Progressive Investment Management Corp Trims Holdings in ServiceNow, Inc. (NYSE:NOW)

Progressive Investment Management Corp lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 3.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 investment portfolio, making the stock its 11th largest position. Progressive Investment Management Corp’s holdings in ServiceNow were worth $11,518,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. raised its stake in ServiceNow by 5.1% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,170 shares of the information technology services provider’s stock valued at $1,240,000 after buying an additional 57 shares in the last quarter. Alerus Financial NA increased its holdings in shares of ServiceNow by 37.7% in the 4th quarter. Alerus Financial NA now owns 4,869 shares of the information technology services provider’s stock valued at $5,162,000 after acquiring an additional 1,332 shares during the last quarter. Pictet Asset Management Holding SA raised its position in shares of ServiceNow by 0.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 183,996 shares of the information technology services provider’s stock valued at $195,058,000 after acquiring an additional 489 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in ServiceNow by 10.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 131,494 shares of the information technology services provider’s stock worth $139,399,000 after purchasing an additional 12,391 shares during the last quarter. Finally, Norges Bank acquired a new position in ServiceNow in the fourth quarter worth $2,603,360,000. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, General Counsel Russell S. Elmer sold 2,511 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at approximately $4,384,373.88. The trade was a 36.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $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. Insiders have sold 20,351 shares of company stock worth $20,050,076 over the last 90 days. 0.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $1,048.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. Redburn Atlantic assumed coverage on shares of ServiceNow in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $1,275.00 target price on shares of ServiceNow in a report on Tuesday, March 11th. 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 report on Tuesday, February 4th. Finally, Wells Fargo & Company upped their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. One investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,093.76.

ServiceNow Stock Performance

NOW opened at $796.61 on Friday. 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 market cap of $164.10 billion, a PE ratio of 116.63, a P/E/G ratio of 4.51 and a beta of 1.03. The business has a fifty day simple moving average of $950.30 and a 200-day simple moving average of $983.23. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW) last issued 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 return on equity of 17.11% and a net margin of 12.97%. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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