Arizona State Retirement System Increases Stock Position in ServiceNow, Inc. (NYSE:NOW)

Arizona State Retirement System lifted its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 59,745 shares of the information technology services provider's stock after acquiring an additional 967 shares during the period. Arizona State Retirement System's holdings in ServiceNow were worth $63,337,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Noble Wealth Management PBC acquired a new stake in shares of ServiceNow in the 4th quarter worth $34,000. Truvestments Capital LLC purchased a new stake in shares of ServiceNow in the third quarter valued at approximately $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 in the last quarter. Heck Capital Advisors LLC purchased a new position in shares of ServiceNow in the 4th quarter valued at about $37,000. Finally, Stonebridge Financial Group LLC purchased a new position in ServiceNow in the fourth quarter valued at about $37,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Performance

NOW stock opened at $906.15 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market cap of $186.67 billion, a PE ratio of 132.67, a P/E/G ratio of 4.51 and a beta of 0.99. The business's 50-day moving average price is $1,030.51 and its two-hundred day moving average price is $985.06. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly 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 return on equity of 17.11% and a net margin of 12.97%. As a group, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has authorized a stock repurchase program 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 repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now directly owns 2,595 shares of the company's stock, valued at $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the transaction, the insider now directly owns 3,649 shares in the company, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 in the last quarter. 0.25% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on NOW shares. The Goldman Sachs Group boosted their price objective on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Redburn Atlantic began coverage on ServiceNow in a report on Wednesday, February 19th. They issued a "buy" rating for the company. Jefferies Financial Group dropped their target price on ServiceNow from $1,300.00 to $1,250.00 and set a "buy" rating for the company in a research note on Thursday, January 30th. Canaccord Genuity Group lifted their price target on ServiceNow from $1,200.00 to $1,275.00 and gave the company a "buy" rating in a report on Thursday, January 30th. Finally, Needham & Company LLC increased their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,129.72.

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.

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