Sumitomo Life Insurance Co. Boosts Stake in ServiceNow, Inc. (NYSE:NOW)

Sumitomo Life Insurance Co. increased its stake in ServiceNow, Inc. (NYSE:NOW) by 2.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,157 shares of the information technology services provider’s stock after acquiring an additional 407 shares during the period. ServiceNow comprises approximately 0.3% of Sumitomo Life Insurance Co.’s portfolio, making the stock its 24th largest position. Sumitomo Life Insurance Co.’s holdings in ServiceNow were worth $18,188,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in NOW. Truvestments Capital LLC bought a new stake in ServiceNow in the 3rd quarter worth $30,000. DT Investment Partners LLC grew its stake in shares of ServiceNow by 77.3% in the third quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 17 shares during the last quarter. Oakworth Capital Inc. increased its holdings in ServiceNow by 46.7% during the 3rd quarter. Oakworth Capital Inc. now owns 44 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 14 shares during the period. Dunhill Financial LLC raised its position in ServiceNow by 70.0% during the 3rd quarter. Dunhill Financial LLC now owns 51 shares of the information technology services provider’s stock valued at $46,000 after purchasing an additional 21 shares during the last quarter. Finally, Friedenthal Financial purchased a new stake in ServiceNow in the 4th quarter worth approximately $55,000. Hedge funds and other institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Up 2.7 %

Shares of ServiceNow stock opened at $1,171.00 on Wednesday. The stock has a 50 day moving average of $1,079.79 and a 200 day moving average of $948.04. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. The firm has a market capitalization of $241.23 billion, a price-to-earnings ratio of 182.11, a PEG ratio of 5.11 and a beta of 0.99. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

Insider Activity at ServiceNow

In related news, insider Jacqueline P. Canney sold 455 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $1,058.54, for a total transaction of $481,635.70. Following the sale, the insider now directly owns 3,027 shares of the company’s stock, valued at $3,204,200.58. This represents a 13.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 12,271 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total value of $12,242,408.57. Following the sale, the chief executive officer now directly owns 2,595 shares in the company, valued at $2,588,953.65. This represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,731 shares of company stock worth $21,016,751. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Raymond James began coverage on shares of ServiceNow in a research report on Tuesday, December 24th. They set an “outperform” rating and a $1,200.00 price objective on the stock. Morgan Stanley downgraded shares of ServiceNow from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $900.00 to $960.00 in a research note on Monday, October 21st. BMO Capital Markets upped their target price on ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Cantor Fitzgerald initiated coverage on ServiceNow in a research note on Friday, January 17th. They issued an “overweight” rating and a $1,332.00 target price for the company. Finally, Evercore ISI upped their price target on ServiceNow from $950.00 to $1,000.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,105.79.

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.