Public Employees Retirement System of Ohio Lowers Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Public Employees Retirement System of Ohio lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,545 shares of the information technology services provider's stock after selling 2,566 shares during the quarter. Public Employees Retirement System of Ohio's holdings in ServiceNow were worth $94,928,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Quarry LP acquired a new position in ServiceNow in the 4th quarter worth approximately $27,000. Atala Financial Inc acquired a new position in ServiceNow in the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA acquired a new position in ServiceNow in the 4th quarter worth approximately $32,000. Noble Wealth Management PBC acquired a new position in ServiceNow in the 4th quarter worth approximately $34,000. Finally, FPC Investment Advisory Inc. increased its holdings in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after buying an additional 29 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

ServiceNow Price Performance

NYSE NOW traded down $10.24 during mid-day trading on Friday, hitting $1,005.53. The stock had a trading volume of 1,387,522 shares, compared to its average volume of 1,528,633. The firm's 50 day moving average is $881.74 and its 200 day moving average is $975.26. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $208.14 billion, a price-to-earnings ratio of 147.22, a PEG ratio of 4.51 and a beta of 0.97.

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

ServiceNow announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. BMO Capital Markets increased their price target on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the stock an "outperform" rating in a report on Wednesday, May 14th. Royal Bank of Canada upped their price objective on ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 6th. Morgan Stanley upped their price objective on ServiceNow from $881.00 to $950.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 24th. Bank of America lowered their price objective on ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $1,048.00 price objective on shares of ServiceNow in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $1,062.50.

Insiders Place Their Bets

In other ServiceNow news, General Counsel Russell S. Elmer sold 191 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $985.00, for a total value of $188,135.00. Following the completion of the sale, the general counsel now directly owns 4,332 shares of the company's stock, valued at $4,267,020. This trade represents a 4.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the completion of the sale, the insider now directly owns 3,649 shares of the company's stock, valued at $3,370,654.28. This trade represents a 44.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,619 shares of company stock valued at $5,230,568 in the last three months. 0.38% of the stock is currently owned by insiders.

About ServiceNow

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.