Handelsbanken Fonder AB Decreases Stake in ServiceNow, Inc. (NYSE:NOW)

Handelsbanken Fonder AB cut its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 40.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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 & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Petredis Investment Advisors LLC boosted its position in shares of ServiceNow by 0.9% during 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 in the last quarter. Abacus FCF Advisors LLC boosted its position in shares of ServiceNow by 37.1% during the first quarter. Abacus FCF Advisors LLC now owns 14,978 shares of the information technology services provider's stock valued at $11,925,000 after purchasing an additional 4,053 shares in the last quarter. Sonora Investment Management Group LLC boosted its position in shares of ServiceNow by 10.3% during the first quarter. Sonora Investment Management Group LLC now owns 482 shares of the information technology services provider's stock valued at $384,000 after purchasing an additional 45 shares in the last quarter. Paragon Advisors LLC boosted its position in shares of ServiceNow by 5.0% during 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 raised its stake in ServiceNow by 294.5% during 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. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

NYSE:NOW traded down $6.13 during mid-day trading on Wednesday, hitting $1,003.66. 741,971 shares of the company traded hands, compared to its average volume of 1,482,236. The stock's fifty day moving average price is $928.22 and its 200-day moving average price is $974.13. ServiceNow, Inc. has a one year low of $678.66 and a one year high of $1,198.09. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. The firm has a market cap of $207.74 billion, a price-to-earnings ratio of 146.95, a price-to-earnings-growth ratio of 4.51 and a beta of 0.95.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The information technology services provider reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.78 by $0.26. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same quarter in the previous year, the company posted $3.41 earnings per share. ServiceNow's revenue for the quarter was up 18.6% on a year-over-year basis. Research analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Redburn Atlantic assumed coverage on ServiceNow in a research note on Wednesday, February 19th. They set a "buy" rating for the company. Evercore ISI lifted their price objective on ServiceNow from $925.00 to $1,000.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Sanford C. Bernstein reiterated an "outperform" rating and set a $1,003.00 price objective on shares of ServiceNow in a research note on Thursday, April 24th. Wall Street Zen cut ServiceNow from a "buy" rating to a "hold" rating in a research note on Monday. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of ServiceNow in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $1,062.50.

Insider Buying and Selling at ServiceNow

In other news, insider Jacqueline P. Canney sold 354 shares of the company's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $804.61, for a total value of $284,831.94. Following the completion of the transaction, the insider now owns 3,027 shares of the company's stock, valued at $2,435,554.47. This represents a 10.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William R. Mcdermott sold 2,050 shares of the company's 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 of the company's stock, valued at approximately $6,693,434.14. This trade represents a 23.66% 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. Company insiders own 0.38% of the company's stock.

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.