The Manufacturers Life Insurance Company Buys 6,232 Shares of ServiceNow, Inc. (NYSE:NOW)

The Manufacturers Life Insurance Company lifted its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 3.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 184,745 shares of the information technology services provider's stock after purchasing an additional 6,232 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.09% of ServiceNow worth $195,860,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in NOW. Norges Bank acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $2,603,360,000. Proficio Capital Partners LLC raised its position in shares of ServiceNow by 154,255.3% during the 4th quarter. Proficio Capital Partners LLC now owns 666,815 shares of the information technology services provider's stock worth $667,000 after purchasing an additional 666,383 shares during the period. Alphinity Investment Management Pty Ltd acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $682,468,000. Price T Rowe Associates Inc. MD raised its position in shares of ServiceNow by 6.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after purchasing an additional 509,467 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of ServiceNow during the 4th quarter worth approximately $393,868,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NOW has been the topic of several recent analyst reports. Needham & Company LLC cut their target price on ServiceNow from $1,200.00 to $1,050.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. StockNews.com cut shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Tuesday, February 11th. Mizuho reduced their price objective on shares of ServiceNow from $1,210.00 to $1,100.00 and set an "outperform" rating for the company in a report on Tuesday, March 11th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of ServiceNow in a report on Thursday, April 24th. Finally, Jefferies Financial Group reduced their price objective on shares of ServiceNow from $1,250.00 to $1,025.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and thirty have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $1,041.00.

ServiceNow Stock Up 0.4 %

Shares of NOW traded up $3.87 during trading hours on Thursday, reaching $958.88. The company's stock had a trading volume of 1,804,941 shares, compared to its average volume of 1,510,203. The firm has a market cap of $198.49 billion, a price-to-earnings ratio of 140.39, a P/E/G ratio of 4.51 and a beta of 1.08. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a 50 day moving average of $837.53 and a two-hundred day moving average of $967.60.

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

ServiceNow announced that its Board of Directors has approved a stock buyback plan on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insider Activity at ServiceNow

In related news, Director Deborah Black sold 598 shares of the business's stock in a transaction that occurred 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 owns 428 shares of the company's stock, valued at approximately $402,418.44. The trade was a 58.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Larry Quinlan sold 415 shares of the business's stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $1,007.41, for a total value of $418,075.15. Following the completion of the sale, the director now directly owns 1,737 shares of the company's stock, valued at approximately $1,749,871.17. The trade was a 19.28 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,618 shares of company stock valued at $21,132,878. 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.