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

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 284,802 shares of the information technology services provider’s stock, valued at approximately $28,275,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. California State Teachers Retirement System grew its stake in ServiceNow by 9,980.9% in the 2nd quarter. California State Teachers Retirement System now owns 154,496,061 shares of the information technology services provider’s stock valued at $15,338,369,000 after buying an additional 152,963,494 shares during the last quarter. BlackRock Inc. acquired a new stake in ServiceNow during the second quarter worth approximately $9,536,615,000. State Street Corp lifted its position in ServiceNow by 406.6% during the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock worth $7,337,280,000 after acquiring an additional 38,441,898 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of ServiceNow by 371.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock worth $4,962,692,000 after acquiring an additional 25,517,218 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of ServiceNow by 404.8% in the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock valued at $3,591,425,000 after purchasing an additional 18,854,775 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

ServiceNow Stock Performance

ServiceNow stock opened at $141.31 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43. The stock has a market cap of $146.11 billion, a PE ratio of 88.32, a P/E/G ratio of 2.57 and a beta of 0.97. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $194.73. The business’s 50-day moving average price is $118.03 and its two-hundred day moving average price is $108.20.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.93 billion. ServiceNow had a net margin of 11.34% and a return on equity of 16.45%. The firm’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same period last year, the company posted $0.81 EPS. As a group, analysts expect that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Insider Transactions at ServiceNow

In other news, insider Paul Fipps sold 2,034 shares of the stock in a transaction on Monday, August 31st. The stock was sold at an average price of $147.87, for a total value of $300,767.58. Following the completion of the transaction, the insider directly owned 18,305 shares in the company, valued at approximately $2,706,760.35. This represents a 10.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul Chamberlain sold 2,700 shares of the business’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $135.50, for a total value of $365,850.00. Following the sale, the director owned 43,990 shares in the company, valued at $5,960,645. This represents a 5.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 14,081 shares of company stock worth $1,937,904. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on NOW. Bank of America lifted their price target on ServiceNow from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, August 19th. Jefferies Financial Group reiterated a “buy” rating and set a $140.00 price objective (up from $135.00) on shares of ServiceNow in a research report on Thursday, July 23rd. Robert W. Baird lifted their price objective on shares of ServiceNow from $118.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, July 23rd. Wells Fargo & Company reiterated an “overweight” rating and issued a $175.00 price target (up from $160.00) on shares of ServiceNow in a research report on Wednesday, August 12th. Finally, Piper Sandler reissued an “overweight” rating and set a $140.00 price target on shares of ServiceNow in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $144.24.

ServiceNow Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.