Mitsubishi UFJ Trust & Banking Corp Cuts Stake in ServiceNow, Inc. (NOW)
Mitsubishi UFJ Trust & Banking Corp lowered its position in ServiceNow, Inc. (NYSE:NOW) by 0.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 342,780 shares of the information technology services provider’s stock after selling 3,251 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.20% of ServiceNow worth $36,335,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Teachers Advisors LLC increased its stake in ServiceNow by 29.0% in the first quarter. Teachers Advisors LLC now owns 698,964 shares of the information technology services provider’s stock worth $61,138,000 after buying an additional 157,079 shares during the period. Vista Equity Partners Management LLC increased its stake in ServiceNow by 27.4% in the first quarter. Vista Equity Partners Management LLC now owns 68,743 shares of the information technology services provider’s stock worth $6,013,000 after buying an additional 14,772 shares during the period. United Services Automobile Association increased its stake in ServiceNow by 44.6% in the first quarter. United Services Automobile Association now owns 250,551 shares of the information technology services provider’s stock worth $21,916,000 after buying an additional 77,239 shares during the period. Cornerstone Advisors Inc. increased its stake in ServiceNow by 29.2% in the second quarter. Cornerstone Advisors Inc. now owns 1,085 shares of the information technology services provider’s stock worth $115,000 after buying an additional 245 shares during the period. Finally, TLP Group LLC purchased a new stake in ServiceNow during the first quarter worth approximately $131,000.
Shares of ServiceNow, Inc. (NYSE NOW) opened at 114.27 on Thursday. The stock’s market capitalization is $19.51 billion. The company’s 50 day moving average price is $108.96 and its 200 day moving average price is $98.46. ServiceNow, Inc. has a 12 month low of $71.34 and a 12 month high of $115.85.
ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 26th. The information technology services provider reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. ServiceNow had a negative return on equity of 29.05% and a negative net margin of 10.17%. The company had revenue of $471.70 million during the quarter, compared to the consensus estimate of $462.11 million. During the same quarter in the prior year, the firm earned $0.15 EPS. The company’s quarterly revenue was up 38.2% compared to the same quarter last year. Equities analysts anticipate that ServiceNow, Inc. will post $1.17 earnings per share for the current fiscal year.
A number of equities research analysts recently commented on NOW shares. BidaskClub downgraded ServiceNow from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. ValuEngine raised ServiceNow from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Sanford C. Bernstein initiated coverage on ServiceNow in a report on Wednesday, May 24th. They issued an “outperform” rating and a $120.00 price target for the company. Morgan Stanley reissued an “overweight” rating and issued a $134.00 price target (up from $124.00) on shares of ServiceNow in a report on Thursday, July 20th. Finally, Piper Jaffray Companies reissued a “hold” rating on shares of ServiceNow in a report on Friday, July 28th. Eight analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and three have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $115.96.
In other news, Director Frederic B. Luddy sold 100,000 shares of the stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $110.17, for a total transaction of $11,017,000.00. Following the completion of the sale, the director now owns 29,990 shares in the company, valued at approximately $3,303,998.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO David Schneider sold 16,349 shares of the stock in a transaction on Monday, August 14th. The shares were sold at an average price of $107.25, for a total value of $1,753,430.25. The disclosure for this sale can be found here. Insiders have sold a total of 945,853 shares of company stock valued at $102,413,366 in the last quarter. Insiders own 3.30% of the company’s stock.
ServiceNow Company Profile
ServiceNow, Inc is provider of enterprise cloud computing solutions that define, structure, manage and automate services for global enterprises. The Company offers a set of cloud-based services that automate workflow within and between departments in an enterprise. It provides workflow solutions, and focuses on service management for customer support, human resources, security operations and other enterprise departments.
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