ServiceNow, Inc. $NOW Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in ServiceNow, Inc. by 8.1% in the first quarter, owning 69,425 shares worth approximately $55.27 million after selling 6,103 shares.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding analysts' expectations, and its revenue increased by 22.4% from the same quarter last year.
• Analysts have given ServiceNow a "Moderate Buy" rating with an average target price of $1,115.20, while some firms have varied target price updates impacting investor sentiment.

State of New Jersey Common Pension Fund D reduced its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 8.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 69,425 shares of the information technology services provider's stock after selling 6,103 shares during the period. State of New Jersey Common Pension Fund D's holdings in ServiceNow were worth $55,272,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in NOW. Brighton Jones LLC raised its holdings in shares of ServiceNow by 1.1% in the fourth quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after buying an additional 30 shares during the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in shares of ServiceNow in the fourth quarter valued at about $576,000. Main Street Financial Solutions LLC purchased a new stake in shares of ServiceNow in the fourth quarter valued at about $341,000. Capital Square LLC raised its holdings in shares of ServiceNow by 6.9% in the fourth quarter. Capital Square LLC now owns 701 shares of the information technology services provider's stock valued at $789,000 after buying an additional 45 shares during the last quarter. Finally, Foster Dykema Cabot & Partners LLC raised its holdings in shares of ServiceNow by 63.7% in the fourth quarter. Foster Dykema Cabot & Partners LLC now owns 406 shares of the information technology services provider's stock valued at $430,000 after buying an additional 158 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Gina Mastantuono sold 84 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $860.57, for a total value of $72,287.88. Following the sale, the chief financial officer directly owned 11,572 shares in the company, valued at $9,958,516.04. This represents a 0.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Anita M. Sands sold 239 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director owned 10,404 shares in the company, valued at $10,924,200. This represents a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,038 shares of company stock valued at $5,971,973. Corporate insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on NOW shares. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a report on Thursday, July 24th. Royal Bank Of Canada increased their price target on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Needham & Company LLC increased their price target on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Wall Street Zen raised shares of ServiceNow from a "hold" rating to a "buy" rating in a report on Tuesday, July 29th. Finally, Citigroup increased their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Price Performance

NOW traded down $10.8180 on Tuesday, hitting $881.2320. 928,793 shares of the company were exchanged, compared to its average volume of 1,710,633. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The business's fifty day moving average is $964.30 and its 200 day moving average is $932.15. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm has a market capitalization of $183.30 billion, a P/E ratio of 111.09, a price-to-earnings-growth ratio of 3.91 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating the consensus estimate of $3.57 by $0.52. The business had revenue of $3.22 billion for 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 company's quarterly revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the business earned $3.13 earnings per share. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.