CNB Bank Cuts Stock Holdings in ServiceNow, Inc. $NOW

CNB Bank reduced its position in shares of ServiceNow, Inc. (NYSE:NOW) by 5.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,043 shares of the information technology services provider’s stock after selling 122 shares during the period. ServiceNow makes up approximately 1.0% of CNB Bank’s portfolio, making the stock its 20th largest position. CNB Bank’s holdings in ServiceNow were worth $2,100,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in NOW. Haverford Trust Co boosted its stake in ServiceNow by 0.9% during the 1st quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock valued at $936,000 after purchasing an additional 10 shares during the period. Ascent Group LLC raised its position in shares of ServiceNow by 0.5% during the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock worth $1,628,000 after buying an additional 10 shares in the last quarter. Edgemoor Investment Advisors Inc. raised its position in shares of ServiceNow by 2.5% during the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $366,000 after buying an additional 11 shares in the last quarter. Integrated Investment Consultants LLC raised its position in shares of ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock worth $358,000 after buying an additional 11 shares in the last quarter. Finally, one8zero8 LLC raised its position in shares of ServiceNow by 3.2% during the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock worth $283,000 after buying an additional 11 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

NOW stock opened at $929.77 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $193.39 billion, a price-to-earnings ratio of 117.10, a P/E/G ratio of 4.23 and a beta of 0.92. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The firm has a 50 day moving average of $917.85 and a two-hundred day moving average of $940.95.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company’s revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.13 earnings per share. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of recent analyst reports. Citigroup boosted their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. UBS Group dropped their price target on shares of ServiceNow from $1,100.00 to $1,075.00 and set a “buy” rating on the stock in a research report on Tuesday, October 14th. Wells Fargo & Company boosted their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. Barclays set a $1,210.00 target price on shares of ServiceNow in a report on Thursday, July 24th. Finally, Erste Group Bank restated a “hold” rating on shares of ServiceNow in a report on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,124.17.

Insider Buying and Selling

In other ServiceNow news, CEO William R. Mcdermott sold 5,825 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the sale, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Anita M. Sands sold 1,097 shares of the business’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the completion of the sale, the director directly owned 9,307 shares of the company’s stock, valued at $8,516,928.77. This represents a 10.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is owned by company insiders.

ServiceNow Company 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.