State of Michigan Retirement System Sells 100 Shares of ServiceNow, Inc. (NYSE:NOW)

State of Michigan Retirement System lowered its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 0.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,955 shares of the information technology services provider’s stock after selling 100 shares during the period. State of Michigan Retirement System’s holdings in ServiceNow were worth $59,319,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Noble Wealth Management PBC purchased a new position in ServiceNow in the 4th quarter worth approximately $34,000. Truvestments Capital LLC bought a new stake in shares of ServiceNow during the 3rd quarter valued at about $30,000. FPC Investment Advisory Inc. raised its position in 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 acquiring an additional 29 shares during the period. Heck Capital Advisors LLC purchased a new position in shares of ServiceNow during the 4th quarter worth $37,000. Finally, Stonebridge Financial Group LLC purchased a new stake in shares of ServiceNow in the 4th quarter worth $37,000. 87.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on NOW shares. Robert W. Baird cut their price target on ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a report on Thursday, January 30th. Needham & Company LLC upped their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Royal Bank of Canada restated an “outperform” rating and set a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday, January 30th. Scotiabank began coverage on shares of ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 target price for the company. Finally, Jefferies Financial Group decreased their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 292 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at approximately $3,080,123.85. The trade was a 8.80 % 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, General Counsel Russell S. Elmer sold 2,511 shares of the firm’s stock in a transaction dated 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 transaction, the general counsel now directly owns 4,332 shares in the company, valued at $4,384,373.88. This represents a 36.69 % decrease in their position. 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 90 days. Insiders own 0.25% of the company’s stock.

ServiceNow Stock Down 2.1 %

Shares of NOW opened at $909.80 on Tuesday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The business has a fifty day moving average of $1,034.50 and a 200 day moving average of $984.50. The company has a market cap of $187.42 billion, a PE ratio of 133.21, a P/E/G ratio of 4.51 and a beta of 0.99. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09.

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 the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, sell-side analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated a stock repurchase 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 shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.