Azimuth Capital Investment Management LLC Trims Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

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

Other institutional investors and hedge funds also recently bought and sold shares of the company. Atala Financial Inc bought a new stake in ServiceNow during the fourth quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of ServiceNow during the 4th quarter valued at $32,000. Noble Wealth Management PBC bought a new stake in shares of ServiceNow during the 4th quarter worth $34,000. FPC Investment Advisory Inc. grew its position 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 worth $34,000 after acquiring an additional 29 shares in the last quarter. Finally, Heck Capital Advisors LLC bought a new position in ServiceNow in the fourth quarter valued at $37,000. 87.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on NOW. Citigroup cut their price objective on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. KeyCorp cut shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. 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 report on Friday, January 10th. Truist Financial lowered their price objective on ServiceNow from $1,100.00 to $950.00 and set a “hold” rating for the company in a research report on Monday, March 31st. Finally, Guggenheim restated a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,079.10.

ServiceNow Trading Down 1.4 %

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

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

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

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the transaction, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Larry Quinlan sold 415 shares of ServiceNow stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the sale, the director now owns 1,737 shares of the company’s stock, valued at $1,749,871.17. The trade was a 19.28 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is currently owned by corporate insiders.

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.