Elo Mutual Pension Insurance Co Has $19.93 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Elo Mutual Pension Insurance Co reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 3.5% during the 4th quarter, HoldingsChannel reports. The fund 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 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on NOW shares. Piper Sandler lifted their price objective on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Jefferies Financial Group reduced their price target on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Robert W. Baird lowered their price objective on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a report on Wednesday. TD Cowen boosted their target price on ServiceNow from $1,025.00 to $1,300.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Finally, Royal Bank of Canada set a $986.00 price target on ServiceNow in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,093.76.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $838.54 on Thursday. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The firm’s 50-day moving average price is $960.38 and its two-hundred day moving average price is $984.72. 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 stock has a market capitalization of $172.74 billion, a price-to-earnings ratio of 122.77, a P/E/G ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last released 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%. On average, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its Board of Directors has authorized a stock buyback program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 1,263 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the transaction, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. This trade represents a 32.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the business’s stock in a transaction 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 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 position. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock valued at $20,050,076 over the last ninety days. 0.25% of the stock is owned by insiders.

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.