Securian Asset Management Inc. Trims Position in ServiceNow, Inc. (NYSE:NOW)

Securian Asset Management Inc. lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 3.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,072 shares of the information technology services provider’s stock after selling 343 shares during the quarter. Securian Asset Management Inc.’s holdings in ServiceNow were worth $11,738,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in NOW. United Bank purchased a new position in shares of ServiceNow in the 3rd quarter worth $480,000. Mesirow Financial Investment Management Inc. raised its position in shares of ServiceNow by 6.5% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 391 shares of the information technology services provider’s stock worth $349,000 after buying an additional 24 shares during the period. Addison Advisors LLC raised its position in shares of ServiceNow by 15.7% in the 3rd quarter. Addison Advisors LLC now owns 184 shares of the information technology services provider’s stock worth $165,000 after buying an additional 25 shares during the period. Everhart Financial Group Inc. raised its position in shares of ServiceNow by 54.2% in the 3rd quarter. Everhart Financial Group Inc. now owns 1,784 shares of the information technology services provider’s stock worth $1,596,000 after buying an additional 627 shares during the period. Finally, Apollon Wealth Management LLC raised its position in shares of ServiceNow by 6.6% in the 3rd quarter. Apollon Wealth Management LLC now owns 2,835 shares of the information technology services provider’s stock worth $2,536,000 after buying an additional 175 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. The trade was a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction 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 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. Insiders sold 20,351 shares of company stock valued at $20,050,076 over the last ninety days. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. The Goldman Sachs Group increased their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Raymond James started coverage on ServiceNow in a research report on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price on the stock. Citigroup cut their price objective on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. Needham & Company LLC raised their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Finally, Mizuho cut their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,114.24.

ServiceNow Stock Up 3.4 %

NOW stock opened at $810.27 on Wednesday. The company’s 50 day simple moving average is $1,006.72 and its 200-day simple moving average is $985.52. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The firm has a market capitalization of $166.92 billion, a P/E ratio of 118.63, 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 current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated a share repurchase plan on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is 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.