Meiji Yasuda Asset Management Co Ltd. Has $9.89 Million Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Meiji Yasuda Asset Management Co Ltd. reduced its holdings in ServiceNow, Inc. by 7.5%, now owning 12,417 shares valued at approximately $9.89 million.
• Wall Street analysts are bullish on ServiceNow, with target price increases from firms like Needham & Company and Wells Fargo, suggesting a consensus rating of "Moderate Buy" with an average target of $1,115.20.
• Insider activity includes significant stock sales by Vice Chairman Nicholas Tzitzon and CEO William R. Mcdermott, indicating a decrease in their ownership stakes in the company.

Meiji Yasuda Asset Management Co Ltd. reduced its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 7.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 12,417 shares of the information technology services provider's stock after selling 1,012 shares during the period. Meiji Yasuda Asset Management Co Ltd.'s holdings in ServiceNow were worth $9,886,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Haverford Trust Co increased its position in ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider's stock worth $936,000 after purchasing an additional 10 shares during the period. Edgemoor Investment Advisors Inc. grew its position in shares of ServiceNow by 2.5% during the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock worth $366,000 after buying an additional 11 shares during the period. Integrated Investment Consultants LLC grew its position in shares of ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after buying an additional 11 shares during the period. one8zero8 LLC grew its position in shares of ServiceNow by 3.2% during the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after buying an additional 11 shares during the period. Finally, Capital Investment Advisory Services LLC grew its position in shares of ServiceNow by 2.1% during the 1st quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after buying an additional 12 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 1,562 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the transaction, the insider owned 3,027 shares of the company's stock, valued at $2,622,744.15. This represents a 34.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer directly owned 12,228 shares of the company's stock, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock valued at $17,049,775 over the last ninety days. Company insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

NOW has been the subject of a number of analyst reports. Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Bank of America lifted their price objective on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Finally, BMO Capital Markets boosted their target price on ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a research report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Stock Down 0.5%

NYSE NOW traded down $4.87 on Tuesday, reaching $934.46. The company had a trading volume of 1,195,902 shares, compared to its average volume of 1,734,947. The firm has a market capitalization of $194.37 billion, a price-to-earnings ratio of 117.69, a price-to-earnings-growth ratio of 4.24 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The company's fifty day moving average is $933.46 and its 200-day moving average is $922.29.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the prior year, the business earned $3.13 EPS. On average, research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

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.