ServiceNow, Inc. $NOW Stake Increased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 14.3% in the third quarter, HoldingsChannel.com reports. The fund owned 63,071 shares of the information technology services provider’s stock after acquiring an additional 7,914 shares during the quarter. Maryland State Retirement & Pension System’s holdings in ServiceNow were worth $8,452,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. UNIVEST FINANCIAL Corp raised its holdings in shares of ServiceNow by 153.1% during the 3rd quarter. UNIVEST FINANCIAL Corp now owns 98,244 shares of the information technology services provider’s stock valued at $13,166,000 after buying an additional 59,435 shares in the last quarter. Walter Public Investments Inc. bought a new stake in ServiceNow in the 3rd quarter worth approximately $3,093,000. First Command Advisory Services Inc. boosted its stake in ServiceNow by 124.9% in the third quarter. First Command Advisory Services Inc. now owns 850 shares of the information technology services provider’s stock worth $114,000 after buying an additional 472 shares in the last quarter. Machina Capital S.A.S. purchased a new stake in ServiceNow in the third quarter worth approximately $474,000. Finally, Bahl & Gaynor LLC purchased a new stake in ServiceNow in the third quarter worth approximately $405,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Recent ServiceNow Headlines

These are some of the NOW headlines that stood out recently:

• Positive Sentiment: Argus maintains a Buy rating, citing ServiceNow’s AI opportunity despite shares trading well below their high. The company also appeared on a list of AI stocks following Wells Fargo’s more constructive outlook on AI infrastructure. Argus still rates ServiceNow a Buy
• Neutral Sentiment: LicenseFortress added ServiceNow to its software-licensing advisory services, including cost reviews and renewal support. This may help customers manage licensing but does not directly signal new ServiceNow revenue. LicenseFortress expands services to include ServiceNow
• Negative Sentiment: A Pomerantz law firm investigation into potential investor claims adds uncertainty; the announcement does not establish wrongdoing. Pomerantz investigation announcement

Insider Activity

In related news, insider Paul Fipps sold 2,034 shares of ServiceNow stock in a transaction on Monday, August 31st. The shares were sold at an average price of $147.87, for a total value of $300,767.58. Following the transaction, the insider directly owned 18,305 shares of the company’s stock, valued at $2,706,760.35. The trade was a 10.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jacqueline P. Canney sold 1,289 shares of the company’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $101.70, for a total transaction of $131,091.30. Following the sale, the insider owned 30,042 shares of the company’s stock, valued at $3,055,271.40. This represents a 4.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 13,870 shares of company stock valued at $1,880,595. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wells Fargo & Company decreased their price target on shares of ServiceNow from $190.00 to $175.00 and set an “overweight” rating on the stock in a research note on Thursday, October 29th. Piper Sandler restated an “overweight” rating and issued a $175.00 price objective on shares of ServiceNow in a report on Thursday, October 29th. Jefferies Financial Group set a $145.00 price objective on shares of ServiceNow in a research note on Thursday, October 29th. Citigroup reduced their target price on shares of ServiceNow from $170.00 to $157.00 and set a “buy” rating on the stock in a report on Thursday, October 29th. Finally, Royal Bank Of Canada set a $165.00 target price on shares of ServiceNow and gave the stock an “outperform” rating in a research report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $154.50.

ServiceNow Price Performance

NOW opened at $100.65 on Friday. The stock’s 50 day simple moving average is $132.97 and its 200 day simple moving average is $114.22. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.72 and a quick ratio of 0.72. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $175.00. The firm has a market cap of $104.47 billion, a price-to-earnings ratio of 72.41, a PEG ratio of 2.01 and a beta of 1.00.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, October 28th. The information technology services provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.02). ServiceNow had a return on equity of 15.17% and a net margin of 9.36%. The company had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.09 billion. During the same period last year, the firm earned $4.82 earnings per share. ServiceNow’s revenue for the quarter was up 20.5% on a year-over-year basis. As a group, analysts predict that ServiceNow, Inc. will post 2.12 earnings per share for the current year.

ServiceNow Company Profile

ServiceNow, Inc. provides cloud-based software that helps organizations manage digital workflows and automate business processes. Founded in 2004 by Fred Luddy, the company began with a focus on IT service management and has expanded its platform to support a range of enterprise operations. Its products include tools for IT service and operations management, customer service, human resources, security, and application development. ServiceNow also offers artificial intelligence capabilities, including tools designed to help organizations automate tasks and find information across workflows.