Nicollet Investment Management Inc. Reduces Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Nicollet Investment Management Inc. lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 0.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,293 shares of the information technology services provider’s stock after selling 42 shares during the quarter. ServiceNow comprises approximately 2.7% of Nicollet Investment Management Inc.’s portfolio, making the stock its 10th biggest holding. Nicollet Investment Management Inc.’s holdings in ServiceNow were worth $7,731,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Atala Financial Inc purchased a new stake in ServiceNow during the fourth quarter valued at about $28,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of ServiceNow during the fourth quarter valued at $32,000. Noble Wealth Management PBC purchased a new stake in ServiceNow during the 4th quarter valued at $34,000. FPC Investment Advisory Inc. boosted its holdings in shares of ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares during the last quarter. Finally, Heck Capital Advisors LLC bought a new stake in ServiceNow during the fourth quarter valued at about $37,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In related news, CFO Gina Mastantuono sold 4,442 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. The trade was a 28.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’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 completion of the transaction, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock worth $20,050,076 in the last quarter. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. William Blair restated an “outperform” rating on shares of ServiceNow in a research note on Friday, March 7th. KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a research note on Friday, December 13th. Citigroup cut their price target on ServiceNow from $1,432.00 to $1,426.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. TD Cowen upped 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. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $1,275.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,088.59.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $797.39 on Tuesday. The firm has a 50 day simple moving average of $944.81 and a 200 day simple moving average of $984.23. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a market cap of $164.26 billion, a price-to-earnings ratio of 116.75, 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.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) 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%. Research 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 initiated a share repurchase program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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.