ServiceNow, Inc. (NYSE:NOW) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc reduced its position in ServiceNow, Inc. (NYSE:NOW) by 4.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,675 shares of the information technology services provider’s stock after selling 2,235 shares during the period. CIBC Asset Management Inc’s holdings in ServiceNow were worth $47,361,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of NOW. Pittenger & Anderson Inc. boosted its position in ServiceNow by 1.4% during the 4th quarter. Pittenger & Anderson Inc. now owns 31,908 shares of the information technology services provider’s stock worth $33,826,000 after purchasing an additional 456 shares during the period. Sanctuary Advisors LLC lifted its stake in shares of ServiceNow by 17.9% during the fourth quarter. Sanctuary Advisors LLC now owns 32,462 shares of the information technology services provider’s stock worth $32,876,000 after purchasing an additional 4,920 shares in the last quarter. Rational Advisors LLC purchased a new stake in shares of ServiceNow in the fourth quarter worth about $2,014,000. Principal Financial Group Inc. grew its stake in shares of ServiceNow by 20.7% in the fourth quarter. Principal Financial Group Inc. now owns 293,957 shares of the information technology services provider’s stock valued at $311,630,000 after buying an additional 50,350 shares in the last quarter. Finally, Strategic Advisors LLC lifted its position in ServiceNow by 9.0% during the 4th quarter. Strategic Advisors LLC now owns 3,757 shares of the information technology services provider’s stock worth $3,983,000 after acquiring an additional 309 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In other news, Director Larry Quinlan sold 415 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $1,010.46, for a total transaction of $419,340.90. Following the completion of the sale, the director now directly owns 1,322 shares of the company’s stock, valued at $1,335,828.12. This trade represents a 23.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,082 shares of company stock valued at $23,401,482. 0.25% of the stock is owned by insiders.

ServiceNow Trading Down 0.4 %

NYSE:NOW opened at $985.67 on Monday. The stock’s 50-day moving average is $1,070.53 and its two-hundred day moving average is $973.32. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market cap of $203.05 billion, a PE ratio of 144.31, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a share repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently commented on NOW shares. Needham & Company LLC boosted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Oppenheimer increased their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Citigroup reduced their target price on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Finally, Sanford C. Bernstein lifted their price target on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

ServiceNow Company Profile

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.