ServiceNow, Inc. (NYSE:NOW) Position Lessened by California Public Employees Retirement System

California Public Employees Retirement System decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 3.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 477,955 shares of the information technology services provider’s stock after selling 15,145 shares during the period. California Public Employees Retirement System owned 0.23% of ServiceNow worth $506,690,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Polymer Capital Management HK LTD grew its stake in shares of ServiceNow by 57.0% in the 3rd quarter. Polymer Capital Management HK LTD now owns 2,701 shares of the information technology services provider’s stock valued at $2,416,000 after buying an additional 981 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new position in shares of ServiceNow during the 4th quarter worth $48,802,000. Dock Street Asset Management Inc. raised its holdings in shares of ServiceNow by 3.4% during the 4th quarter. Dock Street Asset Management Inc. now owns 33,154 shares of the information technology services provider’s stock valued at $35,147,000 after purchasing an additional 1,105 shares in the last quarter. Cardano Risk Management B.V. acquired a new stake in shares of ServiceNow in the 4th quarter valued at $105,090,000. Finally, Rheos Capital Works Inc. bought a new stake in ServiceNow in the fourth quarter worth $10,071,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Down 3.8 %

NYSE NOW opened at $796.61 on Friday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a market capitalization of $164.10 billion, a price-to-earnings ratio of 116.63, a PEG ratio of 4.51 and a beta of 1.03. The stock’s 50 day moving average is $950.30 and its two-hundred day moving average is $984.09. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last announced its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. Equities 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 approved a share repurchase program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have weighed in on NOW shares. KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Truist Financial boosted their target price on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a report on Thursday, December 12th. Mizuho lowered their price target on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a report on Tuesday, March 11th. Piper Sandler boosted their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Redburn Atlantic assumed coverage on shares of ServiceNow in a research note on Wednesday, February 19th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow has a consensus rating of “Moderate Buy” and a consensus target price of $1,093.76.

Insider Activity at ServiceNow

In other news, insider Jacqueline P. Canney sold 455 shares of ServiceNow stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total value of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Russell S. Elmer sold 2,511 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the sale, the general counsel now owns 4,332 shares in the company, valued at approximately $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 in the last ninety days. Insiders own 0.25% of the company’s stock.

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.