State of Tennessee Department of Treasury Cuts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

State of Tennessee Department of Treasury lowered its position in ServiceNow, Inc. (NYSE:NOW) by 15.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,462 shares of the information technology services provider’s stock after selling 13,264 shares during the period. State of Tennessee Department of Treasury’s holdings in ServiceNow were worth $78,939,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in NOW. Union Bancaire Privee UBP SA bought a new position in shares of ServiceNow during the 4th quarter worth approximately $48,802,000. Dock Street Asset Management Inc. increased its position in shares of ServiceNow by 3.4% during the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after acquiring an additional 1,105 shares during the last quarter. Cardano Risk Management B.V. bought a new stake in ServiceNow during the fourth quarter worth $105,090,000. Rheos Capital Works Inc. purchased a new position in ServiceNow in the fourth quarter worth $10,071,000. Finally, Czech National Bank grew its stake in ServiceNow by 6.7% in the 4th quarter. Czech National Bank now owns 44,793 shares of the information technology services provider’s stock valued at $47,486,000 after purchasing an additional 2,829 shares during the period. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

Shares of NOW opened at $772.18 on Monday. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market cap of $159.84 billion, a PE ratio of 113.06, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The stock has a 50-day moving average price of $852.94 and a 200-day moving average price of $970.69.

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

ServiceNow announced that its Board of Directors has initiated a share buyback 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 reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, General Counsel Russell S. Elmer sold 2,511 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the sale, the general counsel now owns 4,332 shares in the company, valued at $4,384,373.88. The trade was a 36.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 354 shares of the company’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $2,435,554.47. This represents a 10.47 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,250 shares of company stock worth $19,853,273. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on NOW shares. Citigroup lowered their target price on 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. Mizuho dropped their target price on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 11th. Wells Fargo & Company decreased their price target on shares of ServiceNow from $1,250.00 to $1,100.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Stifel Nicolaus dropped their price objective on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Finally, Scotiabank decreased their target price on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating for the company in a research report on Monday, March 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have issued a buy rating to the company. According to data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus price target of $1,057.17.

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.