AIA Group Ltd Sells 1,687 Shares of ServiceNow, Inc. (NYSE:NOW)

AIA Group Ltd reduced its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,908 shares of the information technology services provider's stock after selling 1,687 shares during the period. ServiceNow comprises 1.1% of AIA Group Ltd's investment portfolio, making the stock its 21st largest position. AIA Group Ltd's holdings in ServiceNow were worth $47,608,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Polymer Capital Management HK LTD increased its stake in shares of ServiceNow by 57.0% in the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider's stock worth $2,416,000 after buying an additional 981 shares during the period. Union Bancaire Privee UBP SA bought a new stake in ServiceNow in the 4th quarter worth $48,802,000. Dock Street Asset Management Inc. increased its position in shares of ServiceNow by 3.4% in the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock valued at $35,147,000 after acquiring an additional 1,105 shares during the period. Cardano Risk Management B.V. bought a new position in shares of ServiceNow during the fourth quarter valued at about $105,090,000. Finally, Rheos Capital Works Inc. purchased a new stake in shares of ServiceNow during the fourth quarter worth about $10,071,000. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Performance

Shares of NOW stock traded up $13.08 on Wednesday, reaching $824.64. The stock had a trading volume of 1,619,815 shares, compared to its average volume of 1,418,692. 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 1 year low of $637.99 and a 1 year high of $1,198.09. The stock has a market cap of $169.88 billion, a P/E ratio of 120.74, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a 50 day simple moving average of $939.07 and a 200 day simple moving average of $983.75.

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

ServiceNow declared that its board has approved a stock 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 typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction dated 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 sale, the insider now owns 3,649 shares of the company's stock, valued at $3,370,654.28. This represents a 44.66 % 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 owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on NOW. TD Cowen upped their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the company a "buy" rating in a research report on Tuesday, December 10th. Stifel Nicolaus decreased their target price on ServiceNow from $1,175.00 to $950.00 and set a "buy" rating for the company in a report on Wednesday. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,048.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. JMP Securities restated a "market outperform" rating and issued a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. lifted their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an "overweight" rating in a research note on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company's stock. According to data from MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and an average price target of $1,087.21.

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.