Invesco Ltd. Has $1.82 Billion Holdings in ServiceNow, Inc. (NYSE:NOW)

Invesco Ltd. trimmed its position in ServiceNow, Inc. (NYSE:NOW) by 2.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,721,051 shares of the information technology services provider’s stock after selling 42,842 shares during the quarter. Invesco Ltd. owned about 0.84% of ServiceNow worth $1,824,520,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of NOW. United Bank acquired a new position in shares of ServiceNow during the 3rd quarter worth about $480,000. Arete Wealth Advisors LLC lifted its holdings in shares of ServiceNow by 47.4% during the third quarter. Arete Wealth Advisors LLC now owns 1,555 shares of the information technology services provider’s stock worth $1,387,000 after buying an additional 500 shares during the last quarter. Kovitz Investment Group Partners LLC boosted its position in shares of ServiceNow by 25.5% in the third quarter. Kovitz Investment Group Partners LLC now owns 12,248 shares of the information technology services provider’s stock valued at $10,954,000 after acquiring an additional 2,491 shares during the period. EP Wealth Advisors LLC grew its stake in shares of ServiceNow by 53.1% in the third quarter. EP Wealth Advisors LLC now owns 3,377 shares of the information technology services provider’s stock worth $3,020,000 after acquiring an additional 1,171 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in ServiceNow during the third quarter worth $1,605,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Trading Down 6.9 %

NOW opened at $720.69 on Monday. The firm has a 50 day simple moving average of $917.80 and a 200 day simple moving average of $981.27. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The company has a market cap 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.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has authorized a stock repurchase program on Wednesday, January 29th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

NOW has been the topic of several research analyst reports. BMO Capital Markets decreased their price target on shares of ServiceNow from $1,185.00 to $990.00 and set an “outperform” rating on the stock in a research report on Friday. Guggenheim restated a “sell” rating and set a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,048.00 price objective on shares of ServiceNow in a research report on Tuesday, March 11th. Truist Financial lowered their price objective on ServiceNow from $1,100.00 to $950.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. Finally, Stifel Nicolaus reduced their target price on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $1,086.00.

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were 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 directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares in the company, valued at approximately $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 sold a total of 20,351 shares of company stock worth $20,050,076 in the last quarter. Corporate insiders own 0.25% of the company’s stock.

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.