M&T Bank Corp Boosts Stake in ServiceNow, Inc. (NYSE:NOW)

M&T Bank Corp lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 0.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,857 shares of the information technology services provider’s stock after buying an additional 281 shares during the period. M&T Bank Corp’s holdings in ServiceNow were worth $38,013,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Noble Wealth Management PBC acquired a new stake in ServiceNow during the 4th quarter worth about $34,000. Truvestments Capital LLC acquired a new stake in ServiceNow during the third quarter worth about $30,000. FPC Investment Advisory Inc. lifted its holdings in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares during the period. Heck Capital Advisors LLC purchased a new stake in ServiceNow in the 4th quarter worth approximately $37,000. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Down 0.5 %

NYSE:NOW opened at $906.15 on Wednesday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm has a market capitalization of $186.67 billion, a PE ratio of 132.67, a price-to-earnings-growth ratio of 4.51 and a beta of 0.99. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The business’s 50-day moving average is $1,030.51 and its two-hundred day moving average is $985.06.

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

ServiceNow announced that its board has initiated a share repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NOW shares. Scotiabank initiated coverage on shares of ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price target on the stock. Cantor Fitzgerald began coverage on ServiceNow in a research report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 target price on the stock. Jefferies Financial Group reduced their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Redburn Atlantic assumed coverage on ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. Finally, Truist Financial upped their target price on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,129.72.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the sale, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by corporate insiders.

About ServiceNow

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.