Meiji Yasuda Asset Management Co Ltd. Boosts Position in ServiceNow, Inc. (NYSE:NOW)

Meiji Yasuda Asset Management Co Ltd. boosted its position in ServiceNow, Inc. (NYSE:NOW) by 22.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,559 shares of the information technology services provider’s stock after purchasing an additional 2,991 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in ServiceNow were worth $13,026,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. M&G Plc bought a new stake in ServiceNow during the first quarter valued at approximately $11,030,000. New Mexico Educational Retirement Board increased its holdings in ServiceNow by 9.4% in the 1st quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock worth $8,882,000 after acquiring an additional 1,000 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in ServiceNow by 375.6% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,365 shares of the information technology services provider’s stock valued at $1,041,000 after acquiring an additional 1,078 shares during the period. Wealthspire Advisors LLC lifted its position in shares of ServiceNow by 3.4% in the first quarter. Wealthspire Advisors LLC now owns 1,683 shares of the information technology services provider’s stock valued at $1,283,000 after acquiring an additional 56 shares in the last quarter. Finally, Brookstone Capital Management boosted its stake in shares of ServiceNow by 25.5% in the second quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock worth $10,595,000 after acquiring an additional 2,928 shares during the period. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Trading Down 0.6 %

Shares of NYSE:NOW opened at $886.77 on Wednesday. The company has a market capitalization of $181.79 billion, a PE ratio of 94.84, a P/E/G ratio of 5.25 and a beta of 0.98. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow, Inc. has a 12-month low of $527.24 and a 12-month high of $899.61. The business’s fifty day simple moving average is $812.61 and its 200-day simple moving average is $768.20.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the previous year, the firm earned $0.77 earnings per share. The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. As a group, equities research analysts predict that ServiceNow, Inc. will post 6.78 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. KeyCorp decreased their target price on ServiceNow from $950.00 to $920.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Piper Sandler boosted their target price on shares of ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Royal Bank of Canada raised their target price on shares of ServiceNow from $850.00 to $880.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Needham & Company LLC reiterated a “buy” rating and issued a $900.00 price target on shares of ServiceNow in a research note on Monday, September 9th. Finally, Citigroup raised their price objective on ServiceNow from $909.00 to $911.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $855.44.

Insider Activity

In other ServiceNow news, insider Jacqueline P. Canney sold 94 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the sale, the insider now directly owns 4,019 shares in the company, valued at $3,319,372.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Gina Mastantuono sold 1,800 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the sale, the chief financial officer now directly owns 11,490 shares of the company’s stock, valued at $9,479,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jacqueline P. Canney sold 94 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $825.92, for a total value of $77,636.48. Following the completion of the transaction, the insider now owns 4,019 shares of the company’s stock, valued at approximately $3,319,372.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,914 shares of company stock worth $5,608,936. Insiders own 0.25% of the company’s stock.

ServiceNow Company 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.