Ilmarinen Mutual Pension Insurance Co Raises Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Ilmarinen Mutual Pension Insurance Co raised its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 27.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,284 shares of the information technology services provider’s stock after acquiring an additional 7,500 shares during the period. Ilmarinen Mutual Pension Insurance Co’s holdings in ServiceNow were worth $37,405,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in NOW. United Bank acquired a new position in ServiceNow during the third quarter worth $480,000. Arete Wealth Advisors LLC lifted its stake in ServiceNow by 47.4% during the 3rd quarter. Arete Wealth Advisors LLC now owns 1,555 shares of the information technology services provider’s stock worth $1,387,000 after acquiring an additional 500 shares in the last quarter. Soros Fund Management LLC purchased a new position in ServiceNow during the 3rd quarter valued at about $18,402,000. Wahed Invest LLC grew its position in ServiceNow by 7.0% in the 3rd quarter. Wahed Invest LLC now owns 4,886 shares of the information technology services provider’s stock valued at $4,370,000 after acquiring an additional 319 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in ServiceNow by 24.1% during the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider’s stock worth $2,834,797,000 after purchasing an additional 615,797 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related 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 completion of the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at approximately $2,644,564.50. This represents a 32.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 value 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 trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,351 shares of company stock worth $20,050,076. 0.25% of the stock is owned by company insiders.

ServiceNow Trading Down 6.9 %

Shares of ServiceNow stock opened at $720.69 on Friday. ServiceNow, Inc. has a 1 year low of $637.99 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. The business has a 50 day moving average price of $917.80 and a 200 day moving average price of $979.99. The company has a market capitalization of $148.46 billion, a P/E ratio of 105.52, a P/E/G ratio of 4.51 and a beta of 1.03.

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

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

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Jefferies Financial Group lowered their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. TD Cowen raised their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Needham & Company LLC upped their price objective on ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Royal Bank of Canada set a $986.00 price objective on ServiceNow in a research note on Tuesday, March 11th. Finally, Stifel Nicolaus lowered their target price on ServiceNow from $1,175.00 to $950.00 and set a “buy” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of “Moderate Buy” and an average price target of $1,086.00.

About ServiceNow

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.