ServiceNow, Inc. $NOW Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management cut its ServiceNow stake by 13.3% in the third quarter, selling 37,290 shares and retaining 243,713 shares valued at approximately $32.7 million. Institutional investors collectively own 87.18% of the company.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $152.29, despite some analysts issuing lower targets or an underperform rating.
• ServiceNow reported quarterly EPS of $0.90 versus expectations of $0.86, while revenue rose 24% year over year to $3.99 billion. The stock opened at $145.30, and insiders sold roughly $1.94 million of shares during the latest quarter.

Sumitomo Mitsui DS Asset Management Company Ltd reduced its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 13.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 243,713 shares of the information technology services provider's stock after selling 37,290 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in ServiceNow were worth $32,660,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Cornerstone Financial Management LLC raised its holdings in ServiceNow by 72.8% in the second quarter. Cornerstone Financial Management LLC now owns 254 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 107 shares in the last quarter. CrossGen Wealth LLC purchased a new stake in shares of ServiceNow during the first quarter valued at about $29,000. Caitong International Asset Management Co. Ltd lifted its position in shares of ServiceNow by 4,157.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 298 shares of the information technology services provider's stock valued at $46,000 after buying an additional 291 shares during the last quarter. Marquette Asset Management LLC boosted its holdings in shares of ServiceNow by 75.0% in the 2nd quarter. Marquette Asset Management LLC now owns 301 shares of the information technology services provider's stock valued at $30,000 after buying an additional 129 shares in the last quarter. Finally, Kilter Group LLC bought a new stake in shares of ServiceNow in the 2nd quarter valued at about $31,000. Institutional investors own 87.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on NOW shares. Morgan Stanley set a $180.00 price objective on shares of ServiceNow in a research report on Tuesday, July 21st. CLSA started coverage on shares of ServiceNow in a research report on Monday, July 20th. They set an "underperform" rating and a $72.00 target price for the company. JPMorgan Chase & Co. increased their target price on shares of ServiceNow from $145.00 to $150.00 and gave the company an "overweight" rating in a research report on Thursday, July 23rd. Jefferies Financial Group restated a "buy" rating on shares of ServiceNow in a research note on Tuesday, October 13th. Finally, Royal Bank Of Canada lifted their price target on shares of ServiceNow from $130.00 to $176.00 and gave the stock an "outperform" rating in a report on Monday, October 12th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, ServiceNow presently has a consensus rating of "Moderate Buy" and a consensus price target of $152.29.

Insider Activity at ServiceNow

In related news, insider Paul Fipps sold 2,034 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $147.87, for a total value of $300,767.58. Following the transaction, the insider owned 18,305 shares in the company, valued at approximately $2,706,760.35. This represents a 10.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul Chamberlain sold 2,700 shares of the firm's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $135.50, for a total transaction of $365,850.00. Following the transaction, the director directly owned 43,990 shares of the company's stock, valued at $5,960,645. This represents a 5.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 14,081 shares of company stock worth $1,937,904 over the last quarter. Insiders own 0.34% of the company's stock.

ServiceNow Stock Up 2.3%

ServiceNow stock opened at $145.30 on Tuesday. The business's 50-day simple moving average is $135.56 and its two-hundred day simple moving average is $114.01. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $150.24 billion, a PE ratio of 90.81, a PEG ratio of 2.61 and a beta of 0.99. ServiceNow, Inc. has a fifty-two week low of $81.24 and a fifty-two week high of $192.97.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%. The firm had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $3.93 billion. During the same period last year, the business posted $0.81 earnings per share. The company's revenue for the quarter was up 24.0% compared to the same quarter last year. Equities analysts anticipate that ServiceNow, Inc. will post 2.22 EPS for the current year.

About ServiceNow

ServiceNow, Inc provides cloud-based software designed to help organizations digitize, automate and manage enterprise workflows. Its Now Platform connects people, processes and systems across departments, enabling customers to manage work through a centralized technology environment.

The company's products and services address a range of business needs, including information technology service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance, and application development.

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