Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in ServiceNow, Inc. $NOW

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in ServiceNow, Inc. (NYSE:NOW) by 510.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 798,515 shares of the information technology services provider’s stock after acquiring an additional 667,625 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in ServiceNow were worth $122,325,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Belpointe Asset Management LLC boosted its holdings in shares of ServiceNow by 396.4% in the fourth quarter. Belpointe Asset Management LLC now owns 843,002 shares of the information technology services provider’s stock worth $129,139,000 after buying an additional 673,175 shares during the last quarter. Exane Asset Management boosted its holdings in shares of ServiceNow by 10,115.1% in the fourth quarter. Exane Asset Management now owns 38,000 shares of the information technology services provider’s stock worth $5,821,000 after buying an additional 37,628 shares during the last quarter. Fortis Capital Advisors LLC boosted its holdings in shares of ServiceNow by 141.2% in the fourth quarter. Fortis Capital Advisors LLC now owns 5,379 shares of the information technology services provider’s stock worth $824,000 after buying an additional 3,149 shares during the last quarter. Krilogy Financial LLC boosted its holdings in shares of ServiceNow by 406.2% in the fourth quarter. Krilogy Financial LLC now owns 7,613 shares of the information technology services provider’s stock worth $1,166,000 after buying an additional 6,109 shares during the last quarter. Finally, Earned Wealth Advisors LLC boosted its holdings in shares of ServiceNow by 613.2% in the fourth quarter. Earned Wealth Advisors LLC now owns 3,951 shares of the information technology services provider’s stock worth $605,000 after buying an additional 3,397 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. BTIG Research dropped their price objective on shares of ServiceNow from $200.00 to $185.00 and set a “buy” rating on the stock in a report on Tuesday, April 7th. The Goldman Sachs Group dropped their price objective on shares of ServiceNow from $216.00 to $188.00 and set a “buy” rating on the stock in a report on Tuesday, April 7th. Benchmark assumed coverage on shares of ServiceNow in a report on Wednesday, April 1st. They issued a “buy” rating and a $125.00 price objective on the stock. Capital One Financial decreased their target price on shares of ServiceNow from $158.00 to $113.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Piper Sandler restated an “overweight” rating on shares of ServiceNow in a research note on Thursday, January 29th. Three research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $173.46.

ServiceNow Price Performance

NYSE NOW opened at $96.64 on Monday. The stock has a market cap of $100.13 billion, a price-to-earnings ratio of 57.94, a PEG ratio of 1.62 and a beta of 1.01. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.12. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $211.48. The company’s 50 day moving average is $105.72 and its two-hundred day moving average is $140.24.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 28th. The information technology services provider reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.03. The firm had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.53 billion. ServiceNow had a net margin of 13.16% and a return on equity of 18.54%. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.73 earnings per share. As a group, research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity

In other news, insider Paul Fipps sold 3,696 shares of ServiceNow stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $101.77, for a total transaction of $376,141.92. Following the sale, the insider owned 8,061 shares in the company, valued at $820,367.97. This trade represents a 31.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kevin Thomas Mcbride sold 1,400 shares of ServiceNow stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $105.71, for a total transaction of $147,994.00. Following the sale, the insider owned 26,314 shares in the company, valued at approximately $2,781,652.94. The trade was a 5.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,237 shares of company stock worth $1,697,162 over the last quarter. Insiders own 0.34% of the company’s stock.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.