Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Position in ServiceNow, Inc. $NOW

Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of ServiceNow, Inc. (NYSE:NOW) by 510.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 798,515 shares of the information technology services provider’s stock after buying an additional 667,625 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.08% of ServiceNow worth $122,325,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in NOW. Cohen Klingenstein LLC increased its stake in shares of ServiceNow by 400.0% in the 4th quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider’s stock worth $1,532,000 after acquiring an additional 8,000 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of ServiceNow by 385.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,599,397 shares of the information technology services provider’s stock worth $398,202,000 after acquiring an additional 2,064,440 shares in the last quarter. Focus Financial Network Inc. increased its stake in shares of ServiceNow by 286.1% in the 4th quarter. Focus Financial Network Inc. now owns 53,650 shares of the information technology services provider’s stock worth $8,219,000 after acquiring an additional 39,756 shares in the last quarter. Natural Investments LLC increased its stake in shares of ServiceNow by 332.0% in the 4th quarter. Natural Investments LLC now owns 16,453 shares of the information technology services provider’s stock worth $2,520,000 after acquiring an additional 12,644 shares in the last quarter. Finally, Telos Capital Management Inc. increased its stake in shares of ServiceNow by 706.0% in the 4th quarter. Telos Capital Management Inc. now owns 50,940 shares of the information technology services provider’s stock worth $7,803,000 after acquiring an additional 44,620 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $96.64 on Monday. The firm’s 50-day moving average price is $105.72 and its 200-day moving average price is $140.24. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.12. The company has a market cap of $100.13 billion, a PE ratio of 57.94, a PEG ratio of 1.62 and a beta of 1.01. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $211.48.

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

Wall Street Analyst Weigh In

NOW has been the subject of several research reports. Wall Street Zen lowered shares of ServiceNow from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. The Goldman Sachs Group reduced their price objective on shares of ServiceNow from $216.00 to $188.00 and set a “buy” rating for the company in a research note on Tuesday, April 7th. BNP Paribas Exane upgraded shares of ServiceNow from a “neutral” rating to an “outperform” rating and set a $140.00 price objective for the company in a research note on Monday, March 16th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of ServiceNow in a research note on Thursday, January 29th. Finally, Wells Fargo & Company reduced their price objective on shares of ServiceNow from $225.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Three investment analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $173.46.

Insider Activity

In other news, insider Kevin Thomas Mcbride sold 1,400 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $2,781,652.94. This trade represents a 5.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $101.17, for a total transaction of $151,755.00. Following the sale, the director directly owned 46,430 shares in the company, valued at approximately $4,697,323.10. The trade was a 3.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,237 shares of company stock valued at $1,697,162 in the last 90 days. 0.34% of the stock is currently owned by insiders.

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.