ServiceNow, Inc. (NYSE:NOW) Shares Sold by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management Inc. sold 8,854 shares of ServiceNow, Inc., reducing its stake by 71.6%, and now holds 3,518 shares valued at approximately $2.8 million.
• Insider transactions included significant sales, with Director Anita M. Sands selling 428 shares and Director Lawrence Jackson selling 757 shares, indicating decreased ownership stakes.
• ServiceNow's stock is currently down 2.0% and has a market cap of $188.16 billion, while analysts have raised target prices, reflecting a consensus rating of "Moderate Buy."

iA Global Asset Management Inc. decreased its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 71.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,518 shares of the information technology services provider's stock after selling 8,854 shares during the quarter. iA Global Asset Management Inc.'s holdings in ServiceNow were worth $2,801,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in ServiceNow in the 4th quarter worth $27,000. Bogart Wealth LLC boosted its holdings in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the period. Graybill Wealth Management LTD. bought a new position in ServiceNow during the first quarter valued at $26,000. Heck Capital Advisors LLC bought a new position in ServiceNow during the 4th quarter valued at about $37,000. Finally, WASHINGTON TRUST Co raised its holdings in shares of ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after buying an additional 31 shares during the period. Institutional investors own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Anita M. Sands sold 239 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total value of $250,950.00. Following the transaction, the director directly owned 10,404 shares in the company, valued at $10,924,200. The trade was a 2.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lawrence Jackson sold 757 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total value of $749,808.50. Following the completion of the transaction, the director owned 588 shares of the company's stock, valued at $582,414. The trade was a 56.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,250 shares of company stock valued at $5,318,667 in the last three months. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Price Performance

ServiceNow stock traded down $40.00 during midday trading on Thursday, reaching $872.31. The company had a trading volume of 2,793,959 shares, compared to its average volume of 1,625,884. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The firm's fifty day simple moving average is $985.72 and its 200-day simple moving average is $946.30. 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 company has a market capitalization of $181.44 billion, a P/E ratio of 109.86, a P/E/G ratio of 4.11 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share 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 for the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the firm posted $3.13 earnings per share. The company's revenue for the quarter was up 22.4% on a year-over-year basis. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group reiterated a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. Truist Financial upgraded ServiceNow from a "hold" rating to a "buy" rating and lifted their target price for the company from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Canaccord Genuity Group decreased their price objective on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Royal Bank Of Canada boosted their target price on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company lifted their target price on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

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.