CNB Bank Decreases Position in ServiceNow, Inc. (NYSE:NOW)

CNB Bank reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 2.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,133 shares of the information technology services provider’s stock after selling 57 shares during the period. ServiceNow accounts for about 1.1% of CNB Bank’s holdings, making the stock its 21st biggest position. CNB Bank’s holdings in ServiceNow were worth $2,261,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its position in ServiceNow by 17.0% in the second quarter. Dimensional Fund Advisors LP now owns 274,844 shares of the information technology services provider’s stock valued at $216,207,000 after acquiring an additional 39,984 shares during the last quarter. Bradley Foster & Sargent Inc. CT acquired a new stake in shares of ServiceNow in the 2nd quarter valued at about $256,000. Wealth Alliance increased its position in ServiceNow by 6.9% during the second quarter. Wealth Alliance now owns 949 shares of the information technology services provider’s stock worth $747,000 after buying an additional 61 shares during the period. Mercer Global Advisors Inc. ADV lifted its stake in ServiceNow by 33.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 10,371 shares of the information technology services provider’s stock valued at $8,159,000 after buying an additional 2,595 shares during the last quarter. Finally, Argent Trust Co boosted its holdings in shares of ServiceNow by 5.4% in the second quarter. Argent Trust Co now owns 3,315 shares of the information technology services provider’s stock valued at $2,608,000 after acquiring an additional 170 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the subject of several research reports. TD Cowen upped their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Morgan Stanley downgraded shares of ServiceNow from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. JPMorgan Chase & Co. boosted their price target on ServiceNow from $820.00 to $950.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Canaccord Genuity Group increased their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, BMO Capital Markets boosted their target price on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,080.38.

ServiceNow Price Performance

ServiceNow stock opened at $1,064.39 on Friday. The firm has a market capitalization of $219.26 billion, a PE ratio of 165.44, a P/E/G ratio of 4.65 and a beta of 0.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,157.90. The firm’s 50-day simple moving average is $1,067.55 and its 200 day simple moving average is $928.41. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the prior year, the firm earned $1.21 earnings per share. The company’s revenue for the quarter was up 22.2% compared to the same quarter last year. On average, equities research analysts predict that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In related news, insider Nicholas Tzitzon sold 313 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the sale, the insider now owns 3,649 shares in the company, valued at approximately $3,884,725.40. This trade represents a 7.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 76 shares of ServiceNow stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1,010.94, for a total transaction of $76,831.44. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,060,115.38. The trade was a 2.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,276 shares of company stock worth $20,535,115. 0.25% of the stock is owned by insiders.

About ServiceNow

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.