New Mexico Educational Retirement Board Decreases Holdings in ServiceNow, Inc. (NYSE:NOW)

New Mexico Educational Retirement Board lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 2.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 9,850 shares of the information technology services provider’s stock after selling 200 shares during the quarter. New Mexico Educational Retirement Board’s holdings in ServiceNow were worth $10,442,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in NOW. Polymer Capital Management HK LTD increased its stake in shares of ServiceNow by 57.0% in the third quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock worth $2,416,000 after purchasing an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in shares of ServiceNow in the fourth quarter worth about $48,802,000. Dock Street Asset Management Inc. increased its stake in shares of ServiceNow by 3.4% in the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock worth $35,147,000 after purchasing an additional 1,105 shares in the last quarter. Avidian Wealth Enterprises LLC increased its stake in shares of ServiceNow by 39.4% in the third quarter. Avidian Wealth Enterprises LLC now owns 488 shares of the information technology services provider’s stock worth $436,000 after purchasing an additional 138 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its stake in shares of ServiceNow by 36.4% in the third quarter. Venturi Wealth Management LLC now owns 2,868 shares of the information technology services provider’s stock worth $2,565,000 after purchasing an additional 765 shares in the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on NOW shares. Canaccord Genuity Group boosted their price objective on shares of ServiceNow from $1,200.00 to $1,275.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Piper Sandler boosted their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Mizuho lifted their target price on shares of ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Oppenheimer lifted their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, Robert W. Baird dropped their target price on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,129.72.

Insider Transactions at ServiceNow

In other news, Director Larry Quinlan sold 415 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $1,010.46, for a total value of $419,340.90. Following the sale, the director now directly owns 1,322 shares of the company’s stock, valued at $1,335,828.12. This represents a 23.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. This represents a 82.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,257 shares of company stock valued at $23,579,376 in the last three months. 0.25% of the stock is currently owned by company insiders.

ServiceNow Stock Down 0.4 %

Shares of ServiceNow stock opened at $985.67 on Friday. 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’s fifty day simple moving average is $1,073.31 and its two-hundred day simple moving average is $969.70. The company has a market cap of $203.05 billion, a P/E ratio of 144.31, a PEG ratio of 4.76 and a beta of 0.99. ServiceNow, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. Research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared 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 outstanding shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

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.