California Public Employees Retirement System Sells 6,941 Shares of ServiceNow, Inc. (NYSE:NOW)

California Public Employees Retirement System lessened its holdings in ServiceNow, Inc. (NYSE:NOW) by 1.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 373,359 shares of the information technology services provider’s stock after selling 6,941 shares during the quarter. California Public Employees Retirement System’s holdings in ServiceNow were worth $263,774,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in ServiceNow by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 17,753,781 shares of the information technology services provider’s stock valued at $9,923,653,000 after acquiring an additional 122,577 shares during the last quarter. FMR LLC grew its position in ServiceNow by 17.3% in the 3rd quarter. FMR LLC now owns 4,036,796 shares of the information technology services provider’s stock valued at $2,256,407,000 after acquiring an additional 595,697 shares during the last quarter. Jennison Associates LLC grew its position in ServiceNow by 2.2% in the 4th quarter. Jennison Associates LLC now owns 2,521,190 shares of the information technology services provider’s stock valued at $1,781,195,000 after acquiring an additional 53,719 shares during the last quarter. Northern Trust Corp grew its position in ServiceNow by 1.8% in the 3rd quarter. Northern Trust Corp now owns 2,202,293 shares of the information technology services provider’s stock valued at $1,230,994,000 after acquiring an additional 39,259 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in ServiceNow by 3.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,200,720 shares of the information technology services provider’s stock valued at $1,230,114,000 after acquiring an additional 72,570 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NYSE NOW traded up $17.28 during midday trading on Tuesday, hitting $739.23. The stock had a trading volume of 300,657 shares, compared to its average volume of 1,167,546. The company has a market capitalization of $151.82 billion, a PE ratio of 87.90, a P/E/G ratio of 4.51 and a beta of 0.97. The stock has a 50 day simple moving average of $762.90 and a 200-day simple moving average of $705.19. ServiceNow, Inc. has a 1 year low of $427.68 and a 1 year high of $815.32. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.20.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, January 24th. The information technology services provider reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.34. ServiceNow had a return on equity of 11.85% and a net margin of 19.30%. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter last year, the business posted $0.88 earnings per share. The business’s quarterly revenue was up 25.6% compared to the same quarter last year. On average, sell-side analysts expect that ServiceNow, Inc. will post 6.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on NOW shares. Piper Sandler upped their target price on ServiceNow from $750.00 to $830.00 and gave the stock an “overweight” rating in a report on Thursday, January 25th. The Goldman Sachs Group upped their price objective on ServiceNow from $800.00 to $910.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Royal Bank of Canada upped their price objective on ServiceNow from $840.00 to $850.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. KeyCorp initiated coverage on ServiceNow in a research note on Thursday, March 21st. They set an “overweight” rating and a $1,000.00 price objective for the company. Finally, Citigroup increased their price target on ServiceNow from $896.00 to $906.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus target price of $780.37.

Insider Buying and Selling

In other news, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the completion of the sale, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other ServiceNow news, insider Paul John Smith sold 1,795 shares of ServiceNow stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $781.06, for a total transaction of $1,402,002.70. Following the completion of the sale, the insider now directly owns 994 shares of the company’s stock, valued at approximately $776,373.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William R. Mcdermott sold 5,030 shares of ServiceNow stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $753.08, for a total value of $3,787,992.40. Following the sale, the chief executive officer now directly owns 17,177 shares of the company’s stock, valued at $12,935,655.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,164 shares of company stock worth $9,940,303. 0.25% of the stock is owned by corporate 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.