Invesco Ltd. Sells 42,842 Shares of ServiceNow, Inc. (NYSE:NOW)

Invesco Ltd. trimmed its stake in ServiceNow, Inc. (NYSE:NOW) by 2.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,721,051 shares of the information technology services provider’s stock after selling 42,842 shares during the quarter. Invesco Ltd.’s holdings in ServiceNow were worth $1,824,520,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Atala Financial Inc acquired a new position in ServiceNow during the fourth quarter worth $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow during the 4th quarter worth about $32,000. FPC Investment Advisory Inc. raised 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 purchasing an additional 29 shares during the period. Noble Wealth Management PBC acquired a new stake in ServiceNow in the 4th quarter valued at about $34,000. Finally, Heck Capital Advisors LLC bought a new position in ServiceNow during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NOW shares. Truist Financial cut 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. Raymond James assumed coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 price objective on the stock. UBS Group reduced their target price on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a research report on Tuesday, March 11th. Redburn Atlantic began coverage on shares of ServiceNow in a research report on Wednesday, February 19th. They issued a “buy” rating for the company. Finally, Piper Sandler increased their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,086.00.

Insider Buying and Selling at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’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 approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction on 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 owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % 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. 0.25% of the stock is currently owned by company insiders.

ServiceNow Price Performance

NOW stock opened at $720.69 on Monday. 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, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a market capitalization of $148.46 billion, a P/E ratio of 105.52, a PEG ratio of 4.51 and a beta of 1.08. The company has a fifty day moving average price of $917.80 and a 200-day moving average price of $981.27.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. As a group, equities analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current 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 outstanding shares. This buyback authorization allows the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

ServiceNow Company 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.