Mitsubishi UFJ Trust & Banking Corp Sells 7,942 Shares of ServiceNow, Inc. (NYSE:NOW)

Mitsubishi UFJ Trust & Banking Corp reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 6.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 118,579 shares of the information technology services provider’s stock after selling 7,942 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in ServiceNow were worth $125,708,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Atala Financial Inc bought a new position in shares of ServiceNow in the fourth quarter worth approximately $28,000. LFA Lugano Financial Advisors SA purchased a new position in shares of ServiceNow during the 4th quarter valued at $32,000. Noble Wealth Management PBC bought a new position in ServiceNow in the 4th quarter worth $34,000. Truvestments Capital LLC purchased a new stake in ServiceNow in the 3rd quarter worth $30,000. Finally, FPC Investment Advisory Inc. increased its stake in 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 buying an additional 29 shares in the last quarter. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Trading Up 2.9 %

NOW opened at $851.56 on Tuesday. ServiceNow, Inc. has a one year low of $637.99 and a one year high of $1,198.09. 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 stock has a market cap of $175.42 billion, a price-to-earnings ratio of 124.68, a P/E/G ratio of 4.51 and a beta of 1.03. The stock’s 50 day moving average price is $968.10 and its 200-day moving average price is $985.50.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS 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%. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

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

Insider Buying and Selling

In other ServiceNow news, CFO Gina Mastantuono sold 4,442 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the transaction, the chief financial officer now directly owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the company’s stock in a transaction on 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 completion of the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,370,654.28. This represents a 44.66 % 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 valued at $20,050,076 in the last 90 days. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. JMP Securities reaffirmed a “market outperform” rating and issued a $1,300.00 price objective on shares of ServiceNow in a research note on Thursday, January 30th. Truist Financial upped their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a “hold” rating in a research note on Thursday, December 12th. Jefferies Financial Group reduced their price objective on shares of ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. Mizuho dropped their target price on shares of 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. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $1,048.00 price target on shares of ServiceNow in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,100.31.

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.