Meiji Yasuda Life Insurance Co Purchases 9,756 Shares of ServiceNow, Inc. (NYSE:NOW)

Meiji Yasuda Life Insurance Co increased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 217.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,235 shares of the information technology services provider's stock after acquiring an additional 9,756 shares during the quarter. Meiji Yasuda Life Insurance Co's holdings in ServiceNow were worth $15,091,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Anchor Investment Management LLC lifted its holdings in ServiceNow by 6.1% in the 3rd quarter. Anchor Investment Management LLC now owns 1,364 shares of the information technology services provider's stock worth $1,220,000 after buying an additional 78 shares during the period. Stock Yards Bank & Trust Co. purchased a new stake in ServiceNow in the third quarter worth $202,000. World Investment Advisors LLC lifted its stake in ServiceNow by 585.8% in the third quarter. World Investment Advisors LLC now owns 6,549 shares of the information technology services provider's stock worth $5,857,000 after acquiring an additional 5,594 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in ServiceNow in the third quarter valued at $3,191,000. Finally, American Trust purchased a new position in ServiceNow during the 3rd quarter valued at $744,000. Institutional investors own 87.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on NOW shares. BMO Capital Markets cut their target price on shares of ServiceNow from $990.00 to $950.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Erste Group Bank raised ServiceNow from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 30th. Raymond James decreased their target price on ServiceNow from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a research report on Tuesday, April 8th. UBS Group restated a "buy" rating and set a $1,025.00 price target (up from $900.00) on shares of ServiceNow in a research report on Thursday, April 24th. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $1,044.00.

Insider Buying and Selling at ServiceNow

In related news, Director Deborah Black sold 598 shares of the firm's stock in a transaction on Friday, April 25th. The stock was sold at an average price of $940.23, for a total value of $562,257.54. Following the completion of the sale, the director now directly owns 428 shares in the company, valued at $402,418.44. This trade represents a 58.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jonathan Chadwick sold 770 shares of the business's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $931.62, for a total transaction of $717,347.40. Following the transaction, the director now owns 3,205 shares in the company, valued at $2,985,842.10. This trade represents a 19.37 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,692 shares of company stock worth $18,173,444. Insiders own 0.38% of the company's stock.

ServiceNow Price Performance

NYSE:NOW traded up $17.87 on Wednesday, reaching $983.13. 472,828 shares of the company's stock traded hands, compared to its average volume of 1,507,962. The stock has a 50-day simple moving average of $840.96 and a 200-day simple moving average of $969.12. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The firm has a market cap of $203.51 billion, a PE ratio of 143.85, a P/E/G 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 quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the prior year, the company posted $3.41 EPS. The firm's revenue for the quarter was up 18.6% compared to the same quarter last year. Equities research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its board has approved a share buyback program on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is 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.