Teacher Retirement System of Texas Sells 14,805 Shares of ServiceNow, Inc. (NYSE:NOW)

Teacher Retirement System of Texas cut its holdings in ServiceNow, Inc. (NYSE:NOW) by 18.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,541 shares of the information technology services provider’s stock after selling 14,805 shares during the period. Teacher Retirement System of Texas’ holdings in ServiceNow were worth $67,361,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. United Bank bought a new position in ServiceNow in the 3rd quarter valued at $480,000. Caprock Group LLC grew its position in ServiceNow by 4.6% during the third quarter. Caprock Group LLC now owns 4,177 shares of the information technology services provider’s stock valued at $3,737,000 after buying an additional 183 shares during the period. OneAscent Financial Services LLC bought a new position in shares of ServiceNow during the 3rd quarter valued at approximately $204,000. Meeder Asset Management Inc. grew its position in shares of ServiceNow by 24.7% during the 3rd quarter. Meeder Asset Management Inc. now owns 121 shares of the information technology services provider’s stock valued at $108,000 after acquiring an additional 24 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in shares of ServiceNow by 4.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 202,085 shares of the information technology services provider’s stock valued at $180,743,000 after acquiring an additional 8,967 shares during the period. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

NYSE NOW opened at $843.60 on Thursday. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a fifty day moving average of $979.74 and a 200-day moving average of $984.61. The company has a market capitalization of $173.78 billion, a P/E ratio of 123.51, 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.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its board has authorized a share 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 buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Russell S. Elmer sold 2,511 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the completion of the sale, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,384,373.88. The trade was a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock valued at $20,050,076 over the last quarter. 0.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wells Fargo & Company increased their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Cantor Fitzgerald reiterated an “overweight” rating and set a $1,048.00 price target on shares of ServiceNow in a research note on Tuesday, March 11th. Guggenheim reiterated a “sell” rating and set a $716.00 price target on shares of ServiceNow in a research note on Wednesday, January 22nd. KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. increased their target price on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and an average target price of $1,100.31.

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.