Strs Ohio Purchases New Position in ServiceNow, Inc. $NOW

Key Points

• Strs Ohio acquired a new position in ServiceNow, purchasing 233,212 shares worth approximately $185.67 million, making it the fund's 17th largest holding.
• ServiceNow reported earnings of $4.09 per share for the last quarter, exceeding expectations and showing a 22.4% year-over-year revenue increase.
• Analysts have varying outlooks on the stock, with one lowering its rating to "hold" while others raise price targets, reflecting a consensus rating of "Moderate Buy".

Strs Ohio purchased a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 233,212 shares of the information technology services provider's stock, valued at approximately $185,669,000. ServiceNow makes up about 0.8% of Strs Ohio's investment portfolio, making the stock its 17th biggest holding. Strs Ohio owned about 0.11% of ServiceNow as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. SWS Partners increased its stake in shares of ServiceNow by 3.7% in the 1st quarter. SWS Partners now owns 1,571 shares of the information technology services provider's stock worth $1,251,000 after purchasing an additional 56 shares in the last quarter. Siren L.L.C. boosted its position in shares of ServiceNow by 62.8% during the first quarter. Siren L.L.C. now owns 9,126 shares of the information technology services provider's stock valued at $7,266,000 after buying an additional 3,521 shares during the period. Mattson Financial Services LLC raised its stake in shares of ServiceNow by 23.0% during the first quarter. Mattson Financial Services LLC now owns 2,624 shares of the information technology services provider's stock valued at $2,089,000 after acquiring an additional 490 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in ServiceNow by 32.9% in the first quarter. Geneos Wealth Management Inc. now owns 760 shares of the information technology services provider's stock worth $605,000 after buying an additional 188 shares in the last quarter. Finally, IFM Investors Pty Ltd increased its position in shares of ServiceNow by 0.4% during the first quarter. IFM Investors Pty Ltd now owns 40,219 shares of the information technology services provider's stock worth $32,020,000 after purchasing an additional 149 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Trading Down 0.9%

ServiceNow stock opened at $924.89 on Thursday. The company has a market cap of $192.38 billion, a P/E ratio of 116.49, a PEG ratio of 4.21 and a beta of 0.91. The firm's 50-day moving average is $931.78 and its 200-day moving average is $922.31. 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 quick ratio of 1.09 and a current ratio of 1.09.

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

Insiders Place Their Bets

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the sale, the insider owned 3,000 shares in the company, valued at approximately $2,599,350. The trade was a 36.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total value of $1,501,473.48. Following the transaction, the general counsel owned 4,332 shares of the company's stock, valued at approximately $3,830,614.32. This trade represents a 28.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock valued at $17,049,775 in the last quarter. 0.38% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Wells Fargo & Company increased their target price on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. DA Davidson lifted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Guggenheim reissued a "sell" rating and set a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. Finally, Needham & Company LLC lifted their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

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.

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.