Kentucky Retirement Systems Insurance Trust Fund Invests $4.76 Million in ServiceNow, Inc. (NYSE:NOW)

Kentucky Retirement Systems Insurance Trust Fund bought a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 5,973 shares of the information technology services provider's stock, valued at approximately $4,755,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP purchased a new stake in shares of ServiceNow in the 4th quarter worth about $27,000. Atala Financial Inc purchased a new stake in shares of ServiceNow in the 4th quarter worth about $28,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow during the 4th quarter valued at about $32,000. FPC Investment Advisory Inc. grew its position in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after purchasing an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC bought a new stake in ServiceNow during the 4th quarter valued at about $34,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ServiceNow

In other news, CEO William R. Mcdermott sold 2,050 shares of the business's stock in a transaction 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 transaction, the chief executive officer now owns 6,614 shares of the company's stock, valued at approximately $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 354 shares of the business's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total transaction of $284,831.94. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at $2,435,554.47. This trade represents a 10.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,716 shares of company stock valued at $6,611,245 over the last 90 days. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Price Performance

Shares of NYSE:NOW opened at $969.78 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a market capitalization of $200.72 billion, a P/E ratio of 131.76, a P/E/G ratio of 4.48 and a beta of 0.95. The firm's 50 day simple moving average is $964.42 and its two-hundred day simple moving average is $970.33.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter in the previous year, the firm earned $3.41 earnings per share. The company's revenue for the quarter was up 18.6% on a year-over-year basis. Research analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on NOW shares. Scotiabank set a $1,100.00 price objective on shares of ServiceNow and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Guggenheim raised their price objective on shares of ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a research note on Thursday, April 24th. FBN Securities upgraded shares of ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. The Goldman Sachs Group restated a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $1,048.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $1,062.50.

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.

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