Sumitomo Life Insurance Co. Purchases 2,106 Shares of ServiceNow, Inc. (NYSE:NOW)

Sumitomo Life Insurance Co. grew its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 14.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,750 shares of the information technology services provider’s stock after acquiring an additional 2,106 shares during the quarter. ServiceNow accounts for approximately 0.3% of Sumitomo Life Insurance Co.’s investment portfolio, making the stock its 20th largest position. Sumitomo Life Insurance Co.’s holdings in ServiceNow were worth $14,981,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. SeaCrest Wealth Management LLC boosted its stake in shares of ServiceNow by 1.7% during the third quarter. SeaCrest Wealth Management LLC now owns 3,104 shares of the information technology services provider’s stock valued at $2,776,000 after purchasing an additional 53 shares in the last quarter. Jamison Private Wealth Management Inc. grew its holdings in ServiceNow by 13.1% during the 3rd quarter. Jamison Private Wealth Management Inc. now owns 2,177 shares of the information technology services provider’s stock worth $1,947,000 after acquiring an additional 253 shares during the last quarter. Asset Dedication LLC increased its position in ServiceNow by 2.1% in the 3rd quarter. Asset Dedication LLC now owns 3,132 shares of the information technology services provider’s stock valued at $2,801,000 after acquiring an additional 63 shares during the period. Cascade Investment Group Inc. bought a new position in shares of ServiceNow during the third quarter valued at $284,000. Finally, ERn Financial LLC acquired a new stake in ServiceNow in the third quarter valued at $224,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Stock Down 1.1 %

NYSE NOW traded down $10.07 on Wednesday, reaching $917.89. 123,700 shares of the stock traded hands, compared to its average volume of 1,269,733. ServiceNow, Inc. has a 12 month low of $527.24 and a 12 month high of $949.59. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The company has a fifty day moving average price of $867.13 and a 200-day moving average price of $788.88. The company has a market cap of $188.17 billion, a price-to-earnings ratio of 99.25, a PEG ratio of 5.63 and a beta of 0.99.

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NOW. Deutsche Bank Aktiengesellschaft increased their price target on ServiceNow from $875.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Canaccord Genuity Group reiterated a “buy” rating and set a $835.00 price objective on shares of ServiceNow in a research report on Tuesday, July 23rd. Evercore ISI upped their price target on shares of ServiceNow from $850.00 to $950.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Barclays lifted their price objective on ServiceNow from $890.00 to $980.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Finally, Truist Financial upped their target price on ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $880.04.

Insider Buying and Selling at ServiceNow

In related news, CFO Gina Mastantuono sold 1,800 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the completion of the sale, the chief financial officer now directly owns 11,490 shares in the company, valued at $9,479,250. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, General Counsel Russell S. Elmer sold 1,937 shares of ServiceNow stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $779.81, for a total value of $1,510,491.97. Following the transaction, the general counsel now owns 6,736 shares of the company’s stock, valued at $5,252,800.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction that occurred 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,914 shares of company stock valued at $5,608,936. 0.25% of the stock is currently owned by corporate insiders.

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.