National Pension Service Reduces Stock Position in ServiceNow, Inc. (NYSE:NOW)

National Pension Service lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 1.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 383,968 shares of the information technology services provider’s stock after selling 4,615 shares during the period. National Pension Service owned 0.19% of ServiceNow worth $407,052,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Truvestments Capital LLC bought a new position in ServiceNow in the 3rd quarter worth about $30,000. FPC Investment Advisory Inc. lifted its holdings in shares of ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares in the last quarter. Heck Capital Advisors LLC bought a new position in shares of ServiceNow in the fourth quarter valued at approximately $37,000. Stonebridge Financial Group LLC purchased a new position in ServiceNow during the fourth quarter valued at approximately $37,000. Finally, Bank of Jackson Hole Trust bought a new stake in ServiceNow during the 4th quarter worth approximately $40,000. 87.18% of the stock is owned by institutional investors.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction that occurred on Friday, February 21st. The shares were 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 owns 11,126 shares of the company’s stock, valued at $10,733,252.20. The trade was a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,706 shares of company stock worth $17,644,106 in the last quarter. 0.25% of the stock is owned by company insiders.

Analysts Set New Price Targets

NOW has been the subject of several analyst reports. Cantor Fitzgerald began coverage on shares of ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 price target for the company. Piper Sandler lifted their price objective on ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Needham & Company LLC upped their target price on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Mizuho lifted their price target on ServiceNow from $1,070.00 to $1,210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Stock Performance

Shares of NOW stock opened at $922.14 on Wednesday. The firm has a market capitalization of $189.96 billion, a price-to-earnings ratio of 135.01, a PEG ratio of 4.51 and a beta of 0.99. The stock has a fifty day moving average of $1,046.77 and a 200 day moving average of $981.50. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week 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%. As a group, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share 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.