Sumitomo Mitsui DS Asset Management Company Ltd Sells 37,290 Shares of ServiceNow, Inc. $NOW

Sumitomo Mitsui DS Asset Management Company Ltd lessened its stake in ServiceNow, Inc. (NYSE:NOW) by 13.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 243,713 shares of the information technology services provider’s stock after selling 37,290 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in ServiceNow were worth $32,660,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Cornerstone Financial Management LLC grew its holdings in ServiceNow by 72.8% during the second quarter. Cornerstone Financial Management LLC now owns 254 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 107 shares during the period. CrossGen Wealth LLC purchased a new position in ServiceNow during the first quarter valued at approximately $29,000. Marquette Asset Management LLC raised its position in ServiceNow by 75.0% during the second quarter. Marquette Asset Management LLC now owns 301 shares of the information technology services provider’s stock valued at $30,000 after acquiring an additional 129 shares in the last quarter. Kilter Group LLC purchased a new position in ServiceNow during the second quarter valued at approximately $31,000. Finally, Solstein Capital LLC acquired a new position in ServiceNow in the second quarter valued at approximately $35,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Benchmark restated a “buy” rating on shares of ServiceNow in a research report on Friday, July 17th. Evercore reaffirmed an “outperform” rating on shares of ServiceNow in a research note on Tuesday, October 13th. Morgan Stanley set a $180.00 price objective on shares of ServiceNow in a research note on Tuesday, July 21st. Truist Financial lifted their target price on shares of ServiceNow from $120.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Finally, Needham & Company LLC boosted their target price on shares of ServiceNow from $115.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $152.29.

Insider Buying and Selling at ServiceNow

In other news, Director Paul Chamberlain sold 2,700 shares of the company’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $135.50, for a total transaction of $365,850.00. Following the completion of the sale, the director owned 43,990 shares of the company’s stock, valued at $5,960,645. This represents a 5.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul Fipps sold 2,034 shares of the stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $147.87, for a total transaction of $300,767.58. Following the completion of the sale, the insider owned 18,305 shares of the company’s stock, valued at $2,706,760.35. This trade represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 14,081 shares of company stock worth $1,937,904. Corporate insiders own 0.34% of the company’s stock.

ServiceNow Stock Performance

NYSE NOW opened at $145.30 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The stock’s 50 day simple moving average is $135.56 and its 200-day simple moving average is $114.01. The company has a market cap of $150.24 billion, a PE ratio of 90.81, a price-to-earnings-growth ratio of 2.61 and a beta of 0.99. ServiceNow, Inc. has a 1-year low of $81.24 and a 1-year high of $192.97.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.93 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The firm’s revenue for the quarter was up 24.0% on a year-over-year basis. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 2.22 EPS for the current fiscal year.

ServiceNow Company Profile

ServiceNow, Inc provides cloud-based software designed to help organizations digitize, automate and manage enterprise workflows. Its Now Platform connects people, processes and systems across departments, enabling customers to manage work through a centralized technology environment.

The company’s products and services address a range of business needs, including information technology service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance, and application development.