ServiceNow, Inc. (NYSE:NOW) Shares Bought by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in ServiceNow, Inc. by 17.6%, owning a total of 125,317 shares valued at approximately $99.8 million, making it the firm's 28th largest position.
• In the first quarter, several hedge funds, including Rathbones Group PLC and Westpac Banking Corp, also increased their holdings in ServiceNow, reflecting a growing interest among institutional investors.
• ServiceNow's stock price recently opened at $855.95, down 1.9%, and the company reported impressive earnings with a 22.4% revenue increase year-over-year, surpassing analysts' expectations.

Resona Asset Management Co. Ltd. increased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 17.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,317 shares of the information technology services provider's stock after purchasing an additional 18,736 shares during the period. ServiceNow accounts for approximately 0.6% of Resona Asset Management Co. Ltd.'s portfolio, making the stock its 28th largest position. Resona Asset Management Co. Ltd. owned 0.06% of ServiceNow worth $99,816,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Edgemoor Investment Advisors Inc. grew its position in shares of ServiceNow by 2.5% in the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after purchasing an additional 11 shares during the last quarter. Integrated Investment Consultants LLC raised its stake in ServiceNow by 2.5% during the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock worth $358,000 after purchasing an additional 11 shares during the period. one8zero8 LLC raised its stake in ServiceNow by 3.2% during the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider's stock worth $283,000 after purchasing an additional 11 shares during the period. Capital Investment Advisory Services LLC raised its stake in ServiceNow by 2.1% during the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock worth $459,000 after purchasing an additional 12 shares during the period. Finally, Argent Trust Co raised its stake in ServiceNow by 0.4% during the first quarter. Argent Trust Co now owns 3,363 shares of the information technology services provider's stock worth $2,677,000 after purchasing an additional 12 shares during the period. Institutional investors and hedge funds own 87.18% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Cantor Fitzgerald reissued an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. Royal Bank Of Canada raised their target price on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. Morgan Stanley reissued an "equal weight" rating on shares of ServiceNow in a research note on Tuesday, July 8th. FBN Securities raised shares of ServiceNow to a "strong-buy" rating in a research note on Wednesday, June 11th. Finally, Oppenheimer reissued an "outperform" rating and issued a $1,150.00 target price (up previously from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity

In other ServiceNow news, Director Anita M. Sands sold 428 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the completion of the transaction, the director directly owned 10,891 shares of the company's stock, valued at $11,039,226.51. The trade was a 3.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Gina Mastantuono sold 292 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $878.39, for a total transaction of $256,489.88. Following the transaction, the chief financial officer directly owned 11,551 shares of the company's stock, valued at $10,146,282.89. The trade was a 2.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,587 shares of company stock worth $5,584,027 over the last three months. Insiders own 0.38% of the company's stock.

ServiceNow Stock Performance

Shares of NYSE NOW traded down $12.81 during midday trading on Thursday, hitting $850.49. The company's stock had a trading volume of 1,783,856 shares, compared to its average volume of 1,709,064. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The firm's fifty day moving average price is $973.65 and its 200-day moving average price is $939.15. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market cap of $176.90 billion, a P/E ratio of 107.12, a P/E/G ratio of 3.85 and a beta of 0.93.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. ServiceNow's revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the business posted $3.13 EPS. On average, sell-side analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

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.