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

Maryland State Retirement & Pension System lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 6.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Xponance Inc. boosted its stake in ServiceNow by 2.7% during the 4th quarter. Xponance Inc. now owns 53,036 shares of the information technology services provider’s stock worth $56,225,000 after purchasing an additional 1,402 shares during the last quarter. OPTIMAS CAPITAL Ltd acquired a new stake in ServiceNow during the 4th quarter worth $1,696,000. Generali Asset Management SPA SGR acquired a new stake in ServiceNow during the 4th quarter worth $20,057,000. Evoke Wealth LLC boosted its stake in ServiceNow by 1.6% during the 4th 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 holdings in shares of ServiceNow by 35.2% during the 4th quarter. Horizon Investments LLC now owns 6,212 shares of the information technology services provider’s stock worth $6,585,000 after acquiring an additional 1,619 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $830.11 on Wednesday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a market cap of $171.00 billion, a PE ratio of 121.54, a P/E/G ratio of 4.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The business has a 50-day simple moving average of $983.82 and a 200-day simple moving average of $985.60.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data 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 return on equity of 17.11% and a net margin of 12.97%. On average, equities research analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared 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 repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on NOW shares. Piper Sandler lifted their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. TD Cowen lifted their price target on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Royal Bank of Canada set a $986.00 price target on ServiceNow in a report on Tuesday, March 11th. Scotiabank reduced their price target on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a report on Monday. Finally, StockNews.com lowered ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,100.31.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’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 value of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is currently owned by corporate insiders.

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.