Mitsubishi UFJ Asset Management UK Ltd. Boosts Holdings in ServiceNow, Inc. $NOW

Key Points

• Mitsubishi UFJ Asset Management UK Ltd. increased its holdings in ServiceNow, Inc. by 62.5%, now owning 2,600 shares valued at approximately $2.67 million, making it the 17th largest position in their portfolio.
• ServiceNow's recent quarterly earnings report showed $4.09 EPS, exceeding estimates, with revenue of $3.22 billion and a year-over-year growth of 22.4%.
• Shares of ServiceNow have seen various analyst ratings, with thirty analysts issuing a Buy rating, while the consensus target price is set at $1,122.20.

Mitsubishi UFJ Asset Management UK Ltd. raised its holdings in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 62.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,600 shares of the information technology services provider's stock after acquiring an additional 1,000 shares during the quarter. ServiceNow makes up 1.4% of Mitsubishi UFJ Asset Management UK Ltd.'s investment portfolio, making the stock its 17th largest position. Mitsubishi UFJ Asset Management UK Ltd.'s holdings in ServiceNow were worth $2,673,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Bogart Wealth LLC increased its holdings in ServiceNow by 113.3% during the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new position in ServiceNow during the 1st quarter valued at about $26,000. WASHINGTON TRUST Co grew its holdings in shares of ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after buying an additional 31 shares in the last quarter. Global X Japan Co. Ltd. purchased a new stake in shares of ServiceNow during the second quarter worth about $30,000. Finally, Dagco Inc. purchased a new stake in shares of ServiceNow during the first quarter worth about $33,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other ServiceNow news, CFO Gina Mastantuono sold 1,762 shares of ServiceNow stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,526,684.90. Following the transaction, the chief financial officer directly owned 12,228 shares of the company's stock, valued at $10,594,950.60. The trade was a 12.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Russell S. Elmer sold 1,698 shares of the business's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the transaction, the general counsel directly owned 4,332 shares in the company, valued at approximately $3,830,614.32. The trade was a 28.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock valued at $17,049,775 over the last quarter. 0.38% of the stock is owned by insiders.

ServiceNow Trading Down 2.2%

Shares of NOW stock opened at $920.51 on Wednesday. The stock has a market cap of $191.47 billion, a price-to-earnings ratio of 115.93, a price-to-earnings-growth ratio of 4.24 and a beta of 0.91. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The firm's 50 day moving average price is $918.47 and its two-hundred day moving average price is $928.42.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share 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%. ServiceNow's revenue was up 22.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.13 earnings per share. On average, analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on NOW shares. Wells Fargo & Company lifted their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Barclays set a $1,210.00 price target on shares of ServiceNow in a report on Thursday, July 24th. BMO Capital Markets lifted their price target on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Guggenheim reiterated a "sell" rating and set a $724.00 price target on shares of ServiceNow in a report on Thursday, July 17th. Finally, Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,122.20.

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.

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