ServiceNow, Inc. (NYSE:NOW) Shares Sold by Maryland State Retirement & Pension System

Key Points

• Maryland State Retirement & Pension System has reduced its shareholding in ServiceNow, Inc. by 13.3%, holding 9,602 shares valued at approximately $7.645 million as of the latest SEC filing.
• ServiceNow reported an earnings per share (EPS) of $4.09 for the last quarter, exceeding analysts' estimates of $3.57, with a year-over-year revenue increase of 22.4%.
• Institutional investors and hedge funds own 87.18% of ServiceNow's stock, indicating a strong backing from large investment entities.

Maryland State Retirement & Pension System lowered its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 13.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,602 shares of the information technology services provider's stock after selling 1,479 shares during the period. Maryland State Retirement & Pension System's holdings in ServiceNow were worth $7,645,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of NOW. Quarry LP purchased a new position in shares of ServiceNow in the 4th quarter valued at about $27,000. Bogart Wealth LLC increased its holdings in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new position in shares of ServiceNow in the 1st quarter valued at about $26,000. Heck Capital Advisors LLC purchased a new position in shares of ServiceNow in the 4th quarter valued at about $37,000. Finally, WASHINGTON TRUST Co increased its holdings in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 31 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Stock Performance

NYSE NOW opened at $911.07 on Thursday. The stock has a market cap of $189.50 billion, a price-to-earnings ratio of 114.74, a price-to-earnings-growth ratio of 4.08 and a beta of 0.93. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The business has a fifty day moving average of $988.58 and a 200-day moving average of $947.68.

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

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 145 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $147,900.00. Following the completion of the sale, the insider owned 3,027 shares of the company's stock, valued at approximately $3,087,540. The trade was a 4.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the business's stock in a transaction dated 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 sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 5,250 shares of company stock valued at $5,318,667 in the last 90 days. 0.38% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Stifel Nicolaus raised their price target on ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. 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. Sanford C. Bernstein restated an "outperform" rating and set a $1,003.00 price target on shares of ServiceNow in a research note on Thursday, April 24th. FBN Securities upgraded ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Finally, Bank of America lifted their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

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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