Institutional Investors Rebalance Portfolios: Big Bets on ServiceNow and Bank of America

Major wealth management firms significantly adjusted their portfolios in the fourth quarter, with ServiceNow emerging as a focal point for both institutional buying and analyst optimism. Red Door Wealth Management increased its stake in ServiceNow by 390.6%, while Benchmark recently initiated coverage on the stock with a Buy rating and a $125 price target. Wells Fargo also maintained its Overweight rating on the company, despite previously lowering its price target to $185. Analysts highlight ServiceNow’s leadership in the emerging Agentic AI cycle and its strength in AI-driven workflow automation as key growth drivers. Beyond the software sector, SteelPeak Wealth LLC nearly doubled its position in Bank of America, while Perigon Wealth Management trimmed its exposure to Home Depot by 3.1%. These adjustments, including a reduction in Applied Materials holdings, underscore a tactical rebalancing as firms align with technological shifts and sector-specific outlooks.