute tasks with minimal human involvement — may require platforms like ServiceNow for oversight. Sherwood News
Software stocks are showing some differences under the surface. There’s a clearer setup for some peers than the group overall. Salesforce and Workday are still being watched together but have different risks: Salesforce leans on sales and customer-management tools, Workday focuses more on HR and finance software. Reuters cited Gregg Moskowitz, senior enterprise software analyst at Mizuho, saying patient investors can find “some very attractive investments in software.” Reuters
The risk is reading too much into 13F filings. More recent filings show that some positions moved by March 31. Glenview’s Q1 filing showed 104,606 ServiceNow shares, down from 110,348 at the end of December. MMBG’s Q1 number was 22,755 shares, down from 24,475. The Q4 buying really happened, but that’s not the same as what they held live. SEC
For ServiceNow, investors aren’t focused on stock buys from managers a few months back. The current issue is whether revenue growth, AI takeup and customer spend are enough for ServiceNow to stay among the few software stocks the market still wants, as much of the sector keeps getting repriced.
