ServiceNow, Inc. $NOW Shares Purchased by Comerica Bank

Key Points

• Comerica Bank lifted its position in ServiceNow by 363.9% in Q4 to 192,146 shares, valued at about $29.44 million.
• Multiple other institutions also sharply increased stakes (e.g., Sumitomo Mitsui Trust added ~2.06M shares), and institutional/hedge fund ownership totals 87.18%.
• Insiders sold 16,237 shares (~$1.70M) last quarter, cutting insider ownership to 0.34%, while analysts maintain a Moderate Buy consensus with an average price target of $146.65 despite recent cuts.

Comerica Bank lifted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 363.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 192,146 shares of the information technology services provider's stock after acquiring an additional 150,729 shares during the period. Comerica Bank's holdings in ServiceNow were worth $29,435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Cohen Klingenstein LLC boosted its stake in shares of ServiceNow by 400.0% in the fourth 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 during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of ServiceNow by 385.9% in the fourth 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 during the last quarter. Natural Investments LLC boosted its stake in shares of ServiceNow by 332.0% in the fourth 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 during the last quarter. Focus Financial Network Inc. boosted its stake in shares of ServiceNow by 286.1% in the fourth 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 during the last quarter. Finally, Telos Capital Management Inc. boosted its stake in shares of ServiceNow by 706.0% in the fourth 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 during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Kevin Thomas Mcbride sold 1,400 shares of the company's stock in a transaction on Friday, February 13th. The stock was sold at an average price of $105.71, for a total value of $147,994.00. Following the transaction, the insider owned 26,314 shares of the company's stock, valued at $2,781,652.94. This represents a 5.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul Fipps sold 9,641 shares of the company's stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $105.93, for a total value of $1,021,271.13. Following the completion of the transaction, the insider directly owned 11,757 shares in the company, valued at approximately $1,245,419.01. This trade represents a 45.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,237 shares of company stock valued at $1,697,162 in the last quarter. Insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. BNP Paribas Exane raised ServiceNow from a "neutral" rating to an "outperform" rating and set a $140.00 price target on the stock in a research note on Monday, March 16th. FBN Securities lowered their price objective on ServiceNow from $160.00 to $120.00 in a research note on Thursday, April 23rd. Truist Financial lowered their price objective on ServiceNow from $125.00 to $120.00 and set a "buy" rating on the stock in a research note on Thursday, April 23rd. Canaccord Genuity Group lowered their price objective on ServiceNow from $200.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, April 23rd. Finally, Needham & Company LLC lowered their price objective on ServiceNow from $155.00 to $115.00 and set a "buy" rating on the stock in a research note on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average price target of $146.65.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $90.50 on Tuesday. ServiceNow, Inc. has a 52 week low of $81.24 and a 52 week high of $211.48. The business's fifty day simple moving average is $104.51 and its 200-day simple moving average is $136.53. The firm has a market cap of $93.30 billion, a PE ratio of 53.93, a price-to-earnings-growth ratio of 1.53 and a beta of 1.01. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting the consensus estimate of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.75 billion. During the same quarter in the prior year, the company posted $0.81 EPS. The company's quarterly revenue was up 22.1% on a year-over-year basis. Equities analysts forecast that ServiceNow, Inc. will post 2.47 earnings per share for the current year.

About ServiceNow

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.

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