Employees Retirement System of Texas Buys 410,188 Shares of ServiceNow, Inc. $NOW

Employees Retirement System of Texas raised its stake in ServiceNow, Inc. (NYSE:NOW) by 429.2% in the 4th quarter, Holdings Channel.com reports. The fund owned 505,757 shares of the information technology services provider’s stock after buying an additional 410,188 shares during the quarter. Employees Retirement System of Texas’ holdings in ServiceNow were worth $77,477,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of NOW. Steel Grove Capital Advisors LLC increased its position in shares of ServiceNow by 405.9% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,521 shares of the information technology services provider’s stock worth $539,000 after purchasing an additional 2,825 shares during the period. Syverson Strege & Co lifted its position in ServiceNow by 303.3% during the fourth quarter. Syverson Strege & Co now owns 1,460 shares of the information technology services provider’s stock worth $224,000 after purchasing an additional 1,098 shares during the period. Alta Advisers Ltd grew its stake in ServiceNow by 270.7% during the fourth quarter. Alta Advisers Ltd now owns 4,015 shares of the information technology services provider’s stock worth $615,000 after buying an additional 2,932 shares in the last quarter. Flputnam Investment Management Co. grew its stake in ServiceNow by 297.2% during the fourth quarter. Flputnam Investment Management Co. now owns 5,140 shares of the information technology services provider’s stock worth $787,000 after buying an additional 3,846 shares in the last quarter. Finally, Malaga Cove Capital LLC increased its holdings in ServiceNow by 618.8% in the 4th quarter. Malaga Cove Capital LLC now owns 7,540 shares of the information technology services provider’s stock valued at $1,155,000 after buying an additional 6,491 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group cut their price target on shares of ServiceNow from $188.00 to $163.00 and set a “buy” rating for the company in a report on Thursday, April 23rd. JPMorgan Chase & Co. decreased their price objective on shares of ServiceNow from $195.00 to $145.00 and set an “overweight” rating on the stock in a research note on Thursday, April 23rd. Canaccord Genuity Group lowered their price objective on shares of ServiceNow from $200.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, April 23rd. Wolfe Research set a $125.00 price objective on shares of ServiceNow in a research note on Thursday, April 23rd. Finally, BMO Capital Markets cut their target price on shares of ServiceNow from $120.00 to $115.00 and set an “outperform” rating on the stock in a research report on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $141.85.

ServiceNow Stock Performance

NYSE:NOW opened at $99.99 on Wednesday. The stock’s 50-day moving average is $98.26 and its 200-day moving average is $124.67. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $211.48. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13. The stock has a market cap of $103.09 billion, a P/E ratio of 59.59, a price-to-earnings-growth ratio of 1.85 and a beta of 0.82.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.97. ServiceNow had a net margin of 12.59% and a return on equity of 18.16%. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.75 billion. During the same quarter last year, the business earned $0.81 EPS. The firm’s quarterly revenue was up 22.1% on a year-over-year basis. Equities research analysts anticipate that ServiceNow, Inc. will post 2.35 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In related news, Director Anita M. Sands sold 16,445 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the sale, the director owned 30,090 shares of the company’s stock, valued at $2,712,312.60. The trade was a 35.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 8,927 shares of the stock in a transaction on Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the completion of the sale, the insider owned 29,531 shares of the company’s stock, valued at $2,645,977.60. The trade was a 23.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 28,071 shares of company stock valued at $2,529,956. Insiders own 0.34% of the company’s stock.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.