Mitsubishi UFJ Trust & Banking Corp Has $90.55 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Key Points

• Mitsubishi UFJ Trust & Banking Corp reduced its stake in ServiceNow, Inc. by 4.1% in the first quarter, owning 113,739 shares valued at approximately $90.55 million.
• ServiceNow reported quarterly earnings of $4.09 per share, exceeding estimates, with revenue reaching $3.22 billion, marking a 22.4% year-over-year increase.
• Analysts maintain a Moderate Buy sentiment on ServiceNow, with an average target price of $1,115.20, and multiple firms recently raised their price targets for the stock.

Mitsubishi UFJ Trust & Banking Corp reduced its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 113,739 shares of the information technology services provider's stock after selling 4,840 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.05% of ServiceNow worth $90,552,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Edgemoor Investment Advisors Inc. increased its holdings in ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after purchasing an additional 11 shares in the last quarter. Integrated Investment Consultants LLC increased its holdings in ServiceNow by 2.5% in the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after purchasing an additional 11 shares in the last quarter. one8zero8 LLC increased its holdings in 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 in the last quarter. Capital Investment Advisory Services LLC increased its holdings in 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 in the last quarter. Finally, Sepio Capital LP increased its holdings in ServiceNow by 3.8% in the 4th quarter. Sepio Capital LP now owns 359 shares of the information technology services provider's stock valued at $381,000 after purchasing an additional 13 shares in the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Trading Up 0.8%

Shares of ServiceNow stock traded up $7.65 during trading on Monday, hitting $922.02. The stock had a trading volume of 1,285,082 shares, compared to its average volume of 1,623,128. The stock has a 50 day simple moving average of $994.89 and a 200 day simple moving average of $949.28. The company has a market capitalization of $191.78 billion, a PE ratio of 116.12, a P/E/G ratio of 4.12 and a beta of 0.93. 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 1 year low of $678.66 and a 1 year high of $1,198.09.

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NOW. JPMorgan Chase & Co. lowered their price target on shares of ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $1,003.00 price target on shares of ServiceNow in a report on Thursday, April 24th. Evercore ISI raised their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. UBS Group lowered their price target on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a report on Thursday, July 24th. Finally, Citigroup raised their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a report on Thursday, July 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Buying and Selling at ServiceNow

In related news, Director Anita M. Sands sold 239 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director directly owned 10,404 shares in the company, valued at approximately $10,924,200. This trade represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jacqueline P. Canney sold 145 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total transaction of $147,900.00. Following the sale, the insider owned 3,027 shares of the company's stock, valued at approximately $3,087,540. This represents a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,990 shares of company stock valued at $6,047,567 in the last 90 days. Corporate insiders own 0.38% of the company's stock.

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.