Sumitomo Life Insurance Co. increased its holdings in ServiceNow, Inc. (NYSE:NOW – Free Report) by 3.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,484 shares of the information technology services provider’s stock after purchasing an additional 207 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in ServiceNow were worth $3,624,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. First Capital Advisors Group LLC. bought a new stake in shares of ServiceNow during the 2nd quarter worth $29,000. High Net Worth Advisory Group LLC acquired a new stake in ServiceNow during the 1st quarter worth about $29,000. Altshuler Shaham Ltd purchased a new stake in ServiceNow during the second quarter valued at about $30,000. Global Trust Asset Management LLC boosted its holdings in shares of ServiceNow by 1,425.0% in the second quarter. Global Trust Asset Management LLC now owns 61 shares of the information technology services provider’s stock worth $34,000 after buying an additional 57 shares during the period. Finally, Resurgent Financial Advisors LLC purchased a new position in shares of ServiceNow in the fourth quarter worth approximately $35,000. 87.14% of the stock is owned by institutional investors and hedge funds.
ServiceNow Stock Performance
Shares of ServiceNow stock opened at $706.49 on Friday. The firm has a 50 day simple moving average of $655.09 and a 200 day simple moving average of $597.00. ServiceNow, Inc. has a fifty-two week low of $353.62 and a fifty-two week high of $720.68. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market cap of $144.83 billion, a P/E ratio of 91.51, a P/E/G ratio of 6.16 and a beta of 1.03.
ServiceNow (NYSE:NOW – Get Free Report) last released its earnings results on Wednesday, October 25th. The information technology services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.32. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.27 billion. ServiceNow had a return on equity of 12.25% and a net margin of 18.72%. Sell-side analysts predict that ServiceNow, Inc. will post 4.06 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several analysts have issued reports on the stock. Argus boosted their target price on shares of ServiceNow from $675.00 to $770.00 and gave the company a “buy” rating in a research note on Wednesday, December 6th. BMO Capital Markets decreased their price objective on ServiceNow from $630.00 to $615.00 and set an “outperform” rating for the company in a research report on Tuesday, October 24th. HSBC initiated coverage on ServiceNow in a report on Friday, September 15th. They issued a “buy” rating and a $704.00 target price on the stock. TheStreet upgraded shares of ServiceNow from a “c+” rating to a “b-” rating in a report on Friday, December 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $660.00 price objective on shares of ServiceNow in a research note on Thursday, October 26th. Two analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $621.39.
Read Our Latest Research Report on NOW
Insider Activity
In related news, insider Christopher Bedi sold 1,000 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $554.75, for a total value of $554,750.00. Following the transaction, the insider now directly owns 15,484 shares in the company, valued at $8,589,749. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Christopher Bedi sold 1,000 shares of ServiceNow stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $554.75, for a total transaction of $554,750.00. Following the completion of the sale, the insider now directly owns 15,484 shares of the company’s stock, valued at $8,589,749. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Chirantan Jitendra Desai sold 3,150 shares of the stock in a transaction dated Friday, November 24th. The shares were sold at an average price of $671.84, for a total value of $2,116,296.00. Following the completion of the transaction, the chief operating officer now directly owns 38,904 shares in the company, valued at approximately $26,137,263.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,383 shares of company stock valued at $7,265,612. 0.24% of the stock is currently owned by insiders.
About ServiceNow
(Free Report)
ServiceNow, Inc provides enterprise cloud computing solutions that defines, structures, consolidates, manages, and automates services for enterprises worldwide. The company operates the Now platform for workflow automation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, electronic service catalogs and portals, configuration management systems, data benchmarking, encryption, and collaboration and development tools.
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