Meiji Yasuda Life Insurance Co Grows Holdings in ServiceNow, Inc. $NOW

Key Points

• Meiji Yasuda Life Insurance Co increased its stake in ServiceNow by 24.4%, acquiring an additional 3,468 shares, bringing its total holdings to 17,703 shares valued at approximately $14.1 million.
• Several institutional investors also modified their positions, with 87.18% of ServiceNow's stock now held by them, highlighting significant investor interest in the company.
• ServiceNow reported strong earnings with a 22.4% year-over-year revenue growth, achieving earnings per share of $4.09, surpassing estimates by $0.52.

Meiji Yasuda Life Insurance Co lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 24.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,703 shares of the information technology services provider's stock after purchasing an additional 3,468 shares during the period. Meiji Yasuda Life Insurance Co's holdings in ServiceNow were worth $14,094,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Wealth Preservation Advisors LLC purchased a new stake in shares of ServiceNow during the first quarter worth about $382,000. Janus Henderson Group PLC increased its stake in shares of ServiceNow by 1.5% during the fourth quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after purchasing an additional 12,533 shares in the last quarter. Corient IA LLC purchased a new stake in shares of ServiceNow during the first quarter worth about $796,000. Parr Mcknight Wealth Management Group LLC purchased a new stake in shares of ServiceNow during the first quarter worth about $1,820,000. Finally, ASR Vermogensbeheer N.V. purchased a new stake in shares of ServiceNow during the first quarter worth about $19,278,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Transactions at ServiceNow

In other news, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were 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 in the company, valued at approximately $10,594,950.60. This represents a 12.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 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 $1,489,427.55. Following the completion of the transaction, the insider owned 3,000 shares in the company, valued at approximately $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on NOW shares. Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Barclays set a $1,210.00 price objective on shares of ServiceNow in a research note on Thursday, July 24th. Wall Street Zen cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Finally, Citigroup upped their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. One equities research 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 assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

ServiceNow Stock Performance

NYSE:NOW opened at $913.29 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market capitalization of $189.96 billion, a price-to-earnings ratio of 115.02, a PEG ratio of 4.12 and a beta of 0.91. The company's 50-day moving average is $936.79 and its two-hundred day moving average is $922.19. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for 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%. ServiceNow's revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the business posted $3.13 EPS. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.

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