Cibc World Market Inc. Acquires 17,004 Shares of ServiceNow, Inc. (NYSE:NOW)

Cibc World Market Inc. boosted its position in ServiceNow, Inc. (NYSE:NOW) by 25.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 84,180 shares of the information technology services provider’s stock after buying an additional 17,004 shares during the period. Cibc World Market Inc.’s holdings in ServiceNow were worth $89,241,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Polymer Capital Management HK LTD grew its position in shares of ServiceNow by 57.0% during the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after acquiring an additional 981 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in ServiceNow in the 4th quarter worth approximately $48,802,000. Avidian Wealth Enterprises LLC lifted its stake in ServiceNow by 39.4% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after purchasing an additional 138 shares in the last quarter. Venturi Wealth Management LLC raised its position in shares of ServiceNow by 36.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock valued at $2,565,000 after buying an additional 765 shares in the last quarter. Finally, Cardano Risk Management B.V. purchased a new stake in shares of ServiceNow during the 4th quarter valued at $105,090,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Buying and Selling

In related news, insider Nicholas Tzitzon sold 313 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,884,725.40. The trade was a 7.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 in the company, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,731 shares of company stock worth $21,016,751. 0.25% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

NOW has been the topic of several recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $1,210.00 target price on shares of ServiceNow in a report on Thursday. UBS Group raised their target price on shares of ServiceNow from $900.00 to $1,055.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Canaccord Genuity Group raised their target price on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the stock a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. boosted their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, StockNews.com upgraded shares of ServiceNow from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,129.93.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $1,011.67 on Friday. The firm has a market capitalization of $208.40 billion, a P/E ratio of 148.12, a P/E/G ratio of 5.19 and a beta of 0.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The firm’s 50 day moving average is $1,085.21 and its two-hundred day moving average is $952.30. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $1.93 EPS for the quarter, missing analysts’ consensus estimates of $3.67 by ($1.74). ServiceNow had a net margin of 12.97% and a return on equity of 17.56%. Research analysts forecast that ServiceNow, Inc. will post 8.98 EPS for the current fiscal year.

ServiceNow declared that its board has initiated a stock buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

ServiceNow Profile

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.