Ilmarinen Mutual Pension Insurance Co Increases Position in ServiceNow, Inc. (NYSE:NOW)

Ilmarinen Mutual Pension Insurance Co boosted its holdings in ServiceNow, Inc. (NYSE:NOW) by 27.0% in the fourth quarter, HoldingsChannel reports. The firm owned 35,284 shares of the information technology services provider’s stock after purchasing an additional 7,500 shares during the period. Ilmarinen Mutual Pension Insurance Co’s holdings in ServiceNow were worth $37,405,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Russell Investments Group Ltd. increased its holdings in shares of ServiceNow by 3.6% in the 4th quarter. Russell Investments Group Ltd. now owns 319,156 shares of the information technology services provider’s stock valued at $338,727,000 after acquiring an additional 11,225 shares during the last quarter. Rahlfs Capital LLC acquired a new position in shares of ServiceNow in the 4th quarter valued at about $257,000. Wedbush Securities Inc. grew its position in shares of ServiceNow by 5.5% during the 4th quarter. Wedbush Securities Inc. now owns 6,980 shares of the information technology services provider’s stock valued at $7,400,000 after buying an additional 365 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in ServiceNow during the fourth quarter worth about $518,000. Finally, Aviva PLC grew its holdings in ServiceNow by 11.4% in the 4th quarter. Aviva PLC now owns 154,345 shares of the information technology services provider’s stock worth $163,624,000 after buying an additional 15,798 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 1,263 shares of ServiceNow stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,644,564.50. This trade represents a 32.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Gina Mastantuono sold 4,442 shares of the company’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 sale, the chief financial officer now directly owns 11,126 shares of the company’s stock, valued at approximately $10,733,252.20. This represents a 28.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,351 shares of company stock valued at $20,050,076. Corporate insiders own 0.25% of the company’s stock.

ServiceNow Stock Performance

Shares of NOW opened at $720.69 on Friday. The firm has a market cap of $148.46 billion, a price-to-earnings ratio of 105.52, a price-to-earnings-growth ratio of 4.51 and a beta of 1.03. The company’s fifty day moving average is $917.80 and its 200-day moving average is $979.99. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09.

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

ServiceNow declared that its Board of Directors has approved a stock buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding 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 generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

NOW has been the topic of a number of recent analyst reports. Stifel Nicolaus cut their price objective on shares of ServiceNow from $1,175.00 to $950.00 and set a “buy” rating on the stock in a research note on Wednesday. UBS Group reduced their price target on shares of ServiceNow from $1,250.00 to $1,000.00 and set a “buy” rating for the company in a research note on Tuesday, March 11th. Oppenheimer raised their price objective on shares of ServiceNow from $1,150.00 to $1,200.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research report on Friday, March 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $1,048.00 price objective on shares of ServiceNow in a report on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,086.00.

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.