TIAA Trust National Association Lowers Position in ServiceNow, Inc. (NYSE:NOW)

TIAA Trust National Association decreased its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 19.8% in the 4th quarter, Holdings Channel reports. The firm owned 30,342 shares of the information technology services provider’s stock after selling 7,503 shares during the period. TIAA Trust National Association’s holdings in ServiceNow were worth $32,166,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of NOW. FineMark National Bank & Trust grew its holdings in shares of ServiceNow by 3.9% during the 4th quarter. FineMark National Bank & Trust now owns 11,532 shares of the information technology services provider’s stock valued at $12,225,000 after purchasing an additional 430 shares during the last quarter. Ashton Thomas Securities LLC lifted its stake in shares of ServiceNow by 3.9% in the 4th quarter. Ashton Thomas Securities LLC now owns 1,437 shares of the information technology services provider’s stock valued at $1,522,000 after acquiring an additional 54 shares during the last quarter. TD Asset Management Inc. lifted its position in ServiceNow by 2.1% in the fourth quarter. TD Asset Management Inc. now owns 297,404 shares of the information technology services provider’s stock valued at $315,284,000 after purchasing an additional 6,041 shares during the last quarter. EFG Asset Management North America Corp. boosted its stake in shares of ServiceNow by 9.3% during the fourth quarter. EFG Asset Management North America Corp. now owns 5,988 shares of the information technology services provider’s stock valued at $6,346,000 after purchasing an additional 511 shares during the period. Finally, Modern Wealth Management LLC increased its stake in shares of ServiceNow by 6.9% in the fourth quarter. Modern Wealth Management LLC now owns 355 shares of the information technology services provider’s stock worth $363,000 after buying an additional 23 shares during the period. 87.18% of the stock is currently owned by institutional investors.

Insider Activity

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the 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. This represents a 44.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 292 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,080,123.85. The trade was a 8.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 in the last ninety days. 0.25% of the stock is currently owned by company insiders.

ServiceNow Price Performance

NYSE NOW opened at $851.56 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market capitalization 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 stock has a 50-day moving average of $968.10 and a 200 day moving average of $985.50. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting 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 forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has authorized a stock buyback program on Wednesday, January 29th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group cut their price target on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a report on Thursday, January 30th. The Goldman Sachs Group raised their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Citigroup decreased their price target on shares of ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Scotiabank cut their price objective on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a research report on Monday, March 17th. Finally, Royal Bank of Canada set a $986.00 target price on ServiceNow in a research report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,100.31.

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.