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

Sumitomo Life Insurance Co. grew its holdings in ServiceNow, Inc. (NYSE:NOW) by 2.4% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 17,157 shares of the information technology services provider’s stock after buying an additional 407 shares during the period. ServiceNow accounts for 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 SEC filing.

Other hedge funds have also made changes to their positions in the company. Truvestments Capital LLC purchased a new position in ServiceNow in the third quarter worth $30,000. DT Investment Partners LLC grew its stake in shares of ServiceNow by 77.3% during the 3rd 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 period. Oakworth Capital Inc. increased its holdings in shares of ServiceNow by 46.7% in 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 in the last quarter. Dunhill Financial LLC lifted its stake in shares of ServiceNow by 70.0% in the third 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 period. Finally, Vestor Capital LLC purchased a new stake in ServiceNow during the third quarter worth about $48,000. Institutional investors and hedge funds own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NOW. Scotiabank assumed coverage on ServiceNow in a report on Tuesday, November 19th. They issued a “sector outperform” rating and a $1,230.00 price target on the stock. UBS Group raised their target price on shares of ServiceNow from $900.00 to $1,055.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Truist Financial upped their price target on shares of ServiceNow from $900.00 to $1,100.00 and gave the company a “hold” rating in a report on Thursday, December 12th. Stifel Nicolaus raised their price objective on shares of ServiceNow from $900.00 to $990.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Finally, Evercore ISI upped their target price on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,105.79.

Insider Buying and Selling

In other ServiceNow news, Director Paul Edward Chamberlain sold 300 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $1,047.95, for a total transaction of $314,385.00. Following the completion of the transaction, the director now owns 10,467 shares of the company’s stock, valued at $10,968,892.65. This represents a 2.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 66 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $1,048.29, for a total transaction of $69,187.14. Following the transaction, the insider now owns 3,027 shares of the company’s stock, valued at $3,173,173.83. The trade was a 2.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,731 shares of company stock valued at $21,016,751 over the last three months. Company insiders own 0.25% of the company’s stock.

ServiceNow Stock Up 2.7 %

NYSE:NOW opened at $1,171.00 on Wednesday. The stock’s fifty day moving average price is $1,079.79 and its two-hundred day moving average price is $948.04. The company has a market cap of $241.23 billion, a price-to-earnings ratio of 182.11, a P/E/G ratio of 5.11 and a beta of 0.99. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13.

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.