Azimuth Capital Investment Management LLC Reduces Position in ServiceNow, Inc. (NYSE:NOW)

Azimuth Capital Investment Management LLC cut its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 26.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,401 shares of the information technology services provider’s stock after selling 8,166 shares during the quarter. Azimuth Capital Investment Management LLC’s holdings in ServiceNow were worth $17,834,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Bogart Wealth LLC lifted its holdings in 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 purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new stake in ServiceNow during the first quarter valued at about $26,000. Quarry LP purchased a new stake in ServiceNow during the fourth quarter valued at about $27,000. WASHINGTON TRUST Co lifted its holdings in 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 purchasing an additional 31 shares during the last quarter. Finally, Dagco Inc. purchased a new stake in ServiceNow during the first quarter valued at about $33,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Down 1.5%

Shares of NYSE NOW opened at $850.49 on Friday. ServiceNow, Inc. has a one year low of $678.66 and a one 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’s 50 day simple moving average is $970.30 and its two-hundred day simple moving average is $937.15. The stock has a market capitalization of $176.90 billion, a P/E ratio of 107.12, a PEG ratio of 3.89 and a beta of 0.93.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts’ consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period last year, the business earned $3.13 earnings per share. The business’s quarterly revenue was up 22.4% on a year-over-year basis. As a group, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In other news, Director Anita M. Sands sold 428 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total value of $433,825.08. Following the transaction, the director owned 10,891 shares in the company, valued at approximately $11,039,226.51. This trade represents a 3.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at $3,060,000. This represents a 28.07% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,738 shares of company stock valued at $5,713,973. 0.38% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

NOW has been the topic of several recent research reports. Robert W. Baird upped their price objective on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Wells Fargo & Company increased their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. The Goldman Sachs Group reissued a “buy” rating on shares of ServiceNow in a 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 report on Wednesday, May 7th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $1,200.00 price target on shares of ServiceNow in a report on Thursday, July 24th. One analyst has rated the stock with a sell rating, three have given a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $1,115.20.

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.