Public Employees Retirement System of Ohio Decreases Stake in ServiceNow, Inc. $NOW

Key Points

• The Public Employees Retirement System of Ohio has reduced its stake in ServiceNow, Inc. by 0.7%, holding 86,179 shares valued at approximately $88.6 million after selling 578 shares in the second quarter.
• Several institutional investors increased their stakes in ServiceNow, with notable raises including a 38.8% increase by Financial Management Professionals Inc. and a 36.1% increase by Accurate Wealth Management LLC during the same period.
• ServiceNow reported $4.09 earnings per share for the last quarter, exceeding the consensus estimate of $3.57, which contributed to a 22.4% year-over-year revenue increase.

Public Employees Retirement System of Ohio trimmed its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 0.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,179 shares of the information technology services provider's stock after selling 578 shares during the period. Public Employees Retirement System of Ohio's holdings in ServiceNow were worth $88,599,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOW. Financial Management Professionals Inc. grew its stake in shares of ServiceNow by 38.8% during the second quarter. Financial Management Professionals Inc. now owns 68 shares of the information technology services provider's stock valued at $70,000 after acquiring an additional 19 shares in the last quarter. Ballentine Partners LLC grew its stake in ServiceNow by 8.7% during the 2nd quarter. Ballentine Partners LLC now owns 3,583 shares of the information technology services provider's stock valued at $3,684,000 after purchasing an additional 287 shares in the last quarter. CHB Investment Group LLC increased its holdings in ServiceNow by 4.9% during the 2nd quarter. CHB Investment Group LLC now owns 3,660 shares of the information technology services provider's stock worth $3,763,000 after purchasing an additional 170 shares during the last quarter. Norden Group LLC raised its position in shares of ServiceNow by 13.8% in the 2nd quarter. Norden Group LLC now owns 4,897 shares of the information technology services provider's stock valued at $5,035,000 after purchasing an additional 593 shares in the last quarter. Finally, Accurate Wealth Management LLC boosted its stake in shares of ServiceNow by 36.1% during the 2nd quarter. Accurate Wealth Management LLC now owns 441 shares of the information technology services provider's stock valued at $427,000 after buying an additional 117 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of research analyst reports. Guggenheim restated a "sell" rating and issued a $724.00 price target on shares of ServiceNow in a research note on Thursday, July 17th. Raymond James Financial boosted their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. DA Davidson increased their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Piper Sandler upped their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, Wells Fargo & Company boosted their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow currently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Trading Down 2.1%

Shares of NOW opened at $928.34 on Wednesday. The stock has a market capitalization of $193.09 billion, a P/E ratio of 116.92, a P/E/G ratio of 4.27 and a beta of 0.91. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The business's 50-day moving average price is $921.75 and its 200 day moving average price is $924.54.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The business's revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.13 EPS. Analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Buying and Selling at ServiceNow

In related news, insider Jacqueline P. Canney sold 1,562 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,353,394.90. Following the transaction, the insider directly owned 3,027 shares of the company's stock, valued at approximately $2,622,744.15. This trade represents a 34.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock worth $17,049,775 in the last ninety days. Company insiders own 0.38% of the company's stock.

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.

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