Azimuth Capital Investment Management LLC Has $17.83 Million Position in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Azimuth Capital Investment Management LLC has reduced its stake in ServiceNow by 26.7%, now holding 22,401 shares valued at approximately $17.83 million.
• ServiceNow's latest earnings report showed an EPS of $4.09, exceeding expectations and demonstrating a revenue increase of 22.4% year-on-year.
• Analysts have set new price targets for ServiceNow, with Bank of America raising its target from $1,110 to $1,200, indicating strong optimism for the stock.

Azimuth Capital Investment Management LLC reduced its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 26.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,401 shares of the information technology services provider's stock after selling 8,166 shares during the period. Azimuth Capital Investment Management LLC's holdings in ServiceNow were worth $17,834,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Fox Run Management L.L.C. acquired a new stake in ServiceNow during the 1st quarter worth approximately $397,000. Seaview Investment Managers LLC boosted its position in ServiceNow by 17.8% during the 1st quarter. Seaview Investment Managers LLC now owns 417 shares of the information technology services provider's stock worth $332,000 after buying an additional 63 shares during the period. Trivium Point Advisory LLC boosted its position in ServiceNow by 7.9% during the 1st quarter. Trivium Point Advisory LLC now owns 1,005 shares of the information technology services provider's stock worth $800,000 after buying an additional 74 shares during the period. Cookson Peirce & Co. Inc. boosted its position in ServiceNow by 28.7% during the 1st quarter. Cookson Peirce & Co. Inc. now owns 1,800 shares of the information technology services provider's stock worth $1,433,000 after buying an additional 401 shares during the period. Finally, Oak Ridge Investments LLC boosted its position in ServiceNow by 4.9% during the 1st quarter. Oak Ridge Investments LLC now owns 11,790 shares of the information technology services provider's stock worth $9,386,000 after buying an additional 549 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on NOW. Robert W. Baird lifted their target price on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Bank of America boosted their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Sanford C. Bernstein restated an "outperform" rating and issued a $1,003.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. Scotiabank set a $1,100.00 price target on shares of ServiceNow and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Finally, TD Securities restated a "buy" rating and issued a $1,100.00 price target on shares of ServiceNow in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Performance

NYSE NOW opened at $850.49 on Friday. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market cap of $176.90 billion, a price-to-earnings ratio of 107.12, a PEG ratio of 3.89 and a beta of 0.93. The company has a fifty day moving average price of $970.30 and a 200-day moving average price of $937.15.

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

Insider Activity at ServiceNow

In related news, Director Anita M. Sands sold 428 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the completion of the transaction, the director owned 10,891 shares in the company, valued at approximately $11,039,226.51. This represents a 3.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence Jackson sold 757 shares of the stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $990.50, for a total transaction of $749,808.50. Following the transaction, the director owned 588 shares of the company's stock, valued at approximately $582,414. The trade was a 56.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,738 shares of company stock valued at $5,713,973 in the last 90 days. 0.38% of the stock is currently owned by company insiders.

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.

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