Comerica Bank Sells 3,001 Shares of ServiceNow, Inc. $NOW

Key Points

• Comerica Bank reduced its stake in ServiceNow by 6.3%, selling 3,001 shares, leaving it with 44,384 shares valued at approximately $35.3 million.
• ServiceNow's CEO William R. Mcdermott sold 1,585 shares of the company's stock for over $1.4 million, marking an 11.3% decrease in his position.
• ServiceNow reported earnings of $4.09 per share for the last quarter, surpassing analysts' expectations, with revenue rising by 22.4% year-over-year to $3.22 billion.

Comerica Bank trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.3% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 44,384 shares of the information technology services provider's stock after selling 3,001 shares during the quarter. Comerica Bank's holdings in ServiceNow were worth $35,336,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Bogart Wealth LLC lifted its position in shares of ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 17 shares during the period. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow during the 1st quarter valued at $26,000. Quarry LP bought a new stake in shares of ServiceNow during the 4th quarter valued at $27,000. WASHINGTON TRUST Co lifted its position in shares of ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 31 shares during the period. Finally, Dagco Inc. bought a new stake in shares of ServiceNow during the 1st quarter valued at $33,000. 87.18% of the stock is currently owned by institutional investors.

Insider Transactions at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,585 shares of the company's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $900.00, for a total value of $1,426,500.00. Following the sale, the chief executive officer owned 12,439 shares in the company, valued at approximately $11,195,100. The trade was a 11.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul Fipps sold 1,452 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total value of $1,299,612.60. Following the completion of the sale, the insider owned 457 shares in the company, valued at $409,037.85. This trade represents a 76.06% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,096 shares of company stock worth $14,807,562. 0.38% of the stock is currently owned by insiders.

ServiceNow Trading Up 1.0%

NYSE NOW opened at $885.7930 on Monday. The business's 50-day moving average price is $955.00 and its two-hundred day moving average price is $928.38. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The firm has a market capitalization of $184.24 billion, a PE ratio of 111.56, a price-to-earnings-growth ratio of 4.00 and a beta of 0.93. 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 - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the company posted $3.13 EPS. The business's revenue was up 22.4% on a year-over-year basis. On average, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently commented on NOW. Stifel Nicolaus boosted their price target on ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Guggenheim reissued a "sell" rating and set a $724.00 price target on shares of ServiceNow in a report on Thursday, July 17th. DA Davidson boosted their price target on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. UBS Group lowered their price target on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a report on Thursday, July 24th. Finally, JMP Securities reissued a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

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.

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