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

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 lifted its holdings 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 Securities & Exchange Commission. The fund owned 45,246 shares of the information technology services provider's stock after buying an additional 645 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in ServiceNow were worth $46,517,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in NOW. Brighton Jones LLC increased its holdings in shares of ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after buying an additional 30 shares during the last quarter. Two Sigma Investments LP grew its holdings in ServiceNow by 1.5% during the 4th quarter. Two Sigma Investments LP now owns 4,405 shares of the information technology services provider's stock valued at $4,670,000 after purchasing an additional 67 shares during the last quarter. iSAM Funds UK Ltd bought a new position in ServiceNow during the 4th quarter valued at about $387,000. Waverly Advisors LLC grew its holdings in ServiceNow by 110.0% during the 4th quarter. Waverly Advisors LLC now owns 1,842 shares of the information technology services provider's stock valued at $1,953,000 after purchasing an additional 965 shares during the last quarter. Finally, Voloridge Investment Management LLC bought a new position in ServiceNow during the 4th quarter valued at about $19,944,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Up 1.6%

NYSE:NOW traded up $15.47 during midday trading on Friday, reaching $963.21. 2,806,372 shares of the stock traded hands, compared to its average volume of 1,416,023. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The business has a 50-day moving average of $922.60 and a two-hundred day moving average of $923.38. 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 stock has a market capitalization of $200.35 billion, a PE ratio of 121.31, a price-to-earnings-growth ratio of 4.27 and a beta of 0.91.

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

Insiders Place Their Bets

In related news, insider Jacqueline P. Canney sold 1,562 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the completion of the transaction, the insider owned 3,027 shares of the company's stock, valued at $2,622,744.15. This trade represents a 34.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the transaction, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,976 shares of company stock valued at $17,049,775. Corporate insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a report on Thursday, July 24th. Piper Sandler upped 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 upped their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Raymond James Financial upped their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, Barclays set a $1,210.00 target price on shares of ServiceNow in a research note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

About ServiceNow

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.