Comerica Bank Has $50.23 Million Position in ServiceNow, Inc. (NYSE:NOW)

Comerica Bank trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 8.3% in the fourth quarter, according to the company in its most recent filing with the SEC. 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 SEC.

Other hedge funds have also recently bought and sold shares of the company. Quarry LP bought a new stake in shares of ServiceNow during the fourth quarter worth $27,000. Atala Financial Inc bought a new position in ServiceNow during the 4th quarter worth about $28,000. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow in the fourth quarter valued at about $32,000. Noble Wealth Management PBC acquired a new position in shares of ServiceNow during the fourth quarter worth about $34,000. Finally, FPC Investment Advisory Inc. grew its holdings in shares of ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after buying an additional 29 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on NOW shares. Robert W. Baird upped their price target on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. 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 report on Thursday, April 24th. Erste Group Bank upgraded shares of ServiceNow from a "hold" rating to a "strong-buy" rating in a research note on Wednesday. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $1,003.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. Finally, Redburn Atlantic assumed coverage on ServiceNow in a research report on Wednesday, February 19th. They set a "buy" rating for the company. One analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and an average target price of $1,041.00.

ServiceNow Price Performance

Shares of ServiceNow stock traded up $19.29 on Friday, reaching $977.24. 1,667,831 shares of the stock were exchanged, compared to its average volume of 1,512,546. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market cap of $202.29 billion, a PE ratio of 143.08, a P/E/G ratio of 4.51 and a beta of 1.08. The firm's 50 day moving average is $839.29 and its 200-day moving average is $968.38. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The firm had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. During the same period in the prior year, the company earned $3.41 earnings per share. The company's quarterly revenue was up 18.6% on a year-over-year basis. As a group, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a stock buyback program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

In other news, Director Jeffrey A. Miller sold 2,282 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $1,030.64, for a total value of $2,351,920.48. Following the completion of the transaction, the director now directly owns 40,638 shares in the company, valued at approximately $41,883,148.32. This represents a 5.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jonathan Chadwick sold 770 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $931.62, for a total value of $717,347.40. Following the completion of the transaction, the director now owns 3,205 shares of the company's stock, valued at $2,985,842.10. This represents a 19.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,618 shares of company stock worth $21,132,878 over the last 90 days. Insiders own 0.38% of the company's stock.

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.