Arizona State Retirement System Has $48.13 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Arizona State Retirement System boosted its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,455 shares of the information technology services provider's stock after buying an additional 710 shares during the quarter. Arizona State Retirement System's holdings in ServiceNow were worth $48,131,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Brighton Jones LLC increased its stake in shares of ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after buying an additional 30 shares during the period. Proficio Capital Partners LLC increased its stake in shares of ServiceNow by 45.6% in the fourth quarter. Proficio Capital Partners LLC now owns 629 shares of the information technology services provider's stock valued at $667,000 after buying an additional 197 shares during the period. AlphaQuest LLC acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $131,000. King Luther Capital Management Corp increased its stake in shares of ServiceNow by 10.7% in the fourth quarter. King Luther Capital Management Corp now owns 1,023 shares of the information technology services provider's stock valued at $1,085,000 after buying an additional 99 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in shares of ServiceNow by 3.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,048 shares of the information technology services provider's stock valued at $1,111,000 after buying an additional 39 shares during the period. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Performance

Shares of NOW opened at $937.12 on Friday. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The firm has a fifty day simple moving average of $1,008.08 and a 200 day simple moving average of $960.59. The stock has a market capitalization of $193.97 billion, a price-to-earnings ratio of 127.33, a PEG ratio of 4.45 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.

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

Analyst Ratings Changes

Several brokerages recently commented on NOW. Needham & Company LLC reiterated a "buy" rating and issued a $1,050.00 target price on shares of ServiceNow in a report on Tuesday, May 6th. JPMorgan Chase & Co. lowered their target price on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Stifel Nicolaus increased their price target on ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and increased their price target for the company from $950.00 to $1,200.00 in a research report on Thursday, May 1st. Finally, Piper Sandler lowered their price target on ServiceNow from $1,200.00 to $1,120.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,068.23.

Insider Activity

In related news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,693,434.14. This represents a 23.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm's stock in a transaction 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 transaction, the insider directly owned 3,000 shares of the company's stock, valued at $3,060,000. The trade was a 28.07% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,955 shares of company stock valued at $6,862,195. Company insiders own 0.38% of the company's stock.

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.

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