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

Bank of Montreal Can cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 0.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,362,145 shares of the information technology services provider’s stock after selling 5,730 shares during the period. ServiceNow accounts for 0.7% of Bank of Montreal Can’s investment portfolio, making the stock its 27th biggest position. Bank of Montreal Can’s holdings in ServiceNow were worth $1,444,037,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of NOW. Vanguard Group Inc. increased its position in shares of ServiceNow by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock valued at $20,353,517,000 after buying an additional 190,430 shares during the period. FMR LLC lifted its stake in ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after purchasing an additional 272,506 shares in the last quarter. Geode Capital Management LLC grew its position in shares of ServiceNow by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock valued at $4,560,890,000 after purchasing an additional 100,670 shares in the last quarter. Norges Bank bought a new position in shares of ServiceNow in the fourth quarter worth $2,603,360,000. Finally, Jennison Associates LLC boosted its stake in ServiceNow by 17.4% during the fourth quarter. Jennison Associates LLC now owns 2,352,111 shares of the information technology services provider’s stock valued at $2,493,520,000 after buying an additional 348,187 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow 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 completion of the transaction, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. The trade was a 44.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the sale, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

NOW has been the topic of a number of research analyst reports. Piper Sandler upped their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Mizuho decreased their price objective on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 11th. Needham & Company LLC lifted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. JMP Securities reissued a “market outperform” rating and issued a $1,300.00 price target on shares of ServiceNow in a report on Thursday, January 30th. Finally, Jefferies Financial Group dropped their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,086.00.

ServiceNow Stock Down 6.9 %

NOW stock opened at $720.69 on Monday. The company has a market capitalization of $148.46 billion, a price-to-earnings ratio of 105.52, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The business’s 50 day moving average price is $917.80 and its two-hundred day moving average price is $981.27. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its 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 net margin of 12.97% and a return on equity of 17.11%. As a group, analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a stock buyback plan 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 plans are usually a sign that the company’s leadership believes its shares are undervalued.

About ServiceNow

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.