Handelsbanken Fonder AB Trims Holdings in ServiceNow, Inc. (NYSE:NOW)

Handelsbanken Fonder AB lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 40.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,668 shares of the information technology services provider’s stock after selling 75,418 shares during the quarter. Handelsbanken Fonder AB owned about 0.05% of ServiceNow worth $88,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the company. Petredis Investment Advisors LLC boosted its holdings in ServiceNow by 0.9% in the first quarter. Petredis Investment Advisors LLC now owns 6,404 shares of the information technology services provider’s stock valued at $5,098,000 after purchasing an additional 57 shares during the last quarter. Abacus FCF Advisors LLC grew its stake in ServiceNow by 37.1% during the 1st quarter. Abacus FCF Advisors LLC now owns 14,978 shares of the information technology services provider’s stock worth $11,925,000 after purchasing an additional 4,053 shares in the last quarter. Sonora Investment Management Group LLC grew its holdings in ServiceNow by 10.3% during the 1st quarter. Sonora Investment Management Group LLC now owns 482 shares of the information technology services provider’s stock worth $384,000 after acquiring an additional 45 shares in the last quarter. Paragon Advisors LLC boosted its holdings in ServiceNow by 5.0% in the first quarter. Paragon Advisors LLC now owns 4,034 shares of the information technology services provider’s stock valued at $3,212,000 after purchasing an additional 193 shares in the last quarter. Finally, Simplicity Wealth LLC lifted its stake in ServiceNow by 294.5% in the first quarter. Simplicity Wealth LLC now owns 1,495 shares of the information technology services provider’s stock valued at $1,190,000 after buying an additional 1,116 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Trading Down 0.3%

NYSE NOW opened at $1,027.05 on Tuesday. The stock has a market cap of $212.58 billion, a P/E ratio of 150.37, a PEG ratio of 4.51 and a beta of 0.95. The company’s fifty day simple moving average is $923.49 and its 200-day simple moving average is $973.88. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same quarter in the previous year, the business posted $3.41 EPS. The firm’s revenue was up 18.6% compared to the same quarter last year. Equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In related news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the completion of the transaction, the chief executive officer now directly owns 6,614 shares in the company, valued at approximately $6,693,434.14. This trade represents a 23.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the transaction, the insider now directly owns 3,000 shares in the company, valued at approximately $3,060,000. This represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,716 shares of company stock valued at $6,611,245. 0.38% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

NOW has been the subject of a number of recent research reports. Robert W. Baird increased their price objective on ServiceNow from $1,010.00 to $1,150.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. Jefferies Financial Group lowered their target price on shares of ServiceNow from $1,250.00 to $1,025.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Erste Group Bank raised shares of ServiceNow from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 30th. Mizuho lowered their price objective on ServiceNow from $1,210.00 to $1,100.00 and set an “outperform” rating on the stock in a report on Tuesday, March 11th. Finally, BMO Capital Markets increased their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,062.50.

About ServiceNow

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.