Louisiana State Employees Retirement System Makes New Investment in ServiceNow, Inc. (NYSE:NOW)

Louisiana State Employees Retirement System acquired a new position in ServiceNow, Inc. (NYSE:NOW) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,400 shares of the information technology services provider’s stock, valued at approximately $8,760,000.

Several other hedge funds have also bought and sold shares of the stock. AdvisorNet Financial Inc raised its stake in shares of ServiceNow by 266.7% during the 4th quarter. AdvisorNet Financial Inc now owns 44 shares of the information technology services provider’s stock worth $31,000 after buying an additional 32 shares during the period. PFG Private Wealth Management LLC acquired a new position in shares of ServiceNow during the 3rd quarter worth approximately $28,000. First Capital Advisors Group LLC. acquired a new position in shares of ServiceNow during the 2nd quarter worth approximately $29,000. High Net Worth Advisory Group LLC acquired a new position in shares of ServiceNow during the 1st quarter worth approximately $29,000. Finally, Fortitude Family Office LLC acquired a new position in shares of ServiceNow during the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Down 0.3 %

ServiceNow stock traded down $2.63 during midday trading on Friday, reaching $768.71. 960,000 shares of the stock traded hands, compared to its average volume of 971,665. The company has a 50-day simple moving average of $770.27 and a two-hundred day simple moving average of $695.47. ServiceNow, Inc. has a 12-month low of $427.68 and a 12-month high of $815.32. The firm has a market cap of $157.88 billion, a PE ratio of 91.40, a price-to-earnings-growth ratio of 4.87 and a beta of 0.97. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.20.

ServiceNow (NYSE:NOW) last announced its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 EPS for the quarter, beating analysts’ consensus estimates of $2.77 by $0.34. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same period last year, the business posted $0.88 EPS. ServiceNow’s revenue for the quarter was up 25.6% on a year-over-year basis. Research analysts expect that ServiceNow, Inc. will post 6.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Needham & Company LLC upped their target price on ServiceNow from $660.00 to $900.00 and gave the stock a “buy” rating in a research note on Monday, January 22nd. Piper Sandler increased their price objective on ServiceNow from $750.00 to $830.00 and gave the company an “overweight” rating in a research note on Thursday, January 25th. BMO Capital Markets increased their price objective on ServiceNow from $630.00 to $850.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. JMP Securities increased their price objective on ServiceNow from $665.00 to $825.00 and gave the company a “market outperform” rating in a research note on Monday, January 22nd. Finally, Royal Bank of Canada increased their price objective on ServiceNow from $840.00 to $850.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Two analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow presently has an average rating of “Moderate Buy” and an average price target of $772.22.

Insider Activity at ServiceNow

In related news, insider Paul John Smith sold 5,159 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total transaction of $3,845,105.88. Following the completion of the transaction, the insider now directly owns 5,453 shares in the company, valued at approximately $4,064,229.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other ServiceNow news, insider Paul John Smith sold 5,159 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $745.32, for a total value of $3,845,105.88. Following the sale, the insider now owns 5,453 shares of the company’s stock, valued at approximately $4,064,229.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William R. Mcdermott sold 5,030 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $753.08, for a total value of $3,787,992.40. Following the completion of the sale, the chief executive officer now directly owns 17,177 shares in the company, valued at approximately $12,935,655.16. The disclosure for this sale can be found here. Insiders sold 13,164 shares of company stock worth $9,940,303 in the last three months. 0.24% of the stock is owned by company insiders.

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.