Maryland State Retirement & Pension System Boosts Holdings in ServiceNow, Inc. $NOW

Maryland State Retirement & Pension System grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 4.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,046 shares of the information technology services provider’s stock after buying an additional 444 shares during the period. Maryland State Retirement & Pension System’s holdings in ServiceNow were worth $10,328,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of NOW. Brighton Jones LLC raised its position 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. Daymark Wealth Partners LLC raised its position in shares of ServiceNow by 42.9% in the first quarter. Daymark Wealth Partners LLC now owns 726 shares of the information technology services provider’s stock valued at $578,000 after buying an additional 218 shares during the last quarter. Wealthcare Advisory Partners LLC raised its position in shares of ServiceNow by 3.7% in the first quarter. Wealthcare Advisory Partners LLC now owns 5,756 shares of the information technology services provider’s stock valued at $4,583,000 after buying an additional 204 shares during the last quarter. GAMMA Investing LLC raised its position in shares of ServiceNow by 10.0% in the first quarter. GAMMA Investing LLC now owns 3,378 shares of the information technology services provider’s stock valued at $2,689,000 after buying an additional 308 shares during the last quarter. Finally, Simplicity Wealth LLC raised its position in shares of ServiceNow by 294.5% in the first quarter. Simplicity Wealth LLC now owns 1,495 shares of the information technology services provider’s stock valued at $1,190,000 after buying an additional 1,116 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares of the company’s stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the completion of the transaction, the chief financial officer owned 12,228 shares of the company’s stock, valued at $10,594,950.60. This represents a 12.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,737 shares of company stock valued at $16,798,825. 0.38% of the stock is owned by company insiders.

ServiceNow Trading Up 1.1%

NYSE NOW opened at $914.15 on Thursday. The firm has a 50 day simple moving average of $910.23 and a 200-day simple moving average of $930.97. 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, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The firm has a market cap of $190.14 billion, a price-to-earnings ratio of 115.13, a PEG ratio of 4.07 and a beta of 0.92.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data 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. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter last year, the firm posted $3.13 earnings per share. The business’s revenue for the quarter was up 22.4% compared to the same quarter last year. Equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NOW has been the subject of several recent analyst reports. DA Davidson raised their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Mizuho raised their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the stock an “outperform” rating in a research report on Thursday, June 12th. Morgan Stanley upgraded shares of ServiceNow from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $1,040.00 to $1,250.00 in a research report on Wednesday, September 24th. BMO Capital Markets raised their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an “outperform” rating in a research report on Thursday, July 24th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $1,200.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,122.20.

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.