Bank of Montreal Can Sells 5,730 Shares of ServiceNow, Inc. (NYSE:NOW)

Bank of Montreal Can decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 0.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,362,145 shares of the information technology services provider's stock after selling 5,730 shares during the quarter. ServiceNow makes up about 0.7% of Bank of Montreal Can's investment portfolio, making the stock its 27th biggest holding. Bank of Montreal Can owned 0.66% of ServiceNow worth $1,444,037,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Atala Financial Inc bought a new position in shares of ServiceNow in the 4th quarter valued at about $28,000. LFA Lugano Financial Advisors SA acquired a new position in shares of ServiceNow during the 4th quarter worth approximately $32,000. FPC Investment Advisory Inc. raised its stake 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 worth $34,000 after purchasing an additional 29 shares in the last quarter. Noble Wealth Management PBC acquired a new stake in shares of ServiceNow in the 4th quarter valued at approximately $34,000. Finally, Heck Capital Advisors LLC bought a new position in shares of ServiceNow in the fourth quarter valued at $37,000. Institutional investors own 87.18% of the company's stock.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 292 shares of ServiceNow stock in a transaction on Monday, February 10th. The stock was 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 in the company, valued at approximately $3,080,123.85. This trade represents a 8.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 approximately $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. In the last ninety 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 Trading Down 6.9 %

Shares of NOW stock opened at $720.69 on Monday. The company has a market cap of $148.46 billion, a P/E ratio of 105.52, a PEG ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The stock has a 50 day simple moving average of $917.80 and a two-hundred day simple moving average of $981.27. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

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ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 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%. Research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. KeyCorp cut shares of ServiceNow from an "overweight" rating to a "sector weight" rating in a research note on Friday, December 13th. UBS Group cut their price objective on 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. Mizuho decreased their target price on ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating on the stock in a report on Tuesday, March 11th. StockNews.com cut ServiceNow from a "buy" rating to a "hold" rating in a research note on Tuesday, February 11th. Finally, Truist Financial reduced their price objective on shares of ServiceNow from $1,100.00 to $950.00 and set a "hold" rating for the company in a research report on Monday, March 31st. 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 company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,086.00.

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.

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