ServiceNow, Inc. (NYSE:NOW) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System reduced its position in ServiceNow, Inc. (NYSE:NOW) by 6.4% in the 4th quarter, Holdings Channel.com reports. The fund owned 11,081 shares of the information technology services provider’s stock after selling 761 shares during the quarter. Maryland State Retirement & Pension System’s holdings in ServiceNow were worth $11,747,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Xponance Inc. boosted its holdings in shares of ServiceNow by 2.7% in the fourth quarter. Xponance Inc. now owns 53,036 shares of the information technology services provider’s stock valued at $56,225,000 after acquiring an additional 1,402 shares during the period. OPTIMAS CAPITAL Ltd acquired a new stake in shares of ServiceNow in the fourth quarter valued at approximately $1,696,000. Generali Asset Management SPA SGR acquired a new stake in shares of ServiceNow in the fourth quarter valued at approximately $20,057,000. Evoke Wealth LLC raised its stake in shares of ServiceNow by 1.6% during the fourth quarter. Evoke Wealth LLC now owns 2,459 shares of the information technology services provider’s stock worth $2,607,000 after purchasing an additional 38 shares during the last quarter. Finally, Horizon Investments LLC raised its stake in shares of ServiceNow by 35.2% during the fourth quarter. Horizon Investments LLC now owns 6,212 shares of the information technology services provider’s stock worth $6,585,000 after purchasing an additional 1,619 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Down 1.5 %

NOW opened at $830.11 on Wednesday. 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 market cap of $171.00 billion, a P/E ratio of 121.54, a PEG ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The business’s fifty day simple moving average is $983.82 and its 200 day simple moving average is $985.60.

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

ServiceNow announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding 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 programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was 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 directly owns 11,126 shares in the company, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,351 shares of company stock valued at $20,050,076 over the last quarter. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

NOW has been the subject of several analyst reports. Mizuho cut their price target on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research note on Tuesday, March 11th. Truist Financial upped their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. Piper Sandler upped their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Robert W. Baird cut their price target on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. Finally, Oppenheimer upped their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,100.31.

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.