Maryland State Retirement & Pension System Boosts Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Maryland State Retirement & Pension System increased its position in ServiceNow, Inc. by 4.6%, owning 10,046 shares worth $10.3 million as of the latest SEC filing.
• ServiceNow reported earnings per share of $4.09 for the last quarter, exceeding analysts' expectations of $3.57, alongside a revenue of $3.22 billion, which was higher than the consensus estimate.
• Institutional investors hold approximately 87.18% of ServiceNow's stock, indicating strong institutional backing for the company.

Maryland State Retirement & Pension System increased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,046 shares of the information technology services provider's stock after acquiring an additional 444 shares during the quarter. Maryland State Retirement & Pension System's holdings in ServiceNow were worth $10,328,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of ServiceNow by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after acquiring an additional 297,734 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of ServiceNow by 7.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock worth $2,263,519,000 after acquiring an additional 188,292 shares in the last quarter. Nuveen LLC bought a new position in shares of ServiceNow during the 1st quarter worth approximately $1,817,535,000. Alliancebernstein L.P. increased its stake in ServiceNow by 16.2% during the 1st quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider's stock valued at $1,379,461,000 after purchasing an additional 242,132 shares in the last quarter. Finally, Amundi increased its stake in ServiceNow by 61.9% during the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock valued at $1,269,777,000 after purchasing an additional 626,623 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Performance

Shares of NYSE NOW opened at $914.15 on Thursday. The company's fifty day moving average price is $910.23 and its 200 day moving average price is $930.97. 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 $190.14 billion, a PE ratio of 115.13, a price-to-earnings-growth ratio of 4.07 and a beta of 0.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the firm posted $3.13 earnings per share. The firm's quarterly revenue was up 22.4% compared to the same quarter last year. On average, research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. JMP Securities restated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. Jefferies Financial Group upped their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Guggenheim restated a "sell" rating and set a $724.00 price target on shares of ServiceNow in a research note on Thursday, July 17th. Raymond James Financial upped their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Finally, Citigroup upped their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,122.20.

Insider Activity

In other ServiceNow news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel directly owned 4,332 shares of the company's stock, valued at $3,830,614.32. This trade represents a 28.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Fipps sold 1,452 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the transaction, the insider directly owned 457 shares in the company, valued at approximately $409,037.85. The trade was a 76.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,737 shares of company stock valued at $16,798,825 in the last three months. 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.

Want to see what other hedge funds are holding NOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ServiceNow, Inc. (NYSE:NOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.