Dai ichi Life Insurance Company Ltd Buys 2,047 Shares of ServiceNow, Inc. (NYSE:NOW)

Dai ichi Life Insurance Company Ltd increased its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 6.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,757 shares of the information technology services provider’s stock after purchasing an additional 2,047 shares during the quarter. ServiceNow comprises about 0.7% of Dai ichi Life Insurance Company Ltd’s portfolio, making the stock its 27th biggest position. Dai ichi Life Insurance Company Ltd’s holdings in ServiceNow were worth $29,298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. International Assets Investment Management LLC lifted its stake in shares of ServiceNow by 89,137.0% during the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after acquiring an additional 1,183,739 shares during the period. Swedbank AB bought a new stake in ServiceNow during the 1st quarter worth about $897,908,000. Bank of Montreal Can lifted its position in ServiceNow by 216.6% during the 3rd quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider’s stock valued at $1,206,178,000 after purchasing an additional 935,848 shares during the period. AustralianSuper Pty Ltd acquired a new stake in shares of ServiceNow during the 2nd quarter worth approximately $218,786,000. Finally, Canada Pension Plan Investment Board grew its holdings in ServiceNow by 59.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 635,919 shares of the information technology services provider’s stock worth $500,258,000 after acquiring an additional 237,086 shares during the period. Institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NOW. Morgan Stanley cut shares of ServiceNow from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $900.00 to $960.00 in a report on Monday, October 21st. Canaccord Genuity Group upped their price objective on shares of ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Jefferies Financial Group lifted their target price on ServiceNow from $900.00 to $1,100.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Mizuho raised their price target on ServiceNow from $980.00 to $1,070.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Finally, Evercore ISI boosted their price objective on ServiceNow from $950.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $989.07.

ServiceNow Stock Down 0.7 %

Shares of NOW opened at $1,052.82 on Tuesday. ServiceNow, Inc. has a 52 week low of $637.99 and a 52 week high of $1,068.88. The firm has a market cap of $216.88 billion, a P/E ratio of 163.74, a price-to-earnings-growth ratio of 6.09 and a beta of 0.98. The firm’s 50-day simple moving average is $951.73 and its 200 day simple moving average is $838.61. 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 (NYSE:NOW) last released its quarterly earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 EPS for the quarter, beating the consensus estimate of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. ServiceNow’s revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.21 earnings per share. On average, analysts forecast that ServiceNow, Inc. will post 7.07 earnings per share for the current year.

Insider Activity

In related news, CEO William R. Mcdermott sold 12,271 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 2,595 shares of the company’s stock, valued at $2,588,953.65. The trade was a 82.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffrey A. Miller sold 2,879 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $1,019.12, for a total transaction of $2,934,046.48. Following the completion of the transaction, the director now owns 42,920 shares of the company’s stock, valued at $43,740,630.40. The trade was a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,787 shares of company stock worth $17,841,028. Corporate insiders own 0.25% of the company’s stock.

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.