Nissay Asset Management Corp Japan ADV Grows Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Nissay Asset Management Corp Japan ADV increased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 119.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 85,419 shares of the information technology services provider's stock after buying an additional 46,579 shares during the quarter. Nissay Asset Management Corp Japan ADV's holdings in ServiceNow were worth $92,377,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently made changes to their positions in NOW. Quarry LP bought a new position in shares of ServiceNow during the fourth quarter valued at about $27,000. Atala Financial Inc bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $28,000. LFA Lugano Financial Advisors SA bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $32,000. Noble Wealth Management PBC bought a new stake in shares of ServiceNow in the 4th quarter worth approximately $34,000. Finally, FPC Investment Advisory Inc. increased its position in ServiceNow by 725.0% during the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock valued at $34,000 after purchasing an additional 29 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 257 shares of ServiceNow stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $985.00, for a total transaction of $253,145.00. Following the completion of the sale, the insider now owns 3,027 shares of the company's stock, valued at approximately $2,981,595. The trade was a 7.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William R. Mcdermott sold 384 shares of ServiceNow stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $986.64, for a total transaction of $378,869.76. Following the transaction, the chief executive officer now directly owns 6,614 shares in the company, valued at approximately $6,525,636.96. The trade was a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,844 shares of company stock valued at $14,204,938 in the last three months. Corporate insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on NOW shares. BMO Capital Markets decreased their price target on shares of ServiceNow from $990.00 to $950.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Guggenheim upped their price objective on shares of ServiceNow from $716.00 to $724.00 and gave the stock a "sell" rating in a report on Thursday, April 24th. Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and raised their price objective for the company from $950.00 to $1,200.00 in a research report on Thursday, May 1st. Jefferies Financial Group lowered their price target on ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Canaccord Genuity Group lowered their price target on ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $1,055.83.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $1,037.43 on Wednesday. The stock's 50-day simple moving average is $850.27 and its 200-day simple moving average is $971.49. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,198.09. The company has a market capitalization of $214.75 billion, a price-to-earnings ratio of 151.89, a PEG ratio of 4.51 and a beta of 0.97. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The company had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3.09 billion. During the same period last year, the company posted $3.41 earnings per share. ServiceNow's quarterly revenue was up 18.6% on a year-over-year basis. As a group, analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow announced that its board has authorized a share buyback program on Wednesday, January 29th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.