Capital International Investors Sells 895,637 Shares of ServiceNow, Inc. (NYSE:NOW)

Capital International Investors lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 26.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,446,612 shares of the information technology services provider's stock after selling 895,637 shares during the quarter. Capital International Investors owned 1.19% of ServiceNow worth $2,594,029,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Atala Financial Inc bought a new position in ServiceNow in the 4th quarter worth about $28,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of ServiceNow during the fourth quarter worth about $32,000. FPC Investment Advisory Inc. grew its holdings in shares of ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after buying an additional 29 shares in the last quarter. Noble Wealth Management PBC acquired a new stake in shares of ServiceNow in the 4th quarter worth $34,000. Finally, Heck Capital Advisors LLC purchased a new position in ServiceNow in the fourth quarter worth approximately $37,000. 87.18% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacqueline P. Canney sold 354 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $2,435,554.47. This represents a 10.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,250 shares of company stock worth $19,853,273. 0.38% of the stock is currently owned by insiders.

ServiceNow Trading Up 2.4 %

Shares of NYSE:NOW traded up $17.95 during mid-day trading on Tuesday, hitting $773.94. The stock had a trading volume of 540,014 shares, compared to its average volume of 1,477,415. The company's 50 day moving average is $848.45 and its 200-day moving average is $969.57. The company has a market cap of $160.21 billion, a PE ratio of 113.18, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. 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 (NYSE:NOW - Get Free Report) last issued its 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 net margin of 12.97% and a return on equity of 17.11%. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has authorized a stock buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. William Blair reiterated an "outperform" rating on shares of ServiceNow in a report on Friday, March 7th. Canaccord Genuity Group lowered their target price on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research note on Tuesday. Jefferies Financial Group reduced their price objective on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Morgan Stanley lowered their price target on ServiceNow from $960.00 to $881.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Finally, Royal Bank of Canada set a $986.00 target price on ServiceNow in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have given a buy rating to the company. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and an average target price of $1,032.90.

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.