Kentucky Retirement Systems Trims Stake in ServiceNow, Inc. (NYSE:NOW)

Kentucky Retirement Systems lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 0.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,024 shares of the information technology services provider’s stock after selling 132 shares during the quarter. Kentucky Retirement Systems’ holdings in ServiceNow were worth $11,165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Heartland Bank & Trust Co grew its holdings in ServiceNow by 13.2% in the first quarter. Heartland Bank & Trust Co now owns 961 shares of the information technology services provider’s stock worth $765,000 after purchasing an additional 112 shares during the period. Intact Investment Management Inc. grew its holdings in ServiceNow by 3.7% in the first quarter. Intact Investment Management Inc. now owns 1,970 shares of the information technology services provider’s stock worth $1,568,000 after purchasing an additional 70 shares during the period. Garde Capital Inc. grew its holdings in ServiceNow by 12.1% in the first quarter. Garde Capital Inc. now owns 120 shares of the information technology services provider’s stock worth $96,000 after purchasing an additional 13 shares during the period. First American Bank grew its holdings in ServiceNow by 1.6% in the first quarter. First American Bank now owns 5,863 shares of the information technology services provider’s stock worth $4,668,000 after purchasing an additional 95 shares during the period. Finally, Weaver Capital Management LLC grew its holdings in ServiceNow by 6.8% in the first quarter. Weaver Capital Management LLC now owns 1,782 shares of the information technology services provider’s stock worth $1,419,000 after purchasing an additional 114 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

NYSE NOW opened at $969.78 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The business has a 50-day moving average price of $964.42 and a 200-day moving average price of $970.33. The firm has a market cap of $200.72 billion, a price-to-earnings ratio of 131.76, a price-to-earnings-growth ratio of 4.48 and a beta of 0.95.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The firm’s revenue for the quarter was up 18.6% compared to the same quarter last year. During the same period in the prior year, the company posted $3.41 EPS. As a group, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analysts Set New Price Targets

NOW has been the topic of a number of recent research reports. Oppenheimer restated an “outperform” rating and issued a $1,100.00 price objective (up previously from $970.00) on shares of ServiceNow in a report on Tuesday, May 6th. JPMorgan Chase & Co. dropped their target price on shares of ServiceNow from $1,200.00 to $970.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Sanford C. Bernstein reiterated an “outperform” rating and issued a $1,003.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Jefferies Financial Group dropped their target price on shares of ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Finally, Piper Sandler dropped their target price on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,062.50.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the transaction, the chief executive officer now directly owns 6,614 shares in the company, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 66 shares of the company’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total transaction of $67,518.00. Following the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,096,621. The trade was a 2.13% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,716 shares of company stock valued at $6,611,245. Corporate insiders own 0.38% of the company’s stock.

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.