Teacher Retirement System of Texas Has $55.98 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Teacher Retirement System of Texas increased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 10.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,309 shares of the information technology services provider's stock after purchasing an additional 6,768 shares during the quarter. Teacher Retirement System of Texas' holdings in ServiceNow were worth $55,976,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Quarry LP bought a new position in shares of ServiceNow in the 4th quarter valued at about $27,000. Atala Financial Inc bought a new position in ServiceNow in the fourth quarter valued at approximately $28,000. LFA Lugano Financial Advisors SA bought a new position in ServiceNow in the fourth quarter valued at approximately $32,000. Heck Capital Advisors LLC bought a new position in shares of ServiceNow in the 4th quarter worth $37,000. Finally, Cassady Schiller Wealth Management LLC boosted its position in shares of ServiceNow by 44.0% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider's stock worth $38,000 after purchasing an additional 11 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. FBN Securities upgraded ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. TD Securities reissued a "buy" rating and issued a $1,100.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Guggenheim upped their price target on shares of ServiceNow from $716.00 to $724.00 and gave the company a "sell" rating in a report on Thursday, April 24th. Morgan Stanley upped their target price on shares of ServiceNow from $950.00 to $1,040.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, thirty-one have assigned a buy rating and two have issued 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 target price of $1,068.23.

Insider Activity

In related news, Director Deborah Black sold 598 shares of the company's stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $940.23, for a total transaction of $562,257.54. Following the completion of the sale, the director owned 428 shares of the company's stock, valued at $402,418.44. This represents a 58.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jonathan Chadwick sold 770 shares of the company's stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $931.62, for a total transaction of $717,347.40. Following the sale, the director directly owned 3,205 shares of the company's stock, valued at approximately $2,985,842.10. This trade represents a 19.37% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,716 shares of company stock worth $6,611,245. 0.38% of the stock is currently owned by insiders.

ServiceNow Stock Performance

NOW stock traded up $36.27 during mid-day trading on Thursday, hitting $1,046.03. 1,205,886 shares of the company were exchanged, compared to its average volume of 1,486,285. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year 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 stock has a market capitalization of $216.51 billion, a PE ratio of 129.29, a price-to-earnings-growth ratio of 4.64 and a beta of 0.94. The business has a 50 day simple moving average of $999.82 and a 200-day simple moving average of $964.70.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 13.41% and a return on equity of 17.34%. The business had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. During the same quarter in the previous year, the company earned $3.41 EPS. The business's revenue was up 18.6% on a year-over-year basis. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

About ServiceNow

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.