iA Global Asset Management Inc. Has $13.12 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

iA Global Asset Management Inc. trimmed its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 32.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,372 shares of the information technology services provider's stock after selling 5,945 shares during the quarter. iA Global Asset Management Inc.'s holdings in ServiceNow were worth $13,116,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Atala Financial Inc bought a new position in shares of ServiceNow in the 4th quarter worth about $28,000. LFA Lugano Financial Advisors SA acquired a new position in ServiceNow in the fourth quarter valued at approximately $32,000. Noble Wealth Management PBC bought a new position in shares of ServiceNow during the fourth quarter valued at approximately $34,000. Truvestments Capital LLC acquired a new stake in shares of ServiceNow during the 3rd quarter worth approximately $30,000. Finally, FPC Investment Advisory Inc. lifted 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 worth $34,000 after purchasing an additional 29 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Up 2.9 %

ServiceNow stock traded up $23.81 during mid-day trading on Monday, hitting $851.56. The company's stock had a trading volume of 1,599,397 shares, compared to its average volume of 1,352,368. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a market cap of $175.42 billion, a PE ratio of 124.68, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The firm's 50 day moving average is $968.10 and its 200 day moving average is $985.50.

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

ServiceNow announced that its Board of Directors has authorized a share repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in 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 typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NOW. Needham & Company LLC increased their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, January 30th. JPMorgan Chase & Co. increased their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Truist Financial boosted their target price on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a "hold" rating in a research note on Thursday, December 12th. JMP Securities restated a "market outperform" rating and issued a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. Finally, The Goldman Sachs Group boosted their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $1,100.31.

Insider Activity

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction 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 approximately $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the firm's stock in a transaction that occurred 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 transaction, the insider now directly 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. Insiders have sold a total of 20,351 shares of company stock worth $20,050,076 in the last ninety days. 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.