Chevy Chase Trust Holdings LLC Sells 2,327 Shares of ServiceNow, Inc. (NYSE:NOW)

Chevy Chase Trust Holdings LLC cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 2.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 108,272 shares of the information technology services provider’s stock after selling 2,327 shares during the period. Chevy Chase Trust Holdings LLC owned 0.05% of ServiceNow worth $114,781,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of NOW. World Investment Advisors LLC boosted its holdings in ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider’s stock valued at $4,268,731,000 after purchasing an additional 4,771,830 shares during the period. International Assets Investment Management LLC boosted its holdings in ServiceNow by 89,137.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after purchasing an additional 1,183,739 shares during the period. Bank of Montreal Can boosted its holdings in ServiceNow by 216.6% in the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after purchasing an additional 935,848 shares during the period. Wellington Management Group LLP boosted its holdings in ServiceNow by 24.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock valued at $2,834,797,000 after purchasing an additional 615,797 shares during the period. Finally, FMR LLC boosted its holdings in ServiceNow by 9.9% in the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider’s stock valued at $5,014,302,000 after purchasing an additional 502,845 shares during the period. 87.18% of the stock is owned by institutional investors.

Insider Activity

In other news, General Counsel Russell S. Elmer sold 81 shares of ServiceNow stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $1,016.54, for a total transaction of $82,339.74. Following the sale, the general counsel now owns 6,843 shares of the company’s stock, valued at approximately $6,956,183.22. The trade was a 1.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of ServiceNow stock in a transaction dated 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 sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. The trade was a 82.54 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,257 shares of company stock valued at $23,579,376. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Price Performance

NOW stock opened at $989.70 on Friday. The firm’s 50-day moving average price is $1,075.99 and its two-hundred day moving average price is $969.56. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The stock has a market capitalization of $203.88 billion, a price-to-earnings ratio of 144.90, a PEG ratio of 4.76 and a beta of 0.99. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has approved a stock repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently weighed in on NOW. Canaccord Genuity Group raised their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Robert W. Baird lowered their price objective on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Raymond James began coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective on the stock. Evercore ISI raised their price objective on shares of ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, Truist Financial raised their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

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.