Zurcher Kantonalbank Zurich Cantonalbank Grows Holdings in ServiceNow, Inc. (NYSE:NOW)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in ServiceNow, Inc. (NYSE:NOW) by 4.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 126,437 shares of the information technology services provider’s stock after purchasing an additional 5,162 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in ServiceNow were worth $134,038,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the stock. Schwarz Dygos Wheeler Investment Advisors LLC acquired a new stake in shares of ServiceNow in the fourth quarter valued at about $235,000. NBT Bank N A NY grew its position in shares of ServiceNow by 35.1% in the fourth quarter. NBT Bank N A NY now owns 1,089 shares of the information technology services provider’s stock valued at $1,154,000 after purchasing an additional 283 shares during the period. Sound View Wealth Advisors Group LLC grew its position in shares of ServiceNow by 1.9% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 1,057 shares of the information technology services provider’s stock valued at $1,121,000 after purchasing an additional 20 shares during the period. AlphaQuest LLC acquired a new stake in shares of ServiceNow in the fourth quarter valued at about $131,000. Finally, Argentarii LLC acquired a new stake in shares of ServiceNow in the fourth quarter valued at about $2,162,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on NOW. Mizuho boosted their price target on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Wells Fargo & Company boosted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Citigroup lowered their price target on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Redburn Atlantic began coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They set a “buy” rating on the stock. Finally, JPMorgan Chase & Co. boosted their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Trading Down 1.9 %

Shares of NYSE:NOW opened at $850.54 on Monday. The company’s 50 day moving average is $1,017.44 and its two-hundred day moving average is $985.92. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market cap of $175.21 billion, a PE ratio of 124.53, a P/E/G ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a share buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.25% of the company’s stock.

ServiceNow 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.