Meiji Yasuda Asset Management Co Ltd. Sells 598 Shares of ServiceNow, Inc. (NYSE:NOW)

Meiji Yasuda Asset Management Co Ltd. reduced its position in shares of ServiceNow, Inc. (NYSE:NOW – Get Rating) by 16.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,134 shares of the information technology services provider’s stock after selling 598 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in ServiceNow were worth $1,183,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Polen Capital Management LLC raised its holdings in ServiceNow by 26.5% in the 3rd quarter. Polen Capital Management LLC now owns 3,953,299 shares of the information technology services provider’s stock worth $1,492,805,000 after purchasing an additional 827,285 shares in the last quarter. Tiger Global Management LLC raised its holdings in ServiceNow by 51.8% in the 3rd quarter. Tiger Global Management LLC now owns 1,694,117 shares of the information technology services provider’s stock worth $639,716,000 after purchasing an additional 577,933 shares in the last quarter. Vanguard Group Inc. raised its holdings in ServiceNow by 1.9% in the 3rd quarter. Vanguard Group Inc. now owns 16,866,914 shares of the information technology services provider’s stock worth $6,369,116,000 after purchasing an additional 320,130 shares in the last quarter. Ontario Teachers Pension Plan Board raised its holdings in ServiceNow by 37.9% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 890,775 shares of the information technology services provider’s stock worth $423,581,000 after purchasing an additional 244,958 shares in the last quarter. Finally, Stockbridge Partners LLC raised its holdings in ServiceNow by 79.6% in the 1st quarter. Stockbridge Partners LLC now owns 483,554 shares of the information technology services provider’s stock worth $269,286,000 after purchasing an additional 214,243 shares in the last quarter. 86.31% of the stock is currently owned by institutional investors.

ServiceNow Price Performance

NYSE NOW opened at $424.54 on Wednesday. ServiceNow, Inc. has a 12 month low of $337.00 and a 12 month high of $601.62. The stock has a market cap of $86.18 billion, a price-to-earnings ratio of 265.34, a PEG ratio of 5.56 and a beta of 1.03. The company’s 50 day moving average is $435.42 and its two-hundred day moving average is $412.03. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

ServiceNow (NYSE:NOW – Get Rating) last released its earnings results on Wednesday, January 25th. The information technology services provider reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.28. ServiceNow had a net margin of 4.49% and a return on equity of 9.37%. The company had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.93 billion. As a group, research analysts anticipate that ServiceNow, Inc. will post 2.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NOW. Wells Fargo & Company upped their target price on shares of ServiceNow from $550.00 to $575.00 and gave the stock an “overweight” rating in a research report on Thursday, January 26th. Sanford C. Bernstein reduced their target price on shares of ServiceNow from $641.00 to $586.00 and set an “outperform” rating on the stock in a research report on Thursday, January 26th. Truist Financial downgraded shares of ServiceNow from a “buy” rating to a “hold” rating and reduced their target price for the stock from $525.00 to $420.00 in a research report on Monday, January 9th. Credit Suisse Group reduced their target price on shares of ServiceNow from $600.00 to $575.00 and set an “outperform” rating on the stock in a research report on Friday, January 27th. Finally, BMO Capital Markets upped their target price on shares of ServiceNow from $475.00 to $500.00 and gave the stock an “outperform” rating in a research report on Thursday, January 26th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-six have given a buy rating to the company’s stock. Based on data from MarketBeat, ServiceNow has an average rating of “Moderate Buy” and an average target price of $517.47.

Insider Activity

In related news, CEO William R. Mcdermott sold 30,500 shares of the firm’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $459.14, for a total value of $14,003,824.90. Following the completion of the transaction, the chief executive officer now directly owns 11,518 shares of the company’s stock, valued at $5,288,395.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO William R. Mcdermott sold 30,500 shares of the firm’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $459.14, for a total value of $14,003,824.90. Following the completion of the transaction, the chief executive officer now directly owns 11,518 shares of the company’s stock, valued at $5,288,395.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Christopher Bedi sold 377 shares of ServiceNow stock in a transaction on Wednesday, February 8th. The stock was sold at an average price of $464.59, for a total transaction of $175,150.43. Following the transaction, the insider now directly owns 16,990 shares of the company’s stock, valued at $7,893,384.10. The disclosure for this sale can be found here. Insiders have sold a total of 63,016 shares of company stock worth $28,805,543 over the last quarter. Insiders own 0.28% of the company’s stock.

About ServiceNow

(Get Rating)

ServiceNow, Inc engages in the provision of enterprise cloud computing solutions. The firm delivers digital workflows on a single enterprise cloud platform called the Now Platform. Its product portfolio is focused on providing Information Technology, Employee and Customer workflows. The company was founded by Frederic B.