Sumitomo Life Insurance Co. Has $12.19 Million Stock Position in ServiceNow, Inc. (NYSE:NOW)

Sumitomo Life Insurance Co. reduced its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 10.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,306 shares of the information technology services provider's stock after selling 1,851 shares during the period. ServiceNow comprises approximately 0.4% of Sumitomo Life Insurance Co.'s portfolio, making the stock its 27th largest position. Sumitomo Life Insurance Co.'s holdings in ServiceNow were worth $12,186,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in NOW. Cassady Schiller Wealth Management LLC grew its holdings in shares of ServiceNow by 44.0% during the fourth quarter. Cassady Schiller Wealth Management LLC now owns 36 shares of the information technology services provider's stock worth $38,000 after buying an additional 11 shares during the last quarter. Plancorp LLC grew its stake in shares of ServiceNow by 4.1% in the 4th quarter. Plancorp LLC now owns 308 shares of the information technology services provider's stock valued at $327,000 after purchasing an additional 12 shares during the last quarter. Capital Investment Advisory Services LLC increased its holdings in shares of ServiceNow by 2.1% in the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after purchasing an additional 12 shares during the period. Kesler Norman & Wride LLC increased its holdings in shares of ServiceNow by 1.2% in the fourth quarter. Kesler Norman & Wride LLC now owns 1,092 shares of the information technology services provider's stock valued at $1,157,000 after purchasing an additional 13 shares during the period. Finally, Sepio Capital LP raised its stake in shares of ServiceNow by 3.8% during the fourth quarter. Sepio Capital LP now owns 359 shares of the information technology services provider's stock worth $381,000 after purchasing an additional 13 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NOW. Canaccord Genuity Group cut their price target on shares of ServiceNow from $1,275.00 to $900.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. TD Securities reaffirmed a "buy" rating and issued a $1,100.00 target price on shares of ServiceNow in a report on Thursday, April 24th. Stifel Nicolaus lifted their price target on shares of ServiceNow from $975.00 to $1,050.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. lowered their price target on ServiceNow from $1,200.00 to $970.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, Royal Bank Of Canada raised their price objective on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, thirty-one have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,073.13.

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 145 shares of ServiceNow stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $147,900.00. Following the completion of the transaction, the insider directly owned 3,027 shares of the company's stock, valued at $3,087,540. The trade was a 4.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the transaction, the insider directly owned 3,000 shares in the company, valued at $3,060,000. This trade represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,601 shares of company stock worth $6,577,363 in the last quarter. 0.38% of the stock is owned by corporate insiders.

ServiceNow Stock Performance

NYSE:NOW traded up $9.86 during trading hours on Wednesday, hitting $966.78. 983,963 shares of the company traded hands, compared to its average volume of 1,486,823. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The firm has a 50-day moving average of $1,007.54 and a 200 day moving average of $957.77. The stock has a market capitalization of $200.10 billion, a price-to-earnings ratio of 131.36, a P/E/G ratio of 4.42 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating analysts' consensus estimates of $3.78 by $0.26. ServiceNow had a return on equity of 17.34% and a net margin of 13.41%. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same period in the prior year, the company posted $3.41 earnings per share. ServiceNow's revenue was up 18.6% on a year-over-year basis. On average, analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

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.