Meiji Yasuda Asset Management Co Ltd. Raises Holdings in ServiceNow, Inc. (NYSE:NOW)

Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 7.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,429 shares of the information technology services provider’s stock after purchasing an additional 940 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in ServiceNow were worth $14,236,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Atala Financial Inc bought a new position in shares of ServiceNow during the fourth quarter valued at $28,000. Truvestments Capital LLC bought a new stake in shares of ServiceNow during the 3rd quarter valued at about $30,000. LFA Lugano Financial Advisors SA purchased a new stake in ServiceNow during the fourth quarter valued at approximately $32,000. FPC Investment Advisory Inc. raised its stake in shares of ServiceNow by 725.0% in the fourth quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after buying an additional 29 shares during the period. Finally, Noble Wealth Management PBC purchased a new stake in ServiceNow in the 4th quarter worth $34,000. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NOW. Piper Sandler upped their price target on shares of ServiceNow from $1,000.00 to $1,200.00 and gave the company an “overweight” rating in a report on Monday, January 6th. StockNews.com cut ServiceNow from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th. Needham & Company LLC lifted their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Royal Bank of Canada set a $986.00 target price on ServiceNow in a research report on Tuesday, March 11th. Finally, The Goldman Sachs Group upped their target price on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1,100.31.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the sale, the insider now owns 3,027 shares in the company, valued at approximately $3,204,200.58. This trade represents a 13.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Gina Mastantuono sold 4,442 shares of the company’s stock in a transaction dated 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 in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,351 shares of company stock worth $20,050,076 over the last ninety days. 0.25% of the stock is currently owned by corporate insiders.

ServiceNow Stock Up 2.9 %

Shares of NYSE:NOW opened at $851.56 on Tuesday. 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 company has a market capitalization of $175.42 billion, a PE 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. The company’s fifty day moving average is $968.10 and its 200-day moving average is $985.50.

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

ServiceNow announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 29th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is 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.