M&T Bank Corp Has $38.01 Million Position in ServiceNow, Inc. (NYSE:NOW)

M&T Bank Corp grew its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 0.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,857 shares of the information technology services provider's stock after acquiring an additional 281 shares during the period. M&T Bank Corp's holdings in ServiceNow were worth $38,013,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Noble Wealth Management PBC acquired a new position in ServiceNow in the 4th quarter worth about $34,000. Truvestments Capital LLC acquired a new position in ServiceNow in the third quarter worth approximately $30,000. FPC Investment Advisory Inc. raised its position in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after acquiring an additional 29 shares in the last quarter. Heck Capital Advisors LLC bought a new stake in ServiceNow in the fourth quarter worth approximately $37,000. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of ServiceNow in the 4th quarter valued at $37,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently commented on NOW. KeyCorp lowered ServiceNow from an "overweight" rating to a "sector weight" rating in a research note on Friday, December 13th. Citigroup cut their price target on ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating for the company in a report on Tuesday, February 4th. Redburn Atlantic assumed coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They issued a "buy" rating on the stock. Truist Financial upped their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a "hold" rating in a research note on Thursday, December 12th. Finally, Scotiabank assumed coverage on shares of ServiceNow in a research note on Tuesday, November 19th. They issued a "sector outperform" rating and a $1,230.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $1,129.72.

ServiceNow Trading Up 1.1 %

NYSE:NOW traded up $10.25 on Wednesday, reaching $916.34. The company's stock had a trading volume of 1,540,318 shares, compared to its average volume of 1,675,462. The firm has a market cap of $188.77 billion, a PE ratio of 134.16, a PEG ratio of 4.51 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The business's 50-day moving average price is $1,026.73 and its two-hundred day moving average price is $984.57. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other ServiceNow news, insider Jacqueline P. Canney sold 292 shares of the business's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,080,123.85. The trade was a 8.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares of the company's stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock worth $20,050,076 over the last ninety days. Company insiders own 0.25% of the company's stock.

ServiceNow Company 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.