CIBC Asset Management Inc Sells 589 Shares of ServiceNow, Inc. (NYSE:NOW)

CIBC Asset Management Inc cut its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 1.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 46,910 shares of the information technology services provider’s stock after selling 589 shares during the period. CIBC Asset Management Inc’s holdings in ServiceNow were worth $41,956,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. FUKOKU MUTUAL LIFE INSURANCE Co increased its holdings in ServiceNow by 9.8% in the 3rd quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,346 shares of the information technology services provider’s stock valued at $1,204,000 after acquiring an additional 120 shares during the last quarter. Broderick Brian C bought a new position in ServiceNow during the third quarter valued at approximately $537,000. Balboa Wealth Partners grew its holdings in ServiceNow by 24.0% during the 3rd quarter. Balboa Wealth Partners now owns 1,680 shares of the information technology services provider’s stock valued at $1,503,000 after buying an additional 325 shares in the last quarter. Palo Alto Wealth Advisors LLC purchased a new position in ServiceNow during the 3rd quarter valued at approximately $7,956,000. Finally, Tokio Marine Asset Management Co. Ltd. increased its stake in ServiceNow by 4.5% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,859 shares of the information technology services provider’s stock worth $5,240,000 after acquiring an additional 252 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the topic of several recent analyst reports. Jefferies Financial Group increased their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. JMP Securities raised their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the stock a “market outperform” rating in a research note on Thursday, October 17th. TD Cowen upped their target price on ServiceNow from $900.00 to $1,000.00 and gave the company a “buy” rating in a research note on Monday, October 21st. Morgan Stanley cut ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $900.00 to $960.00 in a report on Monday, October 21st. Finally, KeyCorp increased their target price on ServiceNow from $1,020.00 to $1,040.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $974.04.

Insider Activity at ServiceNow

In other ServiceNow news, Director Jeffrey A. Miller sold 2,879 shares of ServiceNow stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the sale, the director now owns 42,920 shares of the company’s stock, valued at approximately $43,740,630.40. The trade was a 6.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 94 shares of the stock in a transaction dated Monday, August 19th. The shares were 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 directly owns 4,019 shares in the company, valued at $3,319,372.48. This represents a 2.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,325 shares of company stock valued at $5,024,928 in the last three months. 0.25% of the stock is owned by insiders.

ServiceNow Trading Down 0.6 %

NYSE:NOW opened at $1,039.74 on Friday. The stock has a market capitalization of $214.19 billion, a price-to-earnings ratio of 161.70, a PEG ratio of 6.00 and a beta of 0.98. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,061.66. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average of $924.67 and a 200 day moving average of $819.71.

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