iA Global Asset Management Inc. Sells 5,945 Shares of ServiceNow, Inc. (NYSE:NOW)

iA Global Asset Management Inc. lowered its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 32.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 12,372 shares of the information technology services provider’s stock after selling 5,945 shares during the period. iA Global Asset Management Inc.’s holdings in ServiceNow were worth $13,116,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of NOW. United Bank bought a new position in shares of ServiceNow during the third quarter valued at $480,000. Caprock Group LLC raised its stake in ServiceNow by 4.6% during the third quarter. Caprock Group LLC now owns 4,177 shares of the information technology services provider’s stock worth $3,737,000 after buying an additional 183 shares during the last quarter. OneAscent Financial Services LLC bought a new position in ServiceNow during the third quarter worth $204,000. Meeder Asset Management Inc. raised its stake in ServiceNow by 24.7% during the third quarter. Meeder Asset Management Inc. now owns 121 shares of the information technology services provider’s stock worth $108,000 after buying an additional 24 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in ServiceNow by 4.6% during the third quarter. PNC Financial Services Group Inc. now owns 202,085 shares of the information technology services provider’s stock worth $180,743,000 after buying an additional 8,967 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Analyst Ratings Changes

NOW has been the subject of a number of analyst reports. The Goldman Sachs Group lifted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Piper Sandler lifted their target price on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Canaccord Genuity Group reissued a “buy” rating and set a $1,275.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. Needham & Company LLC lifted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Finally, Jefferies Financial Group decreased their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company’s stock. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus target price of $1,100.31.

ServiceNow Price Performance

NOW stock opened at $843.60 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The stock has a market cap of $173.78 billion, a PE ratio of 123.51, a P/E/G ratio of 4.51 and a beta of 1.03. The firm has a 50 day simple moving average of $979.74 and a two-hundred day simple moving average of $984.61.

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

ServiceNow announced that its Board of Directors has authorized a stock buyback plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction on Monday, February 10th. The shares were 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 owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This represents a 32.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,080,123.85. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,351 shares of company stock valued at $20,050,076. Corporate insiders own 0.25% of the company’s stock.

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.