Norinchukin Bank The Increases Holdings in ServiceNow, Inc. $NOW

Key Points

• Norinchukin Bank increased its holdings in ServiceNow, Inc. by 16.4% during the first quarter, owning 11,505 shares worth approximately $9.16 million.
• ServiceNow reported a 22.4% year-over-year revenue increase to $3.22 billion for the last quarter, surpassing analyst expectations with an earnings per share (EPS) of $4.09.
• Analyst ratings for ServiceNow vary, with one analyst giving it a strong buy rating and a consensus price target of $1,115.20.

Norinchukin Bank The increased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 16.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,505 shares of the information technology services provider's stock after buying an additional 1,620 shares during the quarter. Norinchukin Bank The's holdings in ServiceNow were worth $9,160,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Janus Henderson Group PLC lifted its stake in shares of ServiceNow by 1.5% in the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock valued at $874,258,000 after acquiring an additional 12,533 shares during the last quarter. Parr Mcknight Wealth Management Group LLC bought a new stake in ServiceNow during the first quarter worth about $1,820,000. Corient IA LLC purchased a new position in ServiceNow during the first quarter valued at $796,000. ASR Vermogensbeheer N.V. bought a new stake in ServiceNow in the first quarter worth $19,278,000. Finally, Nicholas Investment Partners LP raised its position in shares of ServiceNow by 223.5% in the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock worth $2,974,000 after purchasing an additional 1,938 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NOW has been the topic of several research reports. Piper Sandler raised their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Morgan Stanley reiterated an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. Barclays set a $1,210.00 price target on shares of ServiceNow in a research report on Thursday, July 24th. Cantor Fitzgerald restated an "overweight" rating and set a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Finally, FBN Securities upgraded shares of ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

ServiceNow Stock Performance

NYSE:NOW opened at $891.2530 on Thursday. The firm has a market capitalization of $185.38 billion, a PE ratio of 112.25, a PEG ratio of 4.00 and a beta of 0.93. The stock's fifty day moving average is $959.60 and its 200 day moving average is $931.56. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current 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 EPS for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same period in the previous year, the company earned $3.13 EPS. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. On average, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

Insider Activity

In other news, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,353,394.90. Following the sale, the insider directly owned 3,027 shares in the company, valued at approximately $2,622,744.15. This represents a 34.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the business's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the sale, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This trade 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 have sold 11,361 shares of company stock valued at $10,579,976. 0.38% of the stock is currently owned by corporate insiders.

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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