CNB Bank Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

CNB Bank lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 8.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,190 shares of the information technology services provider’s stock after selling 198 shares during the quarter. ServiceNow accounts for 0.9% of CNB Bank’s investment portfolio, making the stock its 27th biggest position. CNB Bank’s holdings in ServiceNow were worth $1,959,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in NOW. M&G Plc bought a new stake in ServiceNow during the first quarter worth about $11,030,000. AXA S.A. lifted its position in ServiceNow by 1.1% in the 2nd quarter. AXA S.A. now owns 387,344 shares of the information technology services provider’s stock worth $304,712,000 after buying an additional 4,271 shares during the last quarter. HWG Holdings LP purchased a new stake in ServiceNow in the second quarter worth approximately $2,679,000. New Mexico Educational Retirement Board grew its position in ServiceNow by 9.4% during the first quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock valued at $8,882,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in shares of ServiceNow by 375.6% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,365 shares of the information technology services provider’s stock worth $1,041,000 after acquiring an additional 1,078 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 94 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the sale, the insider now directly owns 4,019 shares of the company’s stock, valued at $3,319,372.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Jacqueline P. Canney sold 94 shares of ServiceNow stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the transaction, the insider now owns 4,019 shares of the company’s stock, valued at $3,319,372.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul John Smith sold 187 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $795.58, for a total transaction of $148,773.46. Following the sale, the insider now directly owns 3,779 shares in the company, valued at $3,006,496.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,267 shares of company stock worth $5,935,447. 0.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. TD Cowen upped their price objective on shares of ServiceNow from $870.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Robert W. Baird upped their price target on shares of ServiceNow from $885.00 to $900.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Piper Sandler lifted their price objective on ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Royal Bank of Canada increased their target price on ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $900.00 price target on shares of ServiceNow in a research note on Monday, September 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average price target of $914.15.

ServiceNow Price Performance

Shares of NOW stock opened at $921.75 on Friday. The business’s fifty day moving average is $874.61 and its 200 day moving average is $791.98. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. The stock has a market cap of $188.96 billion, a price-to-earnings ratio of 98.58, a PEG ratio of 5.63 and a beta of 0.99. ServiceNow, Inc. has a twelve month low of $527.24 and a twelve month high of $949.59.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the prior year, the firm earned $0.77 EPS. The company’s revenue was up 22.2% compared to the same quarter last year. Research analysts expect that ServiceNow, Inc. will post 6.78 EPS for the current fiscal year.

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.