Public Employees Retirement System of Ohio Has $94.93 Million Holdings in ServiceNow, Inc. (NYSE:NOW)

by · The Markets Daily

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

Several other institutional investors also recently modified their holdings of the stock. Avidian Wealth Enterprises LLC lifted its stake in ServiceNow by 1.8% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after purchasing an additional 9 shares during the last quarter. Institute for Wealth Management LLC. raised its stake in shares of ServiceNow by 0.4% in the fourth quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after buying an additional 11 shares during the period. TBH Global Asset Management LLC lifted its position in shares of ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after buying an additional 11 shares during the last quarter. Onefund LLC grew its stake in shares of ServiceNow by 2.0% during the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock worth $585,000 after acquiring an additional 11 shares during the period. Finally, Cassady Schiller Wealth Management LLC increased its holdings in ServiceNow by 44.0% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider’s stock worth $38,000 after acquiring an additional 11 shares during the last quarter. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Guggenheim boosted their price objective on ServiceNow from $716.00 to $724.00 and gave the company a “sell” rating in a research note on Thursday, April 24th. Needham & Company LLC restated a “buy” rating and issued a $1,050.00 price objective on shares of ServiceNow in a research note on Tuesday, May 6th. Piper Sandler lowered their price objective on ServiceNow from $1,200.00 to $1,120.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Barclays set a $1,085.00 price objective on ServiceNow in a research note on Wednesday, May 7th. Finally, Mizuho lowered their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,062.50.

Get Our Latest Research Report on NOW

ServiceNow Stock Up 0.1%

Shares of NYSE NOW opened at $1,015.74 on Friday. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $210.26 billion, a price-to-earnings ratio of 148.72, a PEG ratio of 4.51 and a beta of 0.97. The business has a 50-day moving average of $878.23 and a 200-day moving average of $975.16.

ServiceNow (NYSE:NOW – Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping 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 company had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same quarter in the previous year, the firm earned $3.41 earnings per share. ServiceNow’s revenue was up 18.6% on a year-over-year basis. Sell-side analysts expect 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 stock buyback program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other ServiceNow news, insider Jacqueline P. Canney sold 354 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $2,435,554.47. This represents a 10.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction that occurred 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 approximately $3,370,654.28. This represents a 44.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,619 shares of company stock valued at $5,230,568 over the last quarter. 0.38% of the stock is owned by corporate insiders.

ServiceNow Company Profile

(Free Report)

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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