Progressive Investment Management Corp Has $11.52 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Progressive Investment Management Corp reduced its position in ServiceNow, Inc. (NYSE:NOW) by 3.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,865 shares of the information technology services provider’s stock after selling 333 shares during the period. ServiceNow comprises about 3.0% of Progressive Investment Management Corp’s holdings, making the stock its 11th largest position. Progressive Investment Management Corp’s holdings in ServiceNow were worth $11,518,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Avidian Wealth Enterprises LLC lifted its stake in shares of ServiceNow by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after acquiring an additional 9 shares during the period. Redhawk Wealth Advisors Inc. boosted its stake in ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock worth $487,000 after acquiring an additional 10 shares during the last quarter. Institute for Wealth Management LLC. raised its holdings in ServiceNow by 0.4% in the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock worth $2,779,000 after purchasing an additional 11 shares during the period. TBH Global Asset Management LLC boosted its position in shares of ServiceNow by 3.8% during the fourth quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock worth $320,000 after purchasing an additional 11 shares in the last quarter. Finally, Onefund LLC grew its holdings in shares of ServiceNow by 2.0% in the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after buying an additional 11 shares during the period. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Trading Down 3.8 %

NOW stock opened at $796.61 on Friday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The stock has a market cap of $164.10 billion, a price-to-earnings ratio of 116.63, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company has a fifty day moving average price of $950.30 and a two-hundred day moving average price of $983.23. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. Equities analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has authorized a share repurchase plan 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms have weighed in on NOW. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. JPMorgan Chase & Co. boosted their price objective on ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Needham & Company LLC raised their target price 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. Citigroup reduced 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 report on Tuesday, February 4th. Finally, Raymond James began coverage on ServiceNow in a report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,093.76.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 1,263 shares of the company’s stock in a transaction dated 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 transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jacqueline P. Canney sold 292 shares of ServiceNow stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,080,123.85. This trade represents a 8.80 % 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 over the last quarter. Company insiders own 0.25% of the company’s stock.

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.