Legal & General Group Plc Has $1.45 Billion Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Legal & General Group Plc decreased its stake in ServiceNow, Inc. (NYSE:NOW) by 22.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,365,531 shares of the information technology services provider’s stock after selling 400,538 shares during the quarter. Legal & General Group Plc owned 0.66% of ServiceNow worth $1,447,627,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Atala Financial Inc purchased a new stake in shares of ServiceNow in the 4th quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow in the 4th quarter worth about $32,000. FPC Investment Advisory Inc. boosted its holdings in shares of ServiceNow by 725.0% during the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after purchasing an additional 29 shares during the period. Noble Wealth Management PBC purchased a new position in ServiceNow during the fourth quarter valued at approximately $34,000. Finally, Heck Capital Advisors LLC purchased a new stake in ServiceNow in the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Guggenheim reiterated a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. William Blair restated an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. Truist Financial reduced their price objective on shares of ServiceNow from $1,100.00 to $950.00 and set a “hold” rating for the company in a research note on Monday, March 31st. Jefferies Financial Group lowered their target price on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,048.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and a consensus price target of $1,086.00.

ServiceNow Trading Down 6.9 %

Shares of NOW stock opened at $720.69 on Monday. The company has a market capitalization of $148.46 billion, a P/E ratio of 105.52, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $917.80 and a 200 day moving average price of $981.27.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its board has initiated a share repurchase plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

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.