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

Azimuth Capital Investment Management LLC lessened its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 11.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,567 shares of the information technology services provider's stock after selling 3,891 shares during the quarter. ServiceNow accounts for approximately 1.3% of Azimuth Capital Investment Management LLC's portfolio, making the stock its 13th largest holding. Azimuth Capital Investment Management LLC's holdings in ServiceNow were worth $32,405,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Atala Financial Inc bought a new stake in ServiceNow in the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of ServiceNow in the 4th quarter valued at $32,000. FPC Investment Advisory Inc. grew its holdings in shares of ServiceNow by 725.0% during 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 last quarter. Noble Wealth Management PBC purchased a new position in ServiceNow in the 4th quarter worth $34,000. Finally, Heck Capital Advisors LLC bought a new stake in ServiceNow in the fourth quarter worth $37,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

NOW has been the topic of several analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,048.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. Jefferies Financial Group lowered their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Needham & Company LLC increased their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, January 30th. Stifel Nicolaus decreased their target price on shares of ServiceNow from $1,175.00 to $950.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $1,275.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $1,073.93.

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ServiceNow Stock Up 0.3 %

NYSE NOW traded up $2.29 during mid-day trading on Friday, reaching $785.78. The stock had a trading volume of 2,102,410 shares, compared to its average volume of 1,466,980. The company has a fifty day moving average price of $875.51 and a 200 day moving average price of $973.89. 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 1 year low of $637.99 and a 1 year high of $1,198.09. The stock has a market cap of $162.66 billion, a PE ratio of 115.05, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has authorized a share buyback plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In other news, insider Jacqueline P. Canney sold 292 shares of ServiceNow 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 transaction, the insider now owns 3,027 shares in the company, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares of the company's stock, valued at $3,370,654.28. This trade 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 valued at $20,050,076 over the last three months. 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.