ServiceNow, Inc. (NYSE:NOW) Shares Sold by Cibc World Markets Corp

Cibc World Markets Corp cut its position in shares of ServiceNow, Inc. (NYSE:NOW) by 6.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,495 shares of the information technology services provider’s stock after selling 2,371 shares during the quarter. Cibc World Markets Corp’s holdings in ServiceNow were worth $34,449,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SlateStone Wealth LLC increased its stake in ServiceNow by 14.0% during the fourth quarter. SlateStone Wealth LLC now owns 407 shares of the information technology services provider’s stock worth $431,000 after acquiring an additional 50 shares during the last quarter. Signature Wealth Management Group grew its stake in shares of ServiceNow by 2.3% in the fourth quarter. Signature Wealth Management Group now owns 1,804 shares of the information technology services provider’s stock valued at $1,913,000 after buying an additional 40 shares in the last quarter. GWN Securities Inc. acquired a new stake in shares of ServiceNow in the fourth quarter valued at about $89,000. Altus Wealth Group LLC grew its stake in shares of ServiceNow by 0.6% in the fourth quarter. Altus Wealth Group LLC now owns 2,844 shares of the information technology services provider’s stock valued at $3,015,000 after buying an additional 16 shares in the last quarter. Finally, Corient Private Wealth LLC grew its stake in shares of ServiceNow by 12.5% in the fourth quarter. Corient Private Wealth LLC now owns 296,113 shares of the information technology services provider’s stock valued at $312,926,000 after buying an additional 32,927 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the transaction, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the transaction, the chief financial officer now owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Mizuho lowered their target price on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research note on Tuesday, March 11th. Jefferies Financial Group lowered their target price on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Canaccord Genuity Group reiterated a “buy” rating and issued a $1,275.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. Citigroup lowered 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, Cantor Fitzgerald reissued an “overweight” rating and issued a $1,048.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,114.24.

ServiceNow Trading Up 4.2 %

NYSE:NOW opened at $845.75 on Monday. 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 firm has a market capitalization of $174.22 billion, a P/E ratio of 123.83, a P/E/G ratio of 4.51 and a beta of 1.03. The business has a 50 day simple moving average of $992.95 and a 200 day simple moving average of $985.70. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

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

ServiceNow declared that its Board of Directors has approved a share repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.