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

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in ServiceNow, Inc. (NYSE:NOW) by 7.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 369,416 shares of the information technology services provider’s stock after acquiring an additional 25,569 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in ServiceNow were worth $396,668,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Cottage Street Advisors LLC bought a new position in ServiceNow in the 4th quarter valued at $201,000. Arlington Capital Management Inc. bought a new position in shares of ServiceNow in the fourth quarter worth about $201,000. Banco BTG Pactual S.A. purchased a new position in ServiceNow in the 4th quarter worth about $430,000. Ausdal Financial Partners Inc. lifted its holdings in ServiceNow by 5.8% during the 4th quarter. Ausdal Financial Partners Inc. now owns 671 shares of the information technology services provider’s stock valued at $711,000 after buying an additional 37 shares in the last quarter. Finally, Financial Engines Advisors L.L.C. boosted its position in ServiceNow by 3.1% in the 4th quarter. Financial Engines Advisors L.L.C. now owns 3,144 shares of the information technology services provider’s stock valued at $3,333,000 after buying an additional 94 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on NOW shares. William Blair restated an “outperform” rating on shares of ServiceNow in a report on Friday, March 7th. Wells Fargo & Company boosted their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Mizuho cut their price objective on shares of ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a report on Tuesday, March 11th. Truist Financial upped 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. Finally, Guggenheim reaffirmed a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,093.76.

Insider Activity

In other news, CEO William R. Mcdermott sold 1,263 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total transaction of $1,287,123.30. Following the sale, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the business’s 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 completion of the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,351 shares of company stock valued at $20,050,076 in the last quarter. 0.25% of the stock is currently owned by company insiders.

ServiceNow Stock Performance

NOW opened at $838.54 on Thursday. 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, Inc. has a 12-month low of $637.99 and a 12-month high of $1,198.09. The firm has a 50 day moving average of $960.38 and a two-hundred day moving average of $984.72. The firm has a market capitalization of $172.74 billion, a PE ratio of 122.77, a P/E/G ratio of 4.51 and a beta of 1.03.

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

ServiceNow declared that its Board of Directors has authorized a stock buyback plan 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.