ServiceNow, Inc. (NYSE:NOW) Shares Sold by Azimuth Capital Investment Management LLC

Azimuth Capital Investment Management LLC lowered its stake in ServiceNow, Inc. (NYSE:NOW) by 11.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,567 shares of the information technology services provider’s stock after selling 3,891 shares during the quarter. ServiceNow comprises about 1.3% of Azimuth Capital Investment Management LLC’s portfolio, making the stock its 13th biggest holding. Azimuth Capital Investment Management LLC’s holdings in ServiceNow were worth $32,405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in NOW. Atala Financial Inc purchased a new position in shares of ServiceNow in the fourth quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow during the fourth quarter worth about $32,000. Noble Wealth Management PBC acquired a new position in ServiceNow during the fourth quarter worth approximately $34,000. FPC Investment Advisory Inc. increased its holdings in shares of ServiceNow by 725.0% in the 4th 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. Finally, Heck Capital Advisors LLC acquired a new stake in ServiceNow during the 4th quarter worth approximately $37,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Down 1.4 %

ServiceNow stock opened at $724.94 on Wednesday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The firm has a market capitalization of $149.34 billion, a PE ratio of 106.14, a PEG ratio of 4.51 and a beta of 1.08. The business’s 50-day simple moving average is $892.36 and its 200-day simple moving average is $976.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

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

ServiceNow announced that its Board of Directors has authorized a share buyback plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now directly owns 3,027 shares in the company, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 over the last three months. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have issued reports on NOW. Stifel Nicolaus dropped their target price on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Citigroup dropped their price objective on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Redburn Atlantic started coverage on ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating for the company. Truist Financial lowered their price target on shares of ServiceNow from $1,100.00 to $950.00 and set a “hold” rating on the stock in a research note on Monday, March 31st. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $1,275.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the stock. Based on data from MarketBeat.com, ServiceNow has an average rating of “Moderate Buy” and an average price target of $1,079.10.

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.