ServiceNow, Inc. (NYSE:NOW) Shares Sold by AIA Group Ltd

Key Points

• AIA Group Ltd reduced its stake in ServiceNow, Inc. by 30.4%, selling 13,649 shares and ending with 31,259 shares worth approximately $24.9 million.
• Insider sales were notable as Vice Chairman Nicholas Tzitzon sold 1,171 shares for over $1.19 million, resulting in a 28.07% decrease in his ownership.
• ServiceNow reported a 22.4% increase in revenue year-over-year, with quarterly earnings per share of $4.09, exceeding expectations of $3.57.

AIA Group Ltd trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 30.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,259 shares of the information technology services provider's stock after selling 13,649 shares during the quarter. AIA Group Ltd's holdings in ServiceNow were worth $24,887,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Bogart Wealth LLC increased its stake in shares of ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after buying an additional 17 shares during the period. Graybill Wealth Management LTD. purchased a new position in shares of ServiceNow during the first quarter valued at $26,000. Quarry LP purchased a new position in shares of ServiceNow during the fourth quarter valued at $27,000. WASHINGTON TRUST Co increased its stake in shares of ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after buying an additional 31 shares during the period. Finally, Heck Capital Advisors LLC purchased a new position in shares of ServiceNow during the fourth quarter valued at $37,000. 87.18% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Anita M. Sands sold 239 shares of ServiceNow stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director owned 10,404 shares of the company's stock, valued at $10,924,200. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Gina Mastantuono sold 292 shares of ServiceNow stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $878.39, for a total value of $256,489.88. Following the sale, the chief financial officer directly owned 11,551 shares of the company's stock, valued at $10,146,282.89. This trade represents a 2.47% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,799 shares of company stock valued at $5,800,903. 0.38% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Stifel Nicolaus raised their price target on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and raised their price target for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Raymond James Financial raised their price target on ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Robert W. Baird raised their price target on ServiceNow from $1,010.00 to $1,150.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Finally, Evercore ISI raised their price target on ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Stock Down 1.9%

Shares of NOW stock traded down $16.56 during trading hours on Monday, reaching $855.95. 2,368,911 shares of the company's stock were exchanged, compared to its average volume of 1,652,977. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The stock has a market cap of $178.04 billion, a PE ratio of 107.80, a PEG ratio of 3.93 and a beta of 0.93. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock's fifty day moving average price is $979.82 and its two-hundred day moving average price is $940.29.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the previous year, the company posted $3.13 earnings per share. The company's revenue was up 22.4% compared to the same quarter last year. Research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.