BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 15.3% in the third quarter, Holdings Channel reports. The institutional investor owned 65,737 shares of the information technology services provider’s stock after selling 11,836 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in ServiceNow were worth $58,795,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. FMR LLC raised its stake in ServiceNow by 9.9% in the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after buying an additional 502,845 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of ServiceNow by 4.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,566,949 shares of the information technology services provider’s stock valued at $2,295,854,000 after purchasing an additional 112,380 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of ServiceNow by 3.5% in the third quarter. Fisher Asset Management LLC now owns 1,662,968 shares of the information technology services provider’s stock valued at $1,487,343,000 after purchasing an additional 56,830 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in ServiceNow by 11.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,620,298 shares of the information technology services provider’s stock worth $1,449,178,000 after buying an additional 167,847 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in ServiceNow by 2.3% during the second quarter. Bank of New York Mellon Corp now owns 1,529,430 shares of the information technology services provider’s stock worth $1,203,157,000 after buying an additional 34,855 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Insider Activity

In related news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Russell S. Elmer sold 1,867 shares of ServiceNow stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $1,023.97, for a total transaction of $1,911,751.99. Following the completion of the sale, the general counsel now owns 6,843 shares of the company’s stock, valued at $7,007,026.71. This trade represents a 21.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,329 shares of company stock worth $20,547,241 over the last 90 days. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of recent research reports. TD Cowen raised their target price on ServiceNow from $900.00 to $1,000.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Royal Bank of Canada lifted their target price on shares of ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Needham & Company LLC lifted their target price on ServiceNow from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Sanford C. Bernstein boosted their price objective on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Finally, Canaccord Genuity Group lifted their target price on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $989.07.

ServiceNow Stock Up 0.9 %

Shares of ServiceNow stock opened at $1,050.62 on Friday. The stock has a market capitalization of $216.43 billion, a price-to-earnings ratio of 163.39, a PEG ratio of 5.98 and a beta of 0.98. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.16. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,072.84. The business’s 50 day simple moving average is $963.10 and its 200-day simple moving average is $846.02.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. During the same period in the previous year, the company earned $1.21 earnings per share. ServiceNow’s revenue was up 22.2% compared to the same quarter last year. Equities research analysts forecast that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

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.