CIBC Private Wealth Group LLC Has $95.09 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

CIBC Private Wealth Group LLC raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 248.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 90,640 shares of the information technology services provider’s stock after buying an additional 64,609 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in ServiceNow were worth $95,089,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. World Investment Advisors LLC boosted its holdings in ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after purchasing an additional 4,771,830 shares during the period. Norges Bank acquired a new position in shares of ServiceNow during the fourth quarter valued at about $2,603,360,000. Proficio Capital Partners LLC lifted its stake in shares of ServiceNow by 154,255.3% in the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock valued at $667,000 after buying an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd acquired a new stake in ServiceNow during the fourth quarter worth about $682,468,000. Finally, Wellington Management Group LLP grew its position in ServiceNow by 24.1% during the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after buying an additional 615,797 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO William R. Mcdermott sold 1,263 shares of the company’s 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 completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $3,080,123.85. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research reports. Oppenheimer raised their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Canaccord Genuity Group reissued a “buy” rating and issued a $1,275.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. Robert W. Baird dropped their price objective on shares of ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating for the company in a research note on Wednesday, March 26th. Finally, Scotiabank decreased their target price on shares of ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a research report on Monday, March 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,093.76.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $796.61 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a 50 day simple moving average of $950.30 and a 200 day simple moving average of $984.86. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The firm has a market cap of $164.10 billion, a P/E ratio of 116.63, a P/E/G ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting 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 predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is 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.