CIBC Private Wealth Group LLC Has $95.09 Million Position in ServiceNow, Inc. (NYSE:NOW)

CIBC Private Wealth Group LLC increased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 248.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 90,640 shares of the information technology services provider’s stock after purchasing an additional 64,609 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in ServiceNow were worth $95,089,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. World Investment Advisors LLC increased its position in shares of ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock worth $4,268,731,000 after acquiring an additional 4,771,830 shares in the last quarter. Norges Bank acquired a new stake in shares of ServiceNow in the 4th quarter valued at about $2,603,360,000. Proficio Capital Partners LLC lifted its holdings in shares of ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after purchasing an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd acquired a new position in shares of ServiceNow during the fourth quarter worth about $682,468,000. Finally, Wellington Management Group LLP grew its holdings in shares of ServiceNow by 24.1% during the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after buying an additional 615,797 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. upped their price target on ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Truist Financial lifted their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research note on Thursday, December 12th. Robert W. Baird reduced their price objective on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating for the company in a research note on Wednesday, March 26th. Royal Bank of Canada set a $986.00 target price on ServiceNow in a research report on Tuesday, March 11th. Finally, William Blair reissued an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $1,093.76.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 over the last three months. 0.25% of the stock is owned by insiders.

ServiceNow Stock Performance

NYSE:NOW opened at $796.61 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a market cap of $164.10 billion, a price-to-earnings ratio of 116.63, a PEG ratio of 4.51 and a beta of 1.03. The stock has a fifty day moving average price of $950.30 and a 200-day moving average price of $984.86.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting 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 analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to buy 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.

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.