Asset Management One Co. Ltd. Acquires 4,417 Shares of ServiceNow, Inc. (NYSE:NOW)

Asset Management One Co. Ltd. boosted its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 4.4% in the first quarter, Holdings Channel.com reports. The fund owned 104,192 shares of the information technology services provider’s stock after buying an additional 4,417 shares during the quarter. Asset Management One Co. Ltd.’s holdings in ServiceNow were worth $82,951,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. GAMMA Investing LLC increased its holdings in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock valued at $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. Norges Bank bought a new position in ServiceNow during the fourth quarter worth about $2,603,360,000. Proficio Capital Partners LLC grew its position in shares of ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider’s stock worth $667,000 after buying an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd acquired a new position in shares of ServiceNow during the 4th quarter worth about $682,468,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider’s stock valued at $8,434,235,000 after acquiring an additional 509,467 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on NOW shares. Raymond James Financial reduced their price objective on shares of ServiceNow from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 8th. Stifel Nicolaus increased their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a “buy” rating in a report on Tuesday, May 6th. Jefferies Financial Group decreased their price target on shares of ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Mizuho upped their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an “outperform” rating in a research report on Thursday, June 12th. Finally, Wall Street Zen lowered ServiceNow from a “buy” rating to a “hold” rating in a report on Monday, June 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $1,062.50.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 2,050 shares of the firm’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the sale, the chief executive officer now directly owns 6,614 shares of the company’s stock, valued at $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 354 shares of the business’s stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the transaction, the insider now directly owns 3,027 shares in the company, valued at $2,435,554.47. The trade was a 10.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Price Performance

NYSE:NOW opened at $979.72 on Tuesday. The stock’s 50-day simple moving average is $968.01 and its 200 day simple moving average is $968.25. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market cap of $202.78 billion, a P/E ratio of 133.11, a P/E/G ratio of 4.48 and a beta of 0.96.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The business’s quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.41 EPS. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.