CIBC Asset Management Inc Has $47.36 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

CIBC Asset Management Inc reduced its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 4.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 44,675 shares of the information technology services provider’s stock after selling 2,235 shares during the period. CIBC Asset Management Inc’s holdings in ServiceNow were worth $47,361,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Truvestments Capital LLC bought a new stake in shares of ServiceNow in the 3rd quarter valued at approximately $30,000. Heck Capital Advisors LLC acquired a new stake in ServiceNow in the 4th quarter valued at $37,000. Stonebridge Financial Group LLC bought a new stake in ServiceNow in the fourth quarter valued at $37,000. DT Investment Partners LLC raised its stake in ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after acquiring an additional 17 shares in the last quarter. Finally, Avion Wealth lifted its holdings in shares of ServiceNow by 44.8% during the fourth quarter. Avion Wealth now owns 42 shares of the information technology services provider’s stock valued at $44,000 after acquiring an additional 13 shares during the period. Institutional investors own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. This trade represents a 82.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Larry Quinlan sold 415 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total value of $418,075.15. Following the transaction, the director now directly owns 1,737 shares of the company’s stock, valued at approximately $1,749,871.17. This trade represents a 19.28 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,082 shares of company stock valued at $23,401,482. 0.25% of the stock is owned by corporate insiders.

ServiceNow Stock Performance

NOW stock opened at $985.67 on Monday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The business’s 50-day moving average price is $1,070.53 and its two-hundred day moving average price is $973.32. The firm has a market cap of $203.05 billion, a PE ratio of 144.31, a P/E/G ratio of 4.76 and a beta of 0.99. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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 return on equity of 17.11% and a net margin of 12.97%. As a group, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has approved a stock repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Sanford C. Bernstein increased their target price on shares of ServiceNow from $906.00 to $913.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Stifel Nicolaus lifted their target price on shares of ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Mizuho boosted their target price on ServiceNow from $1,070.00 to $1,210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Needham & Company LLC lifted their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Finally, Jefferies Financial Group decreased their target price on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,129.72.

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.