New York State Teachers Retirement System Trims Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

New York State Teachers Retirement System trimmed its holdings in ServiceNow, Inc. (NYSE:NOW) by 3.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 175,665 shares of the information technology services provider’s stock after selling 6,511 shares during the quarter. New York State Teachers Retirement System’s holdings in ServiceNow were worth $186,226,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Truvestments Capital LLC bought a new position in ServiceNow in the 3rd quarter valued at $30,000. DT Investment Partners LLC boosted its holdings in ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 17 shares during the period. Heck Capital Advisors LLC bought a new position in ServiceNow in the 4th quarter valued at $37,000. Stonebridge Financial Group LLC bought a new position in ServiceNow in the 4th quarter valued at $37,000. Finally, Oakworth Capital Inc. boosted its holdings in ServiceNow by 46.7% in the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Jefferies Financial Group dropped their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Barclays lifted their price objective on shares of ServiceNow from $980.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Scotiabank assumed coverage on shares of ServiceNow in a report on Tuesday, November 19th. They set a “sector outperform” rating and a $1,230.00 price objective for the company. JMP Securities reaffirmed a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $1,210.00 price objective on shares of ServiceNow in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $1,129.72.

Insiders Place Their Bets

In other news, General Counsel Russell S. Elmer sold 81 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $1,016.54, for a total value of $82,339.74. Following the transaction, the general counsel now owns 6,843 shares in the company, valued at approximately $6,956,183.22. This represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 94 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $1,016.54, for a total transaction of $95,554.76. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,077,066.58. This represents a 3.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,257 shares of company stock worth $23,579,376. 0.25% of the stock is currently owned by company insiders.

ServiceNow Price Performance

Shares of NYSE NOW opened at $989.70 on Friday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The company’s 50-day moving average is $1,075.99 and its 200 day moving average is $969.56. The stock has a market capitalization of $203.88 billion, a P/E ratio of 144.90, a P/E/G ratio of 4.76 and a beta of 0.99.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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, sell-side 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 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

About ServiceNow

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.