Elo Mutual Pension Insurance Co Decreases Position in ServiceNow, Inc. (NYSE:NOW)

Elo Mutual Pension Insurance Co reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 3.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 18,799 shares of the information technology services provider’s stock after selling 684 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in ServiceNow were worth $19,929,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOW. Atala Financial Inc purchased a new position in shares of ServiceNow in the fourth quarter valued at $28,000. LFA Lugano Financial Advisors SA purchased a new position in ServiceNow in the 4th quarter valued at about $32,000. Noble Wealth Management PBC acquired a new stake in shares of ServiceNow during the fourth quarter valued at about $34,000. Truvestments Capital LLC purchased a new stake in shares of ServiceNow during the third quarter worth about $30,000. Finally, FPC Investment Advisory Inc. boosted its holdings 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 purchasing an additional 29 shares during the last quarter. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Stock Down 2.7 %

NOW opened at $838.54 on Thursday. The stock’s fifty day moving average is $960.38 and its 200-day moving average is $984.72. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a market capitalization of $172.74 billion, a PE ratio of 122.77, a P/E/G ratio of 4.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results 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%. On average, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow declared that its board has authorized a stock repurchase program 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of ServiceNow stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 455 shares of the firm’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,351 shares of company stock worth $20,050,076. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Mizuho reduced their target price on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research note on Tuesday, March 11th. Guggenheim reissued a “sell” rating and set a $716.00 price objective on shares of ServiceNow in a report on Wednesday, January 22nd. Raymond James initiated coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price target on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $1,048.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. Finally, Robert W. Baird reduced their target price on ServiceNow from $1,200.00 to $1,010.00 and set an “outperform” rating on the stock in a report on Wednesday. One 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 company. According to data from MarketBeat, ServiceNow currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,093.76.

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.