CNB Bank Lowers Holdings in ServiceNow, Inc. $NOW

CNB Bank lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 5.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,043 shares of the information technology services provider’s stock after selling 122 shares during the period. ServiceNow makes up about 1.0% of CNB Bank’s portfolio, making the stock its 20th biggest holding. CNB Bank’s holdings in ServiceNow were worth $2,100,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NOW. Brighton Jones LLC lifted its holdings in shares of ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock valued at $2,919,000 after purchasing an additional 30 shares during the last quarter. GAMMA Investing LLC increased its position in shares of ServiceNow by 10.0% in the 1st quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider’s stock valued at $2,689,000 after acquiring an additional 308 shares during the period. Moran Wealth Management LLC raised its stake in ServiceNow by 5.0% in the 1st quarter. Moran Wealth Management LLC now owns 1,176 shares of the information technology services provider’s stock worth $936,000 after acquiring an additional 56 shares during the last quarter. Daymark Wealth Partners LLC raised its stake in ServiceNow by 42.9% in the 1st quarter. Daymark Wealth Partners LLC now owns 726 shares of the information technology services provider’s stock worth $578,000 after acquiring an additional 218 shares during the last quarter. Finally, Perigon Wealth Management LLC raised its stake in ServiceNow by 8.7% in the 1st quarter. Perigon Wealth Management LLC now owns 5,248 shares of the information technology services provider’s stock worth $4,178,000 after acquiring an additional 418 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NOW. DA Davidson raised their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Jefferies Financial Group raised their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. BMO Capital Markets raised their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an “outperform” rating in a research note on Thursday, July 24th. Barclays set a $1,210.00 price target on shares of ServiceNow in a research note on Thursday, July 24th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,124.17.

Insider Transactions at ServiceNow

In other news, Director Anita M. Sands sold 1,097 shares of the company’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $915.11, for a total value of $1,003,875.67. Following the completion of the sale, the director directly owned 9,307 shares of the company’s stock, valued at approximately $8,516,928.77. This represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares of the company’s stock, valued at $2,599,350. The trade was a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,737 shares of company stock valued at $16,798,825 over the last quarter. 0.38% of the stock is owned by corporate insiders.

ServiceNow Price Performance

ServiceNow stock opened at $929.77 on Friday. The stock has a market cap of $193.39 billion, a P/E ratio of 117.10, a price-to-earnings-growth ratio of 4.23 and a beta of 0.92. The company has a fifty day simple moving average of $917.85 and a 200-day simple moving average of $940.95. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the previous year, the company earned $3.13 EPS. The company’s revenue for the quarter was up 22.4% on a year-over-year basis. Equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.