Mitsubishi UFJ Asset Management UK Ltd. Has $1.27 Million Stake in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Mitsubishi UFJ Asset Management UK Ltd. reduced its stake in ServiceNow, Inc. by 60%, selling 2,400 shares and retaining 1,600 shares, valued at approximately $1.27 million.
• Institutional investors collectively own 87.18% of ServiceNow's stock, with various firms making significant adjustments to their holdings recently, including a noteworthy 620% increase by WASHINGTON TRUST Co.
• Several analysts have upgraded ServiceNow's rating, with a consensus target price of $1,115.20, reflecting overall positive sentiment despite one analyst giving a sell rating.

Mitsubishi UFJ Asset Management UK Ltd. trimmed its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 60.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,600 shares of the information technology services provider's stock after selling 2,400 shares during the quarter. Mitsubishi UFJ Asset Management UK Ltd.'s holdings in ServiceNow were worth $1,274,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Edgemoor Investment Advisors Inc. raised its holdings in 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 raised its holdings in 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 increased its holdings in shares of ServiceNow by 3.2% in the 1st quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock valued at $283,000 after purchasing an additional 11 shares during the period. Capital Investment Advisory Services LLC increased its holdings in shares of ServiceNow by 2.1% in the 1st quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after purchasing an additional 12 shares during the period. Finally, Argent Trust Co increased its holdings in shares of ServiceNow by 0.4% in the 1st quarter. Argent Trust Co now owns 3,363 shares of the information technology services provider's stock valued at $2,677,000 after purchasing an additional 12 shares during the period. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

ServiceNow stock traded down $12.81 during trading hours on Thursday, reaching $850.49. 1,784,168 shares of the company were exchanged, compared to its average volume of 1,834,557. The firm has a market cap of $176.90 billion, a price-to-earnings ratio of 107.12, a PEG ratio of 3.89 and a beta of 0.93. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a 50-day moving average of $970.30 and a 200 day moving average of $937.15. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

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

Wall Street Analysts Forecast Growth

NOW has been the topic of a number of research reports. Sanford C. Bernstein reiterated an "outperform" rating and issued a $1,003.00 target price on shares of ServiceNow in a report on Thursday, April 24th. Erste Group Bank reiterated a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. Jefferies Financial Group upped their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Bank of America upped their target price on ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, Royal Bank Of Canada upped their target price on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity at ServiceNow

In other news, CEO William R. Mcdermott sold 2,050 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the transaction, the chief executive officer directly owned 6,614 shares in the company, valued at $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anita M. Sands sold 428 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total value of $433,825.08. Following the transaction, the director owned 10,891 shares of the company's stock, valued at approximately $11,039,226.51. This trade represents a 3.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,738 shares of company stock valued at $5,713,973. 0.38% of the stock is owned by corporate insiders.

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.