SouthState Corp Boosts Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

SouthState Corp grew its position in shares of ServiceNow, Inc. (NYSE:NOW) by 0.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 20,079 shares of the information technology services provider’s stock after purchasing an additional 36 shares during the period. ServiceNow comprises 1.4% of SouthState Corp’s investment portfolio, making the stock its 18th largest position. SouthState Corp’s holdings in ServiceNow were worth $21,286,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Polymer Capital Management HK LTD boosted its holdings in 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 during the last quarter. Union Bancaire Privee UBP SA purchased a new stake in ServiceNow in the fourth quarter worth approximately $48,802,000. Dock Street Asset Management Inc. boosted its holdings in 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 during the last quarter. Cardano Risk Management B.V. purchased a new stake in ServiceNow in the fourth quarter worth approximately $105,090,000. Finally, Rheos Capital Works Inc. purchased a new stake in ServiceNow in the fourth quarter worth approximately $10,071,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Mizuho decreased their price target on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 11th. KeyCorp downgraded shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Canaccord Genuity Group reiterated a “buy” rating and issued a $1,275.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. Guggenheim reiterated a “sell” rating and issued a $716.00 price target on shares of ServiceNow in a research report on Wednesday, January 22nd. Finally, Robert W. Baird decreased their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,114.24.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $845.75 on Monday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The stock has a market capitalization of $174.22 billion, a P/E ratio of 123.83, a PEG ratio of 4.51 and a beta of 1.03. The firm has a fifty day simple moving average of $992.95 and a two-hundred day simple moving average of $985.70. 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 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%. On average, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has initiated a stock repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction 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 approximately $3,370,654.28. The trade was a 44.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. Company insiders own 0.25% of the company’s stock.

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.