ServiceNow, Inc. (NYSE:NOW) Stake Reduced by Comerica Bank

Comerica Bank reduced its holdings in ServiceNow, Inc. (NYSE:NOW) by 8.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,385 shares of the information technology services provider’s stock after selling 4,283 shares during the quarter. Comerica Bank’s holdings in ServiceNow were worth $50,234,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Virtu Financial LLC acquired a new stake in shares of ServiceNow during the third quarter worth $9,833,000. Anchor Investment Management LLC raised its holdings in ServiceNow by 6.1% during the 3rd quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider’s stock worth $1,220,000 after buying an additional 78 shares during the period. Stock Yards Bank & Trust Co. purchased a new position in ServiceNow during the 3rd quarter worth approximately $202,000. World Investment Advisors LLC raised its position in ServiceNow by 585.8% during the third quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider’s stock valued at $5,857,000 after buying an additional 5,594 shares during the period. Finally, Sfmg LLC purchased a new stake in shares of ServiceNow in the third quarter worth approximately $226,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other ServiceNow news, Director Jonathan Chadwick sold 770 shares of the stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $931.62, for a total value of $717,347.40. Following the transaction, the director now owns 3,205 shares in the company, valued at approximately $2,985,842.10. This represents a 19.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,618 shares of company stock worth $21,132,878. Corporate insiders own 0.38% of the company’s stock.

ServiceNow Stock Up 0.6 %

Shares of NYSE:NOW opened at $942.79 on Wednesday. The firm has a market cap of $195.16 billion, a P/E ratio of 138.04, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The business has a fifty day simple moving average of $837.19 and a 200 day simple moving average of $967.68. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same period last year, the business posted $3.41 EPS. The business’s revenue was up 18.6% compared to the same quarter last year. Analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has approved a stock repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Redburn Atlantic assumed coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They issued a “buy” rating on the stock. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ServiceNow in a report on Thursday, April 24th. Raymond James cut their target price on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating for the company in a research report on Tuesday, April 8th. Canaccord Genuity Group dropped their price objective on ServiceNow from $1,275.00 to $900.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Finally, StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-nine have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,032.94.

About ServiceNow

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.