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

CNB Bank reduced its stake in shares of ServiceNow, Inc. (NYSE:NOWFree Report) by 2.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,133 shares of the information technology services provider’s stock after selling 57 shares during the period. ServiceNow accounts for about 1.1% of CNB Bank’s investment portfolio, making the stock its 21st largest position. CNB Bank’s holdings in ServiceNow were worth $2,261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the stock. Avanza Fonder AB acquired a new position in ServiceNow in the fourth quarter valued at $14,853,000. Wealthcare Advisory Partners LLC raised its holdings in shares of ServiceNow by 0.8% in the 4th quarter. Wealthcare Advisory Partners LLC now owns 5,552 shares of the information technology services provider’s stock worth $5,886,000 after purchasing an additional 44 shares during the period. Procyon Advisors LLC lifted its stake in shares of ServiceNow by 4.7% in the 4th quarter. Procyon Advisors LLC now owns 2,095 shares of the information technology services provider’s stock valued at $2,221,000 after purchasing an additional 94 shares in the last quarter. Everpar Advisors LLC purchased a new stake in shares of ServiceNow during the 4th quarter worth about $212,000. Finally, Empirical Asset Management LLC acquired a new stake in ServiceNow during the 4th quarter worth approximately $218,616,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NOW. The Goldman Sachs Group lifted their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Barclays increased their price target on ServiceNow from $980.00 to $1,000.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Cantor Fitzgerald started coverage on ServiceNow in a research note on Friday. They set an “overweight” rating and a $1,332.00 price objective on the stock. TD Cowen increased their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, Mizuho boosted their price target on ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $1,080.38.

Read Our Latest Report on NOW

Insider Activity

In related news, Director Anita M. Sands sold 2,229 shares of ServiceNow stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares in the company, valued at $11,710,600. The trade was a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the transaction, the director now owns 42,920 shares of the company’s stock, valued at $43,740,630.40. This represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,276 shares of company stock valued at $20,535,115. 0.25% of the stock is currently owned by company insiders.

ServiceNow Stock Up 0.7 %

Shares of NYSE:NOW opened at $1,064.39 on Friday. The company’s fifty day moving average is $1,067.55 and its two-hundred day moving average is $928.41. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,157.90. The stock has a market capitalization of $219.26 billion, a price-to-earnings ratio of 165.44, a price-to-earnings-growth ratio of 4.65 and a beta of 0.99.

ServiceNow (NYSE:NOWGet Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.26. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. ServiceNow’s quarterly revenue was up 22.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.21 earnings per share. Equities analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current year.

ServiceNow Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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