VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Position in ServiceNow, Inc. $NOW

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in ServiceNow, Inc. (NYSE:NOW) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 9,900 shares of the information technology services provider’s stock, valued at approximately $10,178,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in ServiceNow by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider’s stock valued at $15,522,335,000 after purchasing an additional 297,734 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in ServiceNow by 7.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider’s stock valued at $2,263,519,000 after purchasing an additional 188,292 shares in the last quarter. Nuveen LLC acquired a new stake in ServiceNow in the 1st quarter valued at $1,817,535,000. Alliancebernstein L.P. increased its holdings in ServiceNow by 16.2% in the 1st quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider’s stock valued at $1,379,461,000 after purchasing an additional 242,132 shares in the last quarter. Finally, Amundi increased its holdings in ServiceNow by 61.9% in the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider’s stock valued at $1,269,777,000 after purchasing an additional 626,623 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Performance

Shares of NOW stock opened at $918.17 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company’s 50-day simple moving average is $911.55 and its 200-day simple moving average is $938.10. The stock has a market capitalization of $190.98 billion, a price-to-earnings ratio of 115.64, a PEG ratio of 4.07 and a beta of 0.92.

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

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 1,762 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares of the company’s stock, valued at $10,594,950.60. This trade represents a 12.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 1,562 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the transaction, the insider directly owned 3,027 shares in the company, valued at $2,622,744.15. This represents a 34.04% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,737 shares of company stock valued at $16,798,825. Corporate insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NOW. Piper Sandler raised their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. 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 research note on Thursday, July 24th. Morgan Stanley upgraded ServiceNow from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. JMP Securities restated a “market outperform” rating and set a $1,300.00 target price on shares of ServiceNow in a research note on Monday, August 4th. Finally, Wells Fargo & Company raised their target price on ServiceNow from $1,150.00 to $1,225.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and a consensus price target of $1,121.37.

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.