Lansforsakringar Fondforvaltning AB publ Decreases Stake in ServiceNow, Inc. $NOW

Lansforsakringar Fondforvaltning AB publ reduced its position in ServiceNow, Inc. (NYSE:NOW) by 8.6% during the first quarter, HoldingsChannel reports. The fund owned 334,001 shares of the information technology services provider’s stock after selling 31,599 shares during the quarter. Lansforsakringar Fondforvaltning AB publ’s holdings in ServiceNow were worth $34,920,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in NOW. Norges Bank bought a new position in shares of ServiceNow in the fourth quarter worth $2,020,992,000. World Investment Advisors raised its stake in shares of ServiceNow by 411.7% during the 4th quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider’s stock valued at $7,346,000 after purchasing an additional 38,583 shares during the period. Cohen Klingenstein LLC lifted its holdings in ServiceNow by 400.0% during the 4th quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider’s stock worth $1,532,000 after purchasing an additional 8,000 shares in the last quarter. Moors & Cabot Inc. lifted its holdings in ServiceNow by 387.7% during the 4th quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider’s stock worth $6,990,000 after purchasing an additional 36,274 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in ServiceNow by 385.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,599,397 shares of the information technology services provider’s stock worth $398,202,000 after purchasing an additional 2,064,440 shares during the period. 87.18% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ServiceNow

In other news, insider Jacqueline P. Canney sold 8,927 shares of the stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $89.60, for a total transaction of $799,859.20. Following the transaction, the insider directly owned 29,531 shares in the company, valued at approximately $2,645,977.60. This represents a 23.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Fipps sold 1,048 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $98.51, for a total value of $103,238.48. Following the transaction, the insider directly owned 12,072 shares in the company, valued at approximately $1,189,212.72. This represents a 7.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 28,071 shares of company stock valued at $2,529,956 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. BTIG Research reaffirmed a “buy” rating and set a $150.00 target price on shares of ServiceNow in a report on Monday. Robert W. Baird lowered their price objective on ServiceNow from $125.00 to $118.00 and set an “outperform” rating on the stock in a research report on Thursday, April 23rd. HSBC reduced their target price on ServiceNow from $226.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, April 16th. Bank of America started coverage on ServiceNow in a research note on Monday, May 18th. They issued a “buy” rating and a $130.00 target price on the stock. Finally, Morgan Stanley lowered their price target on ServiceNow from $210.00 to $180.00 and set an “overweight” rating on the stock in a report on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, ServiceNow currently has an average rating of “Moderate Buy” and a consensus price target of $142.17.

ServiceNow Stock Up 1.6%

Shares of NYSE:NOW opened at $99.89 on Tuesday. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $211.48. The firm has a fifty day moving average of $100.17 and a 200 day moving average of $114.38. The firm has a market capitalization of $102.99 billion, a PE ratio of 59.53, a price-to-earnings-growth ratio of 1.64 and a beta of 0.94. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84.

ServiceNow (NYSE:NOW) last released its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 EPS for the quarter, meeting analysts’ consensus estimates of $0.97. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The business had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $3.75 billion. During the same quarter in the prior year, the firm earned $0.81 earnings per share. The firm’s revenue was up 22.1% on a year-over-year basis. As a group, research analysts anticipate that ServiceNow, Inc. will post 2.34 EPS for the current fiscal year.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.