Retirement Systems of Alabama Decreases Holdings in ServiceNow, Inc. (NYSE:NOW)

Retirement Systems of Alabama cut its stake in ServiceNow, Inc. (NYSE:NOW) by 0.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,888 shares of the information technology services provider’s stock after selling 334 shares during the quarter. Retirement Systems of Alabama’s holdings in ServiceNow were worth $40,147,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of NOW. Truvestments Capital LLC acquired a new position in ServiceNow during the 3rd quarter worth approximately $30,000. Ridgewood Investments LLC purchased a new stake in shares of ServiceNow during the second quarter valued at approximately $32,000. DT Investment Partners LLC lifted its position in shares of ServiceNow by 77.3% during the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares in the last quarter. American Capital Advisory LLC purchased a new position in shares of ServiceNow in the second quarter valued at $39,000. Finally, Semmax Financial Advisors Inc. acquired a new stake in ServiceNow during the 2nd quarter valued at $39,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling

In other ServiceNow news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,588,953.65. The trade was a 82.54 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the transaction, the director now owns 42,920 shares of the company’s stock, valued at $43,740,630.40. This trade represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,629 shares of company stock valued at $20,861,626 over the last 90 days. 0.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Royal Bank of Canada boosted their price objective on shares of ServiceNow from $985.00 to $1,045.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. KeyCorp downgraded ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday. Needham & Company LLC lifted their price objective on ServiceNow from $1,075.00 to $1,150.00 and gave the stock a “buy” rating in a report on Monday, November 25th. BMO Capital Markets increased their target price on ServiceNow from $860.00 to $1,025.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Finally, TD Cowen raised their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $1,034.96.

ServiceNow Trading Down 2.4 %

ServiceNow stock opened at $1,121.10 on Friday. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,157.90. The firm has a market capitalization of $230.95 billion, a price-to-earnings ratio of 174.35, a PEG ratio of 6.58 and a beta of 0.99. The firm has a 50-day moving average price of $1,006.82 and a two-hundred day moving average price of $870.89. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.16.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.46 by $0.26. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm’s quarterly revenue was up 22.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.21 EPS. Sell-side analysts expect that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

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.