M&T Bank Corp trimmed its holdings in ServiceNow, Inc. (NYSE:NOW – Get Rating) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,906 shares of the information technology services provider’s stock after selling 449 shares during the period. M&T Bank Corp’s holdings in ServiceNow were worth $12,755,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in NOW. Norges Bank purchased a new stake in ServiceNow during the 4th quarter valued at approximately $1,117,096,000. Fisher Asset Management LLC boosted its holdings in shares of ServiceNow by 164.8% in the fourth quarter. Fisher Asset Management LLC now owns 894,730 shares of the information technology services provider’s stock valued at $580,778,000 after purchasing an additional 556,871 shares during the last quarter. TD Asset Management Inc. raised its stake in shares of ServiceNow by 84.7% in the fourth quarter. TD Asset Management Inc. now owns 1,207,201 shares of the information technology services provider’s stock valued at $783,606,000 after buying an additional 553,517 shares during the period. Nuveen Asset Management LLC raised its holdings in ServiceNow by 11.7% during the 4th quarter. Nuveen Asset Management LLC now owns 2,925,155 shares of the information technology services provider’s stock valued at $1,898,748,000 after buying an additional 305,908 shares during the last quarter. Finally, State Street Corp boosted its position in ServiceNow by 3.2% during the 4th quarter. State Street Corp now owns 7,870,165 shares of the information technology services provider’s stock valued at $5,108,603,000 after purchasing an additional 241,296 shares during the period. 87.20% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at ServiceNow
In other news, Director Frederic B. Luddy sold 707 shares of ServiceNow stock in a transaction that occurred on Wednesday, June 8th. The shares were sold at an average price of $501.92, for a total value of $354,857.44. Following the completion of the sale, the director now directly owns 660 shares in the company, valued at $331,267.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible through this hyperlink. In other news, Director Frederic B. Luddy sold 707 shares of the firm’s stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $501.92, for a total value of $354,857.44. Following the transaction, the director now directly owns 660 shares in the company, valued at approximately $331,267.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 580 shares of the stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $431.51, for a total value of $250,275.80. Following the completion of the transaction, the insider now directly owns 189 shares in the company, valued at approximately $81,555.39. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,090 shares of company stock worth $15,446,932. Company insiders own 0.28% of the company’s stock.
Wall Street Analysts’ Growth Forecast
Several equities analysts recently commented on NOW shares. Sanford C. Bernstein started coverage on shares of ServiceNow in a research note on Tuesday, July 19th. They set an “outperform” rating and a $646.00 price objective for the company. Barclays dropped their price target on ServiceNow from $560.00 to $495.00 and set an “overweight” rating for the company in a research report on Thursday, July 28th. Cowen cut their price objective on ServiceNow from $725.00 to $695.00 in a research report on Thursday, April 28th. Morgan Stanley dropped their price target on ServiceNow from $594.00 to $575.00 and set an “overweight” rating for the company in a research note on Thursday, July 14th. Finally, Mizuho reduced their price objective on shares of ServiceNow from $520.00 to $500.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $601.80.
ServiceNow Price Performance
Shares of NOW opened at $494.85 on Friday. The company has a market capitalization of $99.96 billion, a P/E ratio of 543.79, a price-to-earnings-growth ratio of 10.04 and a beta of 0.94. ServiceNow, Inc. has a twelve month low of $406.47 and a twelve month high of $707.60. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.35. The firm has a 50 day moving average of $466.30 and a 200 day moving average of $503.62.
ServiceNow (NYSE:NOW – Get Rating) last posted its quarterly earnings results on Wednesday, July 27th. The information technology services provider reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.08. ServiceNow had a return on equity of 7.22% and a net margin of 2.79%. The company had revenue of $1.75 billion in the quarter, compared to analysts’ expectations of $1.76 billion. In the same quarter last year, the business earned $0.38 earnings per share. The company’s revenue rose 24.3% on a year-over-year basis. As a group, equities research analysts expect ServiceNow, Inc. will post 1.73 earnings per share for the current fiscal year.
ServiceNow, Inc provides enterprise cloud computing solutions that define, build, integrate, manage, and automate services for businesses worldwide. It powers the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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