ServiceNow, Inc. (NYSE:NOW) Shares Bought by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC increased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 248.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,640 shares of the information technology services provider's stock after purchasing an additional 64,609 shares during the period. CIBC Private Wealth Group LLC's holdings in ServiceNow were worth $95,089,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of NOW. Vanguard Group Inc. raised its stake in shares of ServiceNow by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider's stock worth $20,353,517,000 after purchasing an additional 190,430 shares in the last quarter. State Street Corp grew its position in ServiceNow by 2.6% in the 3rd quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider's stock worth $8,118,867,000 after purchasing an additional 226,023 shares during the last quarter. World Investment Advisors LLC increased its position in shares of ServiceNow by 499,668.1% during the third quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider's stock valued at $4,268,731,000 after purchasing an additional 4,771,830 shares during the period. Geode Capital Management LLC boosted its position in shares of ServiceNow by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider's stock valued at $3,753,828,000 after acquiring an additional 78,378 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of ServiceNow by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider's stock valued at $2,834,797,000 after purchasing an additional 615,797 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

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Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Mizuho reduced their price target on shares of ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 11th. Raymond James assumed coverage on shares of ServiceNow in a report on Tuesday, December 24th. They issued an "outperform" rating and a $1,200.00 price target for the company. Redburn Atlantic began coverage on ServiceNow in a research note on Wednesday, February 19th. They issued a "buy" rating on the stock. JMP Securities reaffirmed a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Thursday, January 30th. Finally, Royal Bank of Canada set a $986.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and an average target price of $1,087.21.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 455 shares of the company's stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares of the company's stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 over the last ninety days. Corporate insiders own 0.25% of the company's stock.

ServiceNow Price Performance

NOW traded up $13.08 during midday trading on Wednesday, hitting $824.64. 1,619,815 shares of the company traded hands, compared to its average volume of 1,418,685. The company has a market capitalization of $169.88 billion, a price-to-earnings ratio of 120.74, a PEG ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The business has a 50 day simple moving average of $939.07 and a two-hundred day simple moving average of $983.75. 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 - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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%. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has initiated a stock repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback 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.