CIBC Asset Management Inc Decreases Position in ServiceNow, Inc. (NYSE:NOW)

CIBC Asset Management Inc decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 44,675 shares of the information technology services provider's stock after selling 2,235 shares during the quarter. CIBC Asset Management Inc's holdings in ServiceNow were worth $47,361,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Polymer Capital Management HK LTD grew its stake in shares of ServiceNow by 57.0% during the third 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 buying an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of ServiceNow during the fourth quarter valued at approximately $48,802,000. Dock Street Asset Management Inc. grew its stake in shares of ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock valued at $35,147,000 after buying an additional 1,105 shares during the last quarter. Avidian Wealth Enterprises LLC grew its stake in shares of ServiceNow by 39.4% during the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider's stock valued at $436,000 after buying an additional 138 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its stake in shares of ServiceNow by 36.4% during the third 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 during the last quarter. Institutional investors own 87.18% of the company's stock.

Insiders Place Their Bets

In other ServiceNow news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares of the company's stock, valued at approximately $11,710,600. This trade represents a 16.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,806 shares of company stock valued at $16,065,122. Company insiders own 0.25% of the company's stock.

ServiceNow Stock Performance

Shares of NYSE NOW traded down $18.95 during mid-day trading on Thursday, hitting $968.19. The stock had a trading volume of 1,349,334 shares, compared to its average volume of 1,635,015. 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 company has a 50 day moving average of $1,061.97 and a two-hundred day moving average of $976.06. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The firm has a market cap of $199.45 billion, a PE ratio of 141.76, a PEG ratio of 4.64 and a beta of 0.99.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has approved a share buyback plan on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research reports. TD Cowen boosted their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the company a "buy" rating in a report on Tuesday, December 10th. Guggenheim reiterated a "sell" rating and issued a $716.00 price target on shares of ServiceNow in a report on Wednesday, January 22nd. Redburn Atlantic initiated coverage on ServiceNow in a report on Wednesday. They issued a "buy" rating for the company. Canaccord Genuity Group boosted their price target on ServiceNow from $1,200.00 to $1,275.00 and gave the company a "buy" rating in a report on Thursday, January 30th. Finally, Scotiabank began coverage on ServiceNow in a report on Tuesday, November 19th. They set a "sector outperform" rating and a $1,230.00 target price for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $1,129.72.

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.