Swedbank AB Cuts Holdings in ServiceNow, Inc. $NOW

Swedbank AB trimmed its position in ServiceNow, Inc. (NYSE:NOW) by 14.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 755,853 shares of the information technology services provider’s stock after selling 130,952 shares during the quarter. ServiceNow accounts for approximately 0.9% of Swedbank AB’s portfolio, making the stock its 18th largest holding. Swedbank AB’s holdings in ServiceNow were worth $777,077,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of NOW. Haverford Trust Co raised its holdings in ServiceNow by 0.9% in the first quarter. Haverford Trust Co now owns 1,176 shares of the information technology services provider’s stock valued at $936,000 after buying an additional 10 shares during the period. Ascent Group LLC raised its stake in shares of ServiceNow by 0.5% in the 1st quarter. Ascent Group LLC now owns 2,045 shares of the information technology services provider’s stock valued at $1,628,000 after acquiring an additional 10 shares during the period. Edgemoor Investment Advisors Inc. raised its stake in shares of ServiceNow by 2.5% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $366,000 after acquiring an additional 11 shares during the period. Integrated Investment Consultants LLC lifted its holdings in shares of ServiceNow by 2.5% during the 1st quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider’s stock valued at $358,000 after acquiring an additional 11 shares in the last quarter. Finally, one8zero8 LLC boosted its position in shares of ServiceNow by 3.2% in the first quarter. one8zero8 LLC now owns 356 shares of the information technology services provider’s stock worth $283,000 after buying an additional 11 shares during the period. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Insider Buying and Selling

In related news, insider Jacqueline P. Canney sold 1,562 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the completion of the sale, the insider owned 3,027 shares in the company, valued at approximately $2,622,744.15. This represents a 34.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 5,825 shares of the business’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the sale, the chief executive officer directly owned 6,614 shares in the company, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,976 shares of company stock valued at $17,049,775. Company insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on NOW shares. JMP Securities reiterated a “market outperform” rating and set a $1,300.00 price objective on shares of ServiceNow in a research note on Monday, August 4th. Citigroup boosted their price objective on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Mizuho increased their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the company an “outperform” rating in a research note on Thursday, June 12th. Morgan Stanley restated an “equal weight” rating on shares of ServiceNow in a research note on Tuesday, July 8th. Finally, Oppenheimer reiterated an “outperform” rating and set a $1,150.00 price objective (up from $1,100.00) on shares of ServiceNow in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $1,115.20.

ServiceNow Stock Up 2.0%

NYSE NOW opened at $950.82 on Thursday. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The company has a market capitalization of $197.77 billion, a P/E ratio of 119.75, a PEG ratio of 4.20 and a beta of 0.91. The company’s 50 day simple moving average is $922.51 and its 200 day simple moving average is $922.73. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm’s quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.13 earnings per share. Equities research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow 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.