Retirement Systems of Alabama Sells 333 Shares of ServiceNow, Inc. (NYSE:NOW)

Retirement Systems of Alabama cut its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 0.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,268 shares of the information technology services provider's stock after selling 333 shares during the period. Retirement Systems of Alabama's holdings in ServiceNow were worth $35,244,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Onefund LLC grew its holdings in shares of ServiceNow by 2.0% in the fourth quarter. Onefund LLC now owns 552 shares of the information technology services provider's stock worth $585,000 after purchasing an additional 11 shares during the last quarter. Cassady Schiller Wealth Management LLC grew its holdings in ServiceNow by 44.0% during the 4th quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider's stock worth $38,000 after acquiring an additional 11 shares in the last quarter. Plancorp LLC grew its holdings in ServiceNow by 4.1% during the 4th quarter. Plancorp LLC now owns 308 shares of the information technology services provider's stock worth $327,000 after acquiring an additional 12 shares in the last quarter. Kesler Norman & Wride LLC grew its holdings in ServiceNow by 1.2% during the 4th quarter. Kesler Norman & Wride LLC now owns 1,092 shares of the information technology services provider's stock worth $1,157,000 after acquiring an additional 13 shares in the last quarter. Finally, Sepio Capital LP grew its holdings in ServiceNow by 3.8% during the 4th quarter. Sepio Capital LP now owns 359 shares of the information technology services provider's stock worth $381,000 after acquiring an additional 13 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NOW has been the topic of several recent research reports. Guggenheim increased their target price on shares of ServiceNow from $716.00 to $724.00 and gave the stock a "sell" rating in a report on Thursday, April 24th. Canaccord Genuity Group dropped their target price on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley increased their target price on shares of ServiceNow from $881.00 to $950.00 and gave the stock an "equal weight" rating in a report on Thursday, April 24th. JPMorgan Chase & Co. dropped their target price on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, Scotiabank set a $1,100.00 target price on shares of ServiceNow and gave the stock an "outperform" rating in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,062.50.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 2,050 shares of the firm's 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 transaction of $2,074,620.50. Following the sale, the chief executive officer now owns 6,614 shares of the company's stock, valued at $6,693,434.14. This trade represents a 23.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Anita M. Sands sold 248 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $1,009.14, for a total transaction of $250,266.72. Following the sale, the director now directly owns 10,643 shares in the company, valued at $10,740,277.02. The trade was a 2.28% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is owned by insiders.

ServiceNow Stock Performance

NOW opened at $969.78 on Friday. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. 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 has a market capitalization of $200.72 billion, a PE ratio of 131.76, a P/E/G ratio of 4.53 and a beta of 0.95. The firm has a 50 day moving average of $964.42 and a two-hundred day moving average of $971.38.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $3.09 billion. During the same period last year, the firm posted $3.41 EPS. ServiceNow's revenue for the quarter was up 18.6% compared to the same quarter last year. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS 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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