Louisiana State Employees Retirement System Sells 200 Shares of ServiceNow, Inc. $NOW

Louisiana State Employees Retirement System trimmed its stake in ServiceNow, Inc. (NYSE:NOW) by 1.8% during the second quarter, Holdings Channel reports. The fund owned 10,900 shares of the information technology services provider’s stock after selling 200 shares during the quarter. Louisiana State Employees Retirement System’s holdings in ServiceNow were worth $11,206,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Sax Wealth Advisors LLC raised its stake in shares of ServiceNow by 196.7% in the 2nd quarter. Sax Wealth Advisors LLC now owns 798 shares of the information technology services provider’s stock valued at $821,000 after acquiring an additional 529 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in ServiceNow by 24.4% in the 2nd quarter. Venturi Wealth Management LLC now owns 4,635 shares of the information technology services provider’s stock valued at $4,765,000 after buying an additional 910 shares during the last quarter. Canopy Partners LLC grew its holdings in ServiceNow by 1.4% in the 2nd quarter. Canopy Partners LLC now owns 2,100 shares of the information technology services provider’s stock valued at $2,159,000 after buying an additional 30 shares during the last quarter. SGL Investment Advisors Inc. grew its holdings in ServiceNow by 22.8% in the 2nd quarter. SGL Investment Advisors Inc. now owns 329 shares of the information technology services provider’s stock valued at $337,000 after buying an additional 61 shares during the last quarter. Finally, Independent Solutions Wealth Management LLC acquired a new stake in ServiceNow in the 2nd quarter valued at approximately $353,000. 87.18% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on NOW shares. Jefferies Financial Group raised their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Citigroup raised their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Morgan Stanley raised ServiceNow from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. Piper Sandler lifted their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. Finally, Barclays set a $1,210.00 price objective on ServiceNow in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $1,122.20.

Insiders Place Their Bets

In other news, CFO Gina Mastantuono sold 1,762 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the completion of the transaction, the chief financial officer directly owned 12,228 shares of the company’s stock, valued at approximately $10,594,950.60. This represents a 12.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at approximately $6,062,590.82. The trade was a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,737 shares of company stock worth $16,798,825 in the last 90 days. 0.38% of the stock is owned by corporate insiders.

ServiceNow Trading Down 0.8%

Shares of NOW opened at $905.41 on Wednesday. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a 50 day simple moving average of $911.49 and a 200-day simple moving average of $931.09. The stock has a market cap of $188.32 billion, a PE ratio of 114.03, a PEG ratio of 4.11 and a beta of 0.92.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the prior year, the firm posted $3.13 EPS. ServiceNow’s quarterly revenue was up 22.4% compared to the same quarter last year. On average, sell-side analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.