Teachers Retirement System of The State of Kentucky Has $41.34 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Teachers Retirement System of The State of Kentucky increased its position in ServiceNow, Inc. (NYSE:NOW) by 4.2% in the first quarter, HoldingsChannel reports. The firm owned 51,925 shares of the information technology services provider’s stock after acquiring an additional 2,081 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in ServiceNow were worth $41,339,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its position in ServiceNow by 1.5% in the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider’s stock worth $874,258,000 after buying an additional 12,533 shares in the last quarter. FMR LLC lifted its stake in shares of ServiceNow by 4.9% in the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock valued at $6,232,339,000 after purchasing an additional 272,506 shares during the last quarter. Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of ServiceNow in the 1st quarter valued at $1,820,000. Nicholas Investment Partners LP lifted its stake in shares of ServiceNow by 223.5% in the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider’s stock valued at $2,974,000 after purchasing an additional 1,938 shares during the last quarter. Finally, OMNI 360 Wealth Inc. acquired a new stake in shares of ServiceNow in the 1st quarter valued at $285,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Trading Up 0.4%

Shares of ServiceNow stock opened at $963.43 on Friday. The firm has a market capitalization of $199.41 billion, a PE ratio of 130.90, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average is $1,006.53 and its 200 day moving average is $955.70. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09.

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

Insider Activity at ServiceNow

In related news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of ServiceNow stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total transaction of $1,194,420.00. Following the sale, the insider directly owned 3,000 shares in the company, valued at $3,060,000. This trade represents a 28.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 145 shares of ServiceNow stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $147,900.00. Following the sale, the insider owned 3,027 shares in the company, valued at approximately $3,087,540. This represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,601 shares of company stock worth $6,577,363 in the last ninety days. Insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NOW. Mizuho lifted their target price on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Thursday, June 12th. Piper Sandler reduced their price target on shares of ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a research report on Thursday, April 24th. Morgan Stanley restated an “equal weight” rating on shares of ServiceNow in a research report on Tuesday, July 8th. Erste Group Bank raised shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $1,050.00 target price on shares of ServiceNow in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty-one have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,075.87.

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.