Mitsubishi UFJ Asset Management Co. Ltd. Purchases 25,569 Shares of ServiceNow, Inc. (NYSE:NOW)

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 7.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 369,416 shares of the information technology services provider’s stock after acquiring an additional 25,569 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of ServiceNow worth $396,668,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Atala Financial Inc purchased a new stake in shares of ServiceNow in the fourth quarter worth about $28,000. Truvestments Capital LLC acquired a new position in ServiceNow during the third quarter worth about $30,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of ServiceNow in the fourth quarter valued at approximately $32,000. FPC Investment Advisory Inc. increased its stake in shares of ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider’s stock worth $34,000 after acquiring an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in shares of ServiceNow in the fourth quarter valued at about $34,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW stock opened at $838.54 on Thursday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. The company has a fifty day moving average price of $960.38 and a two-hundred day moving average price of $984.72. 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 stock has a market cap of $172.74 billion, a P/E ratio of 122.77, a P/E/G ratio of 4.51 and a beta of 1.03.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 earnings per share 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%. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its Board of Directors has authorized a stock buyback plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Mizuho lowered their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating for the company in a research report on Tuesday, March 11th. TD Cowen raised their price objective on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Wells Fargo & Company upped their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Canaccord Genuity Group restated a “buy” rating and set a $1,275.00 target price on shares of ServiceNow in a research note on Tuesday, March 11th. Finally, StockNews.com downgraded ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,093.76.

Insider Buying and Selling

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total transaction of $2,720,355.40. Following the completion of the transaction, the insider now directly owns 3,649 shares of the company’s stock, valued at approximately $3,370,654.28. This represents a 44.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gina Mastantuono sold 4,442 shares of ServiceNow stock in a transaction on Friday, February 21st. The shares were sold at an average price of $964.70, for a total value of $4,285,197.40. Following the completion of the transaction, the chief financial officer now owns 11,126 shares of the company’s stock, valued at approximately $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 have sold 20,351 shares of company stock worth $20,050,076 in the last quarter. Insiders own 0.25% of the company’s stock.

ServiceNow 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.