Maryland State Retirement & Pension System Trims Holdings in ServiceNow, Inc. (NYSE:NOW)

Maryland State Retirement & Pension System lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 6.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,081 shares of the information technology services provider's stock after selling 761 shares during the quarter. Maryland State Retirement & Pension System's holdings in ServiceNow were worth $11,747,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Polymer Capital Management HK LTD lifted its stake in shares of ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider's stock valued at $2,416,000 after purchasing an additional 981 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in shares of ServiceNow in the 4th quarter valued at $48,802,000. Dock Street Asset Management Inc. raised its position in ServiceNow by 3.4% in the fourth quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider's stock worth $35,147,000 after purchasing an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. bought a new position in shares of ServiceNow during the 4th quarter worth approximately $105,090,000. Finally, Rheos Capital Works Inc. acquired a new stake in shares of ServiceNow in the 4th quarter valued at $10,071,000. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Trading Up 0.5 %

NOW stock traded up $3.80 during midday trading on Friday, hitting $827.92. The stock had a trading volume of 2,904,241 shares, compared to its average volume of 1,351,375. The firm has a market cap of $170.55 billion, a P/E ratio of 121.22, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. 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 business has a fifty day moving average price of $971.31 and a two-hundred day moving average price of $984.34.

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ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting 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 predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a share repurchase program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding 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 programs are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at ServiceNow

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on NOW shares. Robert W. Baird lowered their target price on ServiceNow from $1,250.00 to $1,200.00 and set an "outperform" rating for the company in a research note on Thursday, January 30th. TD Cowen raised their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a "buy" rating in a report on Tuesday, December 10th. Cantor Fitzgerald restated an "overweight" rating and issued a $1,048.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. Oppenheimer upped their target price on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Finally, Royal Bank of Canada set a $986.00 target price on shares of ServiceNow in a research report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,100.31.

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.