AGF Management Ltd. Sells 9,817 Shares of ServiceNow, Inc. (NYSE:NOW)

AGF Management Ltd. reduced its holdings in ServiceNow, Inc. (NYSE:NOW) by 4.4% in the 4th quarter, Holdings Channel reports. The fund owned 213,670 shares of the information technology services provider’s stock after selling 9,817 shares during the quarter. ServiceNow accounts for 1.1% of AGF Management Ltd.’s portfolio, making the stock its 17th biggest position. AGF Management Ltd.’s holdings in ServiceNow were worth $226,516,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Truvestments Capital LLC acquired a new position in ServiceNow in the 3rd quarter worth $30,000. FPC Investment Advisory Inc. lifted its stake in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares in the last quarter. Noble Wealth Management PBC bought a new stake in shares of ServiceNow in the fourth quarter worth $34,000. Heck Capital Advisors LLC bought a new stake in ServiceNow during the 4th quarter worth about $37,000. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of ServiceNow in the fourth quarter valued at about $37,000. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $781.60 on Tuesday. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The stock has a market capitalization of $161.01 billion, a price-to-earnings ratio of 114.44, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a fifty day moving average of $1,011.72 and a 200-day moving average of $985.64. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. Equities research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has authorized a share buyback plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 292 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,080,123.85. This trade represents a 8.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

NOW has been the topic of a number of research analyst reports. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a report on Friday. Mizuho upped their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Redburn Atlantic assumed coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. Piper Sandler upped their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Citigroup decreased their price target on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,129.72.

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.