Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stock Position in ServiceNow, Inc. (NYSE:NOW)

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 7.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 369,416 shares of the information technology services provider's stock after acquiring an additional 25,569 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of ServiceNow worth $396,668,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in NOW. World Investment Advisors LLC lifted its holdings in ServiceNow by 499,668.1% during the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider's stock worth $4,268,731,000 after purchasing an additional 4,771,830 shares during the last quarter. Proficio Capital Partners LLC lifted its holdings in shares of ServiceNow by 154,255.3% during the fourth quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after buying an additional 666,383 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in shares of ServiceNow in the fourth quarter valued at about $682,468,000. Wellington Management Group LLP grew its stake in shares of ServiceNow by 24.1% in the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider's stock valued at $2,834,797,000 after acquiring an additional 615,797 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in ServiceNow during the fourth quarter worth about $393,868,000. Institutional investors own 87.18% of the company's stock.

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Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. UBS Group decreased their target price on shares of ServiceNow from $1,250.00 to $1,000.00 and set a "buy" rating on the stock in a research report on Tuesday, March 11th. Guggenheim restated a "sell" rating and issued a $716.00 target price on shares of ServiceNow in a research report on Wednesday, January 22nd. Oppenheimer increased their price target on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Scotiabank lowered their price objective on shares of ServiceNow from $1,230.00 to $1,050.00 and set a "sector outperform" rating for the company in a research report on Monday, March 17th. Finally, Mizuho decreased their price target 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 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $1,093.76.

ServiceNow Trading Down 3.8 %

ServiceNow stock traded down $31.13 during trading hours on Friday, reaching $796.61. 1,758,174 shares of the company's stock were exchanged, compared to its average volume of 1,408,303. The firm has a market capitalization of $164.10 billion, a PE ratio of 116.63, a PEG ratio of 4.51 and a beta of 1.03. The firm's 50 day simple moving average is $950.30 and its 200 day simple moving average is $984.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. Research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its board has initiated a share repurchase program on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares of the company's stock, valued at $10,733,252.20. The trade was a 28.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacqueline P. Canney sold 455 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares of the company's stock, valued at approximately $3,204,200.58. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by corporate insiders.

ServiceNow 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.