Kentucky Retirement Systems Trims Holdings in ServiceNow, Inc. (NYSE:NOW)

Kentucky Retirement Systems lowered its position in shares of ServiceNow, Inc. (NYSE:NOW) by 1.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,156 shares of the information technology services provider’s stock after selling 195 shares during the quarter. Kentucky Retirement Systems’ holdings in ServiceNow were worth $15,007,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Truvestments Capital LLC purchased a new stake in ServiceNow in the 3rd quarter worth $30,000. DT Investment Partners LLC raised its holdings in ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 17 shares during the period. Heck Capital Advisors LLC bought a new stake in ServiceNow during the fourth quarter valued at about $37,000. Stonebridge Financial Group LLC bought a new stake in ServiceNow during the fourth quarter valued at about $37,000. Finally, Bank of Jackson Hole Trust bought a new stake in ServiceNow during the fourth quarter valued at about $40,000. 87.18% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have commented on NOW. Stifel Nicolaus raised their price target on ServiceNow from $900.00 to $990.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Cantor Fitzgerald began coverage on ServiceNow in a report on Friday, January 17th. They set an “overweight” rating and a $1,332.00 price target on the stock. Piper Sandler lifted their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. The Goldman Sachs Group lifted their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Finally, Guggenheim reaffirmed a “sell” rating and issued a $716.00 target price on shares of ServiceNow in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, ServiceNow presently has a consensus rating of “Moderate Buy” and an average target price of $1,129.72.

ServiceNow Stock Performance

Shares of NYSE:NOW opened at $968.19 on Friday. The company has a market capitalization of $199.45 billion, a price-to-earnings ratio of 141.76, a price-to-earnings-growth ratio of 4.60 and a beta of 0.99. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average of $1,058.36 and a 200 day moving average of $976.01.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at ServiceNow

In other news, Director Anita M. Sands sold 2,229 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $11,710,600. This represents a 16.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. The trade was a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,806 shares of company stock valued at $16,065,122. Corporate insiders own 0.25% of the company’s stock.

ServiceNow 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.