State of Tennessee Department of Treasury Sells 13,264 Shares of ServiceNow, Inc. (NYSE:NOW)

State of Tennessee Department of Treasury reduced its position in shares of ServiceNow, Inc. (NYSE:NOW) by 15.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 74,462 shares of the information technology services provider’s stock after selling 13,264 shares during the quarter. State of Tennessee Department of Treasury’s holdings in ServiceNow were worth $78,939,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in NOW. Virtu Financial LLC purchased a new position in ServiceNow during the 3rd quarter valued at about $9,833,000. Anchor Investment Management LLC grew its position in shares of ServiceNow by 6.1% in the 3rd quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider’s stock worth $1,220,000 after buying an additional 78 shares during the last quarter. Stock Yards Bank & Trust Co. bought a new stake in shares of ServiceNow in the 3rd quarter worth approximately $202,000. World Investment Advisors LLC raised its holdings in shares of ServiceNow by 585.8% during the third quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider’s stock valued at $5,857,000 after acquiring an additional 5,594 shares in the last quarter. Finally, Sfmg LLC bought a new position in shares of ServiceNow during the third quarter valued at approximately $226,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NOW. Stifel Nicolaus reduced their price objective on shares of ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Bank of America decreased their price target on shares of ServiceNow from $1,280.00 to $1,025.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Piper Sandler raised their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Cantor Fitzgerald reiterated an “overweight” rating and set a $1,048.00 target price on shares of ServiceNow in a report on Wednesday, April 16th. Finally, JMP Securities restated a “market outperform” rating and issued a $1,300.00 target price on shares of ServiceNow in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-eight have issued a buy rating to the company. According to MarketBeat, ServiceNow has an average rating of “Moderate Buy” and a consensus target price of $1,057.17.

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,644,564.50. The trade was 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, General Counsel Russell S. Elmer sold 2,511 shares of ServiceNow stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the transaction, the general counsel now owns 4,332 shares in the company, valued at $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,250 shares of company stock worth $19,853,273 in the last three months. 0.38% of the stock is currently owned by company insiders.

ServiceNow Stock Down 3.1 %

NOW opened at $772.18 on Monday. The stock has a market capitalization of $159.84 billion, a price-to-earnings ratio of 113.06, a PEG ratio of 4.51 and a beta of 1.08. The firm has a 50 day moving average price of $852.94 and a 200-day moving average price of $970.69. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve 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.

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

ServiceNow announced that its Board of Directors has initiated a share buyback program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.