ServiceNow, Inc. $NOW Shares Purchased by Avanza Fonder AB

Key Points

• Avanza Fonder AB increased its stake in ServiceNow, Inc. by 4.9% during Q2, now holding 14,244 shares valued at approximately $14.64 million.
• ServiceNow reported a Q2 EPS of $4.09, exceeding analyst expectations of $3.57, alongside revenues of $3.22 billion—a 22.4% increase year-over-year.
• Insider sales included a significant transaction by CFO Gina Mastantuono, who sold 1,762 shares for around $1.53 million, indicating a noteworthy decrease in insider ownership.

Avanza Fonder AB boosted its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 4.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,244 shares of the information technology services provider's stock after acquiring an additional 662 shares during the period. Avanza Fonder AB's holdings in ServiceNow were worth $14,644,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of NOW. GAMMA Investing LLC lifted its position in ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after acquiring an additional 2,686,291 shares during the last quarter. Nuveen LLC purchased a new stake in ServiceNow in the first quarter valued at $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its stake in ServiceNow by 1,586.5% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after purchasing an additional 877,875 shares during the period. Goldman Sachs Group Inc. increased its stake in ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after purchasing an additional 840,731 shares during the period. Finally, Parnassus Investments LLC acquired a new position in ServiceNow in the first quarter valued at $519,806,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Price Performance

Shares of NOW stock traded down $12.66 during trading hours on Monday, hitting $948.49. The company's stock had a trading volume of 1,207,801 shares, compared to its average volume of 1,696,073. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The business has a fifty day moving average of $922.60 and a 200-day moving average of $923.83. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The stock has a market cap of $197.29 billion, a price-to-earnings ratio of 119.46, a P/E/G ratio of 4.33 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.13 EPS. As a group, equities research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on NOW. Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Bank of America lifted their price objective on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Mizuho lifted their price objective on shares of ServiceNow from $1,050.00 to $1,100.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Wells Fargo & Company lifted their price objective on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Finally, JMP Securities reiterated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insiders Place Their Bets

In related news, CEO William R. Mcdermott sold 5,825 shares of ServiceNow stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $916.63, for a total transaction of $5,339,369.75. Following the completion of the sale, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,062,590.82. This trade represents a 46.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of ServiceNow stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,489,427.55. Following the sale, the insider owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,976 shares of company stock valued at $17,049,775. Insiders own 0.38% of the company's stock.

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.