ServiceNow, Inc. (NYSE:NOW) Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund cut its position in shares of ServiceNow, Inc. (NYSE:NOW) by 4.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,403 shares of the information technology services provider’s stock after selling 524 shares during the period. Illinois Municipal Retirement Fund’s holdings in ServiceNow were worth $12,089,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC raised its holdings in ServiceNow by 8.7% in the 4th quarter. Los Angeles Capital Management LLC now owns 158,199 shares of the information technology services provider’s stock valued at $167,710,000 after buying an additional 12,685 shares during the period. Avalon Capital Management increased its position in shares of ServiceNow by 41.7% during the fourth quarter. Avalon Capital Management now owns 680 shares of the information technology services provider’s stock valued at $721,000 after acquiring an additional 200 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of ServiceNow by 1.3% in the 4th quarter. Bank of New York Mellon Corp now owns 1,504,445 shares of the information technology services provider’s stock valued at $1,594,892,000 after acquiring an additional 19,248 shares during the period. Transcendent Capital Group LLC boosted its position in shares of ServiceNow by 8.3% during the 4th quarter. Transcendent Capital Group LLC now owns 524 shares of the information technology services provider’s stock worth $556,000 after purchasing an additional 40 shares during the period. Finally, Trifecta Capital Advisors LLC increased its holdings in ServiceNow by 12.0% in the 4th quarter. Trifecta Capital Advisors LLC now owns 8,171 shares of the information technology services provider’s stock valued at $8,662,000 after purchasing an additional 876 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NOW. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. The Goldman Sachs Group upped their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Cantor Fitzgerald assumed coverage on shares of ServiceNow in a report on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on shares of ServiceNow from $950.00 to $1,250.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Finally, Truist Financial raised their price objective on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,129.72.

ServiceNow Price Performance

Shares of NOW opened at $922.14 on Wednesday. The stock’s 50 day moving average is $1,046.77 and its two-hundred day moving average is $981.50. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The firm has a market capitalization of $189.96 billion, a PE ratio of 135.01, a P/E/G ratio of 4.51 and a beta of 0.99. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last posted its 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 return on equity of 17.11% and a net margin of 12.97%. Research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has authorized a share buyback plan 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 384 shares of ServiceNow stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total value of $378,869.76. Following the completion of the sale, the chief executive officer now owns 6,614 shares in the company, valued at $6,525,636.96. The trade was a 5.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the 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 owns 11,126 shares in the company, valued at approximately $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. In the last 90 days, insiders have sold 17,706 shares of company stock valued at $17,644,106. 0.25% of the stock is owned by corporate insiders.

ServiceNow Company 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.