Mitsubishi UFJ Asset Management Co. Ltd. Buys 55,960 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in ServiceNow by 15.1%, acquiring an additional 55,960 shares, bringing its total holdings to 425,376 shares valued at approximately $338.7 million.
• Institutional investors own a substantial 87.18% of ServiceNow's stock, which has seen significant acquisitions by other funds, including GAMMA Investing LLC raising its stake by 87,501.3%.
• ServiceNow reported earnings of $4.09 per share for the latest quarter, exceeding estimates, with revenue up 22.4% year-over-year, showcasing positive growth momentum.

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 15.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 425,376 shares of the information technology services provider's stock after buying an additional 55,960 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.21% of ServiceNow worth $338,659,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in ServiceNow by 87,501.3% during the 1st quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its position in ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after acquiring an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of ServiceNow by 131.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock worth $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of ServiceNow by 6.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after acquiring an additional 509,467 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of ServiceNow by 36.7% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock valued at $1,940,464,000 after purchasing an additional 491,861 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Wall Street Analyst Weigh In

NOW has been the topic of a number of research analyst reports. The Goldman Sachs Group restated a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. Wall Street Zen raised ServiceNow from a "hold" rating to a "buy" rating in a research note on Tuesday, July 29th. Morgan Stanley reiterated an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. Scotiabank set a $1,100.00 price target on shares of ServiceNow and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Transactions at ServiceNow

In other news, Director Lawrence Jackson sold 757 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $990.50, for a total value of $749,808.50. Following the completion of the sale, the director directly owned 588 shares in the company, valued at $582,414. This represents a 56.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the completion of the sale, the insider directly owned 3,000 shares of the company's stock, valued at $3,060,000. This trade represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,250 shares of company stock valued at $5,318,667. Company insiders own 0.38% of the company's stock.

ServiceNow Price Performance

Shares of NYSE NOW opened at $911.07 on Thursday. The firm's 50 day simple moving average is $988.58 and its 200-day simple moving average is $947.68. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The stock has a market capitalization of $189.50 billion, a price-to-earnings ratio of 114.74, a PEG ratio of 4.08 and a beta of 0.93. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.13 EPS. Analysts expect 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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