Comerica Bank Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

Comerica Bank lowered its position in shares of ServiceNow, Inc. (NYSE:NOW) by 8.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,385 shares of the information technology services provider’s stock after selling 4,283 shares during the quarter. Comerica Bank’s holdings in ServiceNow were worth $50,234,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NOW. Quarry LP purchased a new stake in shares of ServiceNow during the 4th quarter valued at $27,000. Atala Financial Inc bought a new position in ServiceNow during the fourth quarter valued at $28,000. LFA Lugano Financial Advisors SA bought a new position in shares of ServiceNow during the 4th quarter worth $32,000. FPC Investment Advisory Inc. lifted its holdings in ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after purchasing an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in ServiceNow in the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Activity

In other news, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,080,123.85. This represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jeffrey A. Miller sold 2,282 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the transaction, the director now owns 40,638 shares of the company’s stock, valued at approximately $41,883,148.32. The trade was a 5.32 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,618 shares of company stock valued at $21,132,878. 0.38% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Scotiabank raised their target price on shares of ServiceNow from $1,050.00 to $1,075.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 24th. Truist Financial cut their price target on shares of ServiceNow from $1,100.00 to $950.00 and set a “hold” rating for the company in a research report on Monday, March 31st. Jefferies Financial Group decreased their price target on ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Piper Sandler decreased their target price on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Finally, Morgan Stanley increased their price target on shares of ServiceNow from $881.00 to $950.00 and gave the company an “equal weight” rating in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,032.94.

ServiceNow Stock Performance

Shares of NOW opened at $942.79 on Wednesday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The stock has a market cap of $195.16 billion, a price-to-earnings ratio of 138.04, a PEG ratio of 4.51 and a beta of 1.08. The business has a 50-day simple moving average of $837.19 and a two-hundred day simple moving average of $967.68.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The business’s revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.41 EPS. On average, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has approved a share buyback program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management 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.