The Manufacturers Life Insurance Company Buys 6,232 Shares of ServiceNow, Inc. (NYSE:NOW)

The Manufacturers Life Insurance Company raised its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 3.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 184,745 shares of the information technology services provider’s stock after buying an additional 6,232 shares during the period. The Manufacturers Life Insurance Company owned 0.09% of ServiceNow worth $195,860,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Quarry LP acquired a new position in ServiceNow in the 4th quarter valued at approximately $27,000. Atala Financial Inc acquired a new stake in shares of ServiceNow during the fourth quarter worth about $28,000. LFA Lugano Financial Advisors SA acquired a new stake in ServiceNow in the 4th quarter valued at approximately $32,000. FPC Investment Advisory Inc. lifted its stake in ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock valued at $34,000 after acquiring an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC acquired a new stake in ServiceNow in the fourth quarter valued at $34,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Trading Down 0.8 %

Shares of NYSE NOW opened at $937.68 on Tuesday. The stock has a market capitalization of $194.10 billion, a PE ratio of 137.29, a PEG ratio of 4.51 and a beta of 1.08. The stock has a fifty day simple moving average of $837.70 and a 200-day simple moving average of $967.86. ServiceNow, Inc. has a twelve month low of $637.99 and a twelve month high of $1,198.09. 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 (NYSE:NOW) last announced its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. ServiceNow’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same period in the previous year, the business earned $3.41 EPS. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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

Insiders Place Their Bets

In other ServiceNow news, General Counsel Russell S. Elmer sold 2,511 shares of ServiceNow stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $1,012.09, for a total transaction of $2,541,357.99. Following the transaction, the general counsel now directly owns 4,332 shares of the company’s stock, valued at $4,384,373.88. The trade was a 36.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Larry Quinlan sold 415 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total transaction of $418,075.15. Following the completion of the transaction, the director now directly owns 1,737 shares in the company, valued at approximately $1,749,871.17. This represents a 19.28 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,250 shares of company stock worth $19,853,273. Corporate insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

NOW has been the topic of a number of recent research reports. Royal Bank of Canada raised their price target on shares of ServiceNow from $975.00 to $1,060.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. Robert W. Baird lifted their target price on shares of ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. Sanford C. Bernstein reiterated an “outperform” rating and set a $1,003.00 price target on shares of ServiceNow in a report on Thursday. BMO Capital Markets decreased their price target on ServiceNow from $990.00 to $950.00 and set an “outperform” rating for the company in a report on Tuesday, April 22nd. Finally, Wells Fargo & Company increased their price objective on shares of ServiceNow from $1,100.00 to $1,150.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,032.94.

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.