Teacher Retirement System of Texas Has $67.36 Million Position in ServiceNow, Inc. (NYSE:NOW)

Teacher Retirement System of Texas trimmed its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 18.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,541 shares of the information technology services provider's stock after selling 14,805 shares during the period. Teacher Retirement System of Texas' holdings in ServiceNow were worth $67,361,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of NOW. United Bank bought a new position in ServiceNow in the 3rd quarter worth approximately $480,000. Caprock Group LLC boosted its position in ServiceNow by 4.6% during the 3rd quarter. Caprock Group LLC now owns 4,177 shares of the information technology services provider's stock worth $3,737,000 after acquiring an additional 183 shares during the period. OneAscent Financial Services LLC bought a new position in shares of ServiceNow in the third quarter worth $204,000. Meeder Asset Management Inc. increased its holdings in shares of ServiceNow by 24.7% during the third quarter. Meeder Asset Management Inc. now owns 121 shares of the information technology services provider's stock valued at $108,000 after purchasing an additional 24 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in shares of ServiceNow by 4.6% during the third quarter. PNC Financial Services Group Inc. now owns 202,085 shares of the information technology services provider's stock valued at $180,743,000 after purchasing an additional 8,967 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Remove Ads

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of the company's stock in a transaction on Monday, February 10th. The shares were 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 in the company, valued at approximately $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 accessible through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the firm's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the transaction, the chief financial officer now owns 11,126 shares in the company, valued at approximately $10,733,252.20. This trade represents 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 in the last three months. Corporate insiders own 0.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. UBS Group decreased their target price on shares of ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating for the company in a research report on Tuesday, March 11th. Oppenheimer increased their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Raymond James initiated coverage on ServiceNow in a report on Tuesday, December 24th. They set an "outperform" rating and a $1,200.00 target price on the stock. Robert W. Baird decreased their price target 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. Finally, Canaccord Genuity Group reiterated a "buy" rating and set a $1,275.00 price target on shares of ServiceNow in a research report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,100.31.

ServiceNow Stock Up 2.9 %

NOW traded up $23.81 on Monday, reaching $851.56. 1,599,397 shares of the company traded hands, compared to its average volume of 1,352,367. The company has a market cap of $175.42 billion, a price-to-earnings ratio of 124.68, a PEG 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. The stock's 50 day moving average price is $971.31 and its 200-day moving average price is $985.39. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week 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, 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 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management 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.