Harbour Investments Cuts ServiceNow Stake, but Analysts Remain Bullish

Harbour Investments Inc. trimmed its stake in ServiceNow, Inc. (NYSE: NOW) during the second quarter, selling off 23 shares, representing an 8.9% decrease in its holdings. Despite this, other institutional investors and hedge funds remain bullish on ServiceNow. Vanguard Group Inc. increased its position in the company by 1.8%, while Norges Bank acquired a new stake worth approximately $1.65 billion. Analysts at JMP Securities, William Blair, and BMO Capital Markets have all raised their price targets on ServiceNow stock, with the majority of analysts maintaining a ‘buy’ rating. The company reported strong earnings in the second quarter, exceeding analysts’ expectations, with revenue up 22.2% year-over-year. ServiceNow provides end-to-end intelligent workflow automation platform solutions for businesses globally, focusing on digital transformation, artificial intelligence, and machine learning.