Mitsubishi UFJ Trust & Banking Corp Sells 7,942 Shares of ServiceNow, Inc. (NYSE:NOW)

Mitsubishi UFJ Trust & Banking Corp lessened its position in ServiceNow, Inc. (NYSE:NOW) by 6.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 118,579 shares of the information technology services provider’s stock after selling 7,942 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.06% of ServiceNow worth $125,708,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Florida Financial Advisors LLC bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $219,000. Meiji Yasuda Asset Management Co Ltd. lifted its stake in ServiceNow by 7.5% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 13,429 shares of the information technology services provider’s stock worth $14,236,000 after acquiring an additional 940 shares during the period. Keystone Investors PTE Ltd. boosted its holdings in ServiceNow by 506.0% in the fourth quarter. Keystone Investors PTE Ltd. now owns 36,344 shares of the information technology services provider’s stock valued at $38,529,000 after acquiring an additional 30,347 shares in the last quarter. Zions Bancorporation N.A. boosted its holdings in ServiceNow by 7.3% in the fourth quarter. Zions Bancorporation N.A. now owns 575 shares of the information technology services provider’s stock valued at $610,000 after acquiring an additional 39 shares in the last quarter. Finally, FineMark National Bank & Trust increased its position in ServiceNow by 3.9% during the 4th quarter. FineMark National Bank & Trust now owns 11,532 shares of the information technology services provider’s stock valued at $12,225,000 after purchasing an additional 430 shares during the period. 87.18% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Guggenheim reaffirmed a “sell” rating and set a $716.00 target price on shares of ServiceNow in a research note on Wednesday, January 22nd. KeyCorp lowered shares of ServiceNow from an “overweight” rating to a “sector weight” rating in a report on Friday, December 13th. Piper Sandler upped their target price on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Raymond James started coverage on ServiceNow in a research note on Tuesday, December 24th. They issued an “outperform” rating and a $1,200.00 target price for the company. Finally, Scotiabank reduced their price target on ServiceNow from $1,230.00 to $1,050.00 and set a “sector outperform” rating on the stock in a research note on Monday, March 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,100.31.

Insider Activity

In other news, insider Jacqueline P. Canney sold 292 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $1,017.55, for a total transaction of $297,124.60. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at $3,080,123.85. This represents a 8.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now owns 3,649 shares in the company, valued at $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock valued at $20,050,076 in the last ninety days. 0.25% of the stock is currently owned by company insiders.

ServiceNow Price Performance

NOW opened at $851.56 on Tuesday. The company’s 50-day simple moving average is $968.10 and its two-hundred day simple moving average is $985.50. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market capitalization of $175.42 billion, a P/E ratio of 124.68, a P/E/G 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.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data 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 net margin of 12.97% and a return on equity of 17.11%. As a group, analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow declared that its board has authorized a stock buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

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.