State of Michigan Retirement System 13F: Cuts NOW Stake by $9.3M

On October 27, 2026, the State of Michigan Retirement System reduced its stake in ServiceNow, Inc. (NOW) by 69,300 shares, bringing its total to 312,887 shares valued at about $42 million. This information comes from the fund's latest Form 13F filing with the SEC.

The fund's reported value for ServiceNow is approximately $41,929,987 after this cut, which represents an 18.1% decrease in its position. The State of Michigan Retirement System ranks 32nd among its 966 reported positions, with this holding making up 0.38% of its total portfolio.

NOW ServiceNow, Inc.

$158.18 ▲ +7.28% year to date

1M 3M YTD

Daily close · Oct 26, 2026

Other Institutional Activity in ServiceNow

Several other funds have also adjusted their positions in ServiceNow. Asset Management One increased its stake by 47,540 shares, bringing its total to 563,678 shares valued at about $75.5 million. J. Safra Sarasin Holding added 65,212 shares to reach 154,607 shares worth approximately $20.2 million. Meanwhile, HB Wealth Management significantly boosted its holdings by 678,336 shares, ending with 716,762 shares valued at about $96 million.

ServiceNow, Inc. Stock Down 2.6%

ServiceNow shares closed at $158.18 on October 26, 2026, before the filing. Recently, the stock has traded around $154.81, which is about 2.1% below the event close. The stock is currently above its 50-day moving average by 12% and its 200-day moving average by 34.4%, indicating strong performance over the longer term despite being 19.8% off its 52-week high of $192.97.

Recent Earnings

ServiceNow reported trailing twelve-month revenue of about $14.73 billion, reflecting a year-over-year growth rate of 24%. The next earnings report is scheduled for October 28, 2026, which investors will be watching closely.

Insider Buying and Selling at ServiceNow, Inc.

Insider trading has shown some activity recently. Paul Edward Chamberlain, a Director, sold 1,500 shares at an average price of $125.60 on August 13, 2026, for a total of $188,400. He also sold 2,700 shares at $135.50 on August 27, 2026, totaling $365,851. Another insider, Jacqueline P. Canney, sold 7,847 shares at $138.00 on August 28, 2026, amounting to $1,082,886.

Analysts Set New Price Targets

Analysts have maintained positive ratings for ServiceNow. On October 16, 2026, Piper Sandler maintained an Overweight rating with a price target of $175. On October 19, StoneX also maintained a Buy rating with a target of $165. The consensus recommendation remains a strong buy with a mean target price of $156.54 based on 46 analyst opinions.

About ServiceNow

ServiceNow, Inc. provides cloud-based solutions for digital workflows across various sectors globally. The company specializes in asset management, IT service management, and customer service management, among other services. This recent position adjustment by the State of Michigan Retirement System may indicate a strategic shift in their investment focus.

Bottom Line

Investors should keep an eye on ServiceNow's upcoming earnings report on October 28, 2026, as well as any further adjustments in institutional holdings. The strong analyst ratings suggest continued confidence in the company's growth potential.