Commerce Bank Trims Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Commerce Bank reduced its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 17.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,372 shares of the information technology services provider's stock after selling 22,543 shares during the period. ServiceNow accounts for 0.7% of Commerce Bank's holdings, making the stock its 28th biggest holding. Commerce Bank owned about 0.05% of ServiceNow worth $115,947,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of NOW. Atala Financial Inc purchased a new position in shares of ServiceNow in the 4th quarter valued at $28,000. LFA Lugano Financial Advisors SA acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $32,000. FPC Investment Advisory Inc. raised its position in shares of ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 29 shares during the period. Noble Wealth Management PBC acquired a new stake in ServiceNow in the fourth quarter valued at approximately $34,000. Finally, Heck Capital Advisors LLC purchased a new stake in shares of ServiceNow in the fourth quarter valued at approximately $37,000. Institutional investors own 87.18% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. StockNews.com cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Tuesday, February 11th. Cantor Fitzgerald restated an "overweight" rating and set a $1,048.00 price target on shares of ServiceNow in a research report on Wednesday, April 16th. Citigroup lowered their price objective on ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. Piper Sandler raised their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. Finally, JMP Securities reiterated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,032.90.

Insider Buying and Selling

In other ServiceNow news, General Counsel Russell S. Elmer sold 2,511 shares of the firm's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the sale, the general counsel now directly owns 4,332 shares in the company, valued at $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 354 shares of the company's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the transaction, the insider now directly owns 3,027 shares of the company's stock, valued at approximately $2,435,554.47. This represents a 10.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,250 shares of company stock worth $19,853,273 over the last 90 days. 0.38% of the stock is owned by insiders.

ServiceNow Stock Up 2.5 %

ServiceNow stock traded up $18.66 during mid-day trading on Tuesday, reaching $774.65. 616,151 shares of the company's stock were exchanged, compared to its average volume of 1,477,622. The company has a fifty day moving average of $848.45 and a 200-day moving average of $969.57. The company has a market cap of $160.35 billion, a P/E ratio of 113.54, a P/E/G ratio of 4.51 and a beta of 1.08. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board of directors believes its shares are 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.