Comerica Bank Grows Stake in ServiceNow, Inc. (NOW)

Comerica Bank grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 5.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,422 shares of the information technology services provider’s stock after purchasing an additional 463 shares during the quarter. Comerica Bank’s holdings in ServiceNow were worth $1,053,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in NOW. Barrett Asset Management LLC acquired a new stake in shares of ServiceNow in the second quarter valued at approximately $117,000. SeaBridge Investment Advisors LLC acquired a new stake in ServiceNow during the third quarter worth approximately $118,000. Rockefeller Financial Services Inc. acquired a new stake in ServiceNow during the third quarter worth approximately $138,000. Commonwealth Bank of Australia boosted its position in ServiceNow by 5.8% during the second quarter. Commonwealth Bank of Australia now owns 1,518 shares of the information technology services provider’s stock worth $159,000 after acquiring an additional 83 shares during the last quarter. Finally, LS Investment Advisors LLC boosted its position in ServiceNow by 3.6% during the second quarter. LS Investment Advisors LLC now owns 1,738 shares of the information technology services provider’s stock worth $184,000 after acquiring an additional 61 shares during the last quarter.

In related news, Director Frederic B. Luddy sold 82,500 shares of ServiceNow stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $116.13, for a total transaction of $9,580,725.00. Following the sale, the director now owns 29,990 shares of the company’s stock, valued at approximately $3,482,738.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Scarpelli sold 95,035 shares of ServiceNow stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $126.52, for a total transaction of $12,023,828.20. Following the sale, the insider now directly owns 194,664 shares in the company, valued at approximately $24,628,889.28. The disclosure for this sale can be found here. Insiders have sold a total of 907,674 shares of company stock worth $109,676,725 in the last ninety days. 3.30% of the stock is currently owned by insiders.

A number of brokerages recently issued reports on NOW. Argus restated a “buy” rating and set a $150.00 target price (up previously from $125.00) on shares of ServiceNow in a research report on Friday, October 27th. Bank of America raised their target price on shares of ServiceNow from $136.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Zacks Investment Research lowered shares of ServiceNow from a “hold” rating to a “sell” rating in a research report on Monday, October 30th. UBS raised their target price on shares of ServiceNow from $128.00 to $168.00 and gave the stock a “buy” rating in a research report on Thursday, November 9th. Finally, Piper Jaffray Companies upgraded shares of ServiceNow from a “neutral” rating to an “overweight” rating in a research report on Monday, October 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-nine have issued a buy rating and three have assigned a strong buy rating to the company’s stock. ServiceNow currently has an average rating of “Buy” and a consensus price target of $130.50.

Shares of ServiceNow, Inc. (NOW) traded down $6.53 during mid-day trading on Monday, hitting $116.13. 1,701,128 shares of the stock were exchanged, compared to its average volume of 1,575,712. ServiceNow, Inc. has a fifty-two week low of $72.80 and a fifty-two week high of $130.05. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 2.10.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 25th. The information technology services provider reported $0.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.06. ServiceNow had a negative net margin of 8.68% and a negative return on equity of 22.11%. The firm had revenue of $498.20 million for the quarter, compared to the consensus estimate of $491.62 million. During the same quarter in the previous year, the firm posted $0.23 EPS. The firm’s quarterly revenue was up 39.3% on a year-over-year basis. equities analysts expect that ServiceNow, Inc. will post -0.35 earnings per share for the current year.

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ServiceNow Profile

ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.

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Institutional Ownership by Quarter for ServiceNow (NYSE:NOW)

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