Public Sector Pension Investment Board Has $129.49 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• The Public Sector Pension Investment Board has increased its holdings in ServiceNow, Inc. by 1.3%, now owning 162,644 shares valued at approximately $129.49 million, making it the 26th largest position in its investment portfolio.
• Insider transactions revealed that CEO William R. Mcdermott sold 2,050 shares for over $2 million, reducing his ownership by 23.66%.
• Wall Street analysts have mixed ratings for ServiceNow, with a consensus average target price of $1,115.20 and a majority rating it as a "Moderate Buy."

Public Sector Pension Investment Board raised its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 162,644 shares of the information technology services provider's stock after acquiring an additional 2,156 shares during the period. ServiceNow makes up approximately 0.6% of Public Sector Pension Investment Board's investment portfolio, making the stock its 26th largest position. Public Sector Pension Investment Board owned about 0.08% of ServiceNow worth $129,487,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Bogart Wealth LLC grew its position in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new position in shares of ServiceNow in the first quarter worth about $26,000. Quarry LP acquired a new stake in ServiceNow in the fourth quarter valued at approximately $27,000. WASHINGTON TRUST Co increased its holdings in ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares in the last quarter. Finally, Heck Capital Advisors LLC acquired a new position in shares of ServiceNow in the fourth quarter valued at approximately $37,000. Institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In related news, CEO William R. Mcdermott sold 2,050 shares of the company's 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 value of $2,074,620.50. Following the transaction, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the transaction, the insider directly owned 3,000 shares of the company's stock, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,250 shares of company stock worth $5,318,667 over the last 90 days. Corporate insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

NOW has been the topic of a number of analyst reports. BMO Capital Markets upped their price target on ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. TD Securities reissued a "buy" rating and issued a $1,100.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. Canaccord Genuity Group reduced their price objective on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Piper Sandler boosted their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Finally, Sanford C. Bernstein reissued an "outperform" rating and set a $1,003.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Stock Down 0.3%

Shares of NYSE:NOW opened at $871.70 on Monday. The company has a market capitalization of $181.31 billion, a PE ratio of 109.79, a price-to-earnings-growth ratio of 3.93 and a beta of 0.93. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The business has a fifty day moving average price of $982.92 and a two-hundred day moving average price of $942.17.

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

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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