Utah Retirement Systems Has $36.08 Million Position in ServiceNow, Inc. (NYSE:NOW)

Utah Retirement Systems raised its position in ServiceNow, Inc. (NYSE:NOW) by 0.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 34,038 shares of the information technology services provider’s stock after purchasing an additional 58 shares during the quarter. Utah Retirement Systems’ holdings in ServiceNow were worth $36,084,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in ServiceNow by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 19,199,258 shares of the information technology services provider’s stock worth $20,353,517,000 after acquiring an additional 190,430 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock worth $8,434,235,000 after acquiring an additional 509,467 shares during the last quarter. FMR LLC grew its position in ServiceNow by 4.9% during the 4th quarter. FMR LLC now owns 5,878,900 shares of the information technology services provider’s stock worth $6,232,339,000 after acquiring an additional 272,506 shares during the last quarter. Geode Capital Management LLC grew its position in ServiceNow by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 4,312,571 shares of the information technology services provider’s stock worth $4,560,890,000 after acquiring an additional 100,670 shares during the last quarter. Finally, Norges Bank bought a new stake in ServiceNow during the 4th quarter worth approximately $2,603,360,000. 87.18% of the stock is owned by institutional investors.

ServiceNow Price Performance

NOW stock opened at $942.79 on Wednesday. The stock has a 50-day moving average price of $837.19 and a two-hundred day moving average price of $967.68. The stock has a market cap of $195.16 billion, a PE ratio of 138.04, a price-to-earnings-growth ratio of 4.51 and a beta of 1.08. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.78 by $0.26. The company had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. ServiceNow’s revenue for the quarter was up 18.6% compared to the same quarter last year. During the same quarter last year, the company earned $3.41 EPS. Equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its Board of Directors has approved a share buyback program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Transactions at ServiceNow

In other ServiceNow news, Director Larry Quinlan sold 415 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the transaction, the director now owns 1,737 shares in the company, valued at $1,749,871.17. This trade represents a 19.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jacqueline P. Canney sold 354 shares of the stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the transaction, the insider now owns 3,027 shares in the company, valued at $2,435,554.47. The trade was a 10.47 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 21,618 shares of company stock worth $21,132,878. 0.38% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Scotiabank upped their price objective on ServiceNow from $1,050.00 to $1,075.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 24th. Evercore ISI upped their price objective on ServiceNow from $925.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. William Blair reaffirmed an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Needham & Company LLC reduced their price objective on ServiceNow from $1,200.00 to $1,050.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Finally, Raymond James reduced their price objective on ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-nine have issued a buy rating to the company. According to MarketBeat.com, ServiceNow presently has an average rating of “Moderate Buy” and an average target price of $1,032.94.

ServiceNow 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.