Sumitomo Mitsui DS Asset Management Company Ltd Buys 645 Shares of ServiceNow, Inc. $NOW

Key Points

• Sumitomo Mitsui DS Asset Management increased its stake in ServiceNow, acquiring an additional 645 shares, bringing its total ownership to 45,246 shares valued at approximately $46.5 million.
• Insider selling activity included sales by General Counsel Russell S. Elmer and CFO Gina Mastantuono, with a total of 18,976 shares sold worth over $17 million in the past three months.
• Analysts are largely bullish on ServiceNow, with 29 out of 33 analysts issuing buy ratings and price targets ranging from $1,115.20 to $1,250.00.

Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 45,246 shares of the information technology services provider's stock after acquiring an additional 645 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in ServiceNow were worth $46,517,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in NOW. Bogart Wealth LLC lifted its position in shares of ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new stake in shares of ServiceNow during the 1st quarter worth approximately $26,000. Heck Capital Advisors LLC bought a new position in shares of ServiceNow during the 4th quarter valued at approximately $37,000. WASHINGTON TRUST Co boosted its position in shares of ServiceNow by 620.0% during the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after acquiring an additional 31 shares during the last quarter. Finally, Dagco Inc. purchased a new position in shares of ServiceNow in the first quarter valued at $33,000. Institutional investors own 87.18% of the company's stock.

Insiders Place Their Bets

In other news, General Counsel Russell S. Elmer sold 1,698 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the completion of the sale, the general counsel owned 4,332 shares in the company, valued at approximately $3,830,614.32. This represents a 28.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Gina Mastantuono sold 1,762 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer owned 12,228 shares in the company, valued at approximately $10,594,950.60. This trade represents a 12.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,976 shares of company stock valued at $17,049,775 in the last three months. 0.38% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have commented on NOW. Barclays set a $1,210.00 price objective on shares of ServiceNow in a research report on Thursday, July 24th. Piper Sandler increased their price target on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. DA Davidson boosted their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Erste Group Bank reaffirmed a "hold" rating on shares of ServiceNow in a research note on Wednesday, July 23rd. Finally, Wells Fargo & Company lifted their target price on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Trading Up 2.0%

NYSE:NOW opened at $950.82 on Thursday. The firm has a 50-day simple moving average of $922.51 and a 200-day simple moving average of $922.73. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The firm has a market cap of $197.77 billion, a P/E ratio of 119.75, a P/E/G ratio of 4.20 and a beta of 0.91. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for 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% compared to the same quarter last year. During the same period last year, the company posted $3.13 earnings per share. Equities analysts anticipate 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.

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