Elo Mutual Pension Insurance Co Cuts Position in ServiceNow, Inc. (NYSE:NOW)

Elo Mutual Pension Insurance Co lessened its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 18,799 shares of the information technology services provider's stock after selling 684 shares during the period. Elo Mutual Pension Insurance Co's holdings in ServiceNow were worth $19,929,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. WINTON GROUP Ltd bought a new stake in ServiceNow during the fourth quarter valued at about $269,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of ServiceNow by 7.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 369,416 shares of the information technology services provider's stock valued at $396,668,000 after acquiring an additional 25,569 shares during the period. Cottage Street Advisors LLC purchased a new stake in ServiceNow in the 4th quarter worth approximately $201,000. Arlington Capital Management Inc. bought a new stake in ServiceNow during the 4th quarter worth approximately $201,000. Finally, Banco BTG Pactual S.A. purchased a new position in ServiceNow during the fourth quarter valued at approximately $430,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Trading Down 3.8 %

ServiceNow stock traded down $31.13 during midday trading on Friday, reaching $796.61. The stock had a trading volume of 1,758,174 shares, compared to its average volume of 1,408,303. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market cap of $164.10 billion, a price-to-earnings ratio of 116.63, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a fifty day moving average of $950.30 and a 200 day moving average of $984.09.

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ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a share buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Insider Transactions at ServiceNow

In other news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the sale, the insider now owns 3,649 shares of the company's stock, valued at approximately $3,370,654.28. The trade was a 44.66 % 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, insider Jacqueline P. Canney sold 292 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $1,017.55, for a total value of $297,124.60. Following the completion of the transaction, the insider now directly owns 3,027 shares in the company, valued at approximately $3,080,123.85. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on NOW. William Blair reaffirmed an "outperform" rating on shares of ServiceNow in a report on Friday, March 7th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $1,275.00 price objective on shares of ServiceNow in a research note on Tuesday, March 11th. UBS Group decreased their target price on ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating on the stock in a research note on Tuesday, March 11th. Oppenheimer upped their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Finally, Scotiabank reduced their price objective on shares of ServiceNow from $1,230.00 to $1,050.00 and set a "sector outperform" rating on the stock in a research report on Monday, March 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,093.76.

ServiceNow Company 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.