KLP Kapitalforvaltning AS Has $64.78 Million Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

KLP Kapitalforvaltning AS lifted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 81,365 shares of the information technology services provider's stock after purchasing an additional 1,940 shares during the period. KLP Kapitalforvaltning AS's holdings in ServiceNow were worth $64,778,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC raised its position in shares of ServiceNow by 87,501.3% in the 1st 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 purchasing an additional 2,686,291 shares during the last quarter. Norges Bank purchased a new position in ServiceNow in the 4th quarter worth $2,603,360,000. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of ServiceNow by 1,586.5% in the 1st 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 acquiring an additional 877,875 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock worth $8,434,235,000 after acquiring an additional 509,467 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in ServiceNow by 36.7% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,830,419 shares of the information technology services provider's stock valued at $1,940,464,000 after purchasing an additional 491,861 shares in the last quarter. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on NOW shares. Scotiabank set a $1,100.00 target price on ServiceNow and gave the company an "outperform" rating in a report on Wednesday, May 7th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,200.00 target price on shares of ServiceNow in a research report on Thursday. Barclays upped their price objective on shares of ServiceNow from $1,085.00 to $1,200.00 and gave the company an "overweight" rating in a research note on Monday. Needham & Company LLC increased their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a report on Thursday. Finally, JMP Securities reiterated a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $1,107.94.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction dated 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 owned 3,000 shares in the company, valued at $3,060,000. This represents a 28.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Anita M. Sands sold 428 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the transaction, the director owned 10,891 shares in the company, valued at approximately $11,039,226.51. This trade represents a 3.78% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,003 shares of company stock worth $6,015,106. Corporate insiders own 0.38% of the company's stock.

ServiceNow Price Performance

ServiceNow stock traded down $27.24 during mid-day trading on Friday, hitting $968.94. 1,228,482 shares of the company were exchanged, compared to its average volume of 1,691,588. The company has a market capitalization of $200.55 billion, a P/E ratio of 121.95, a PEG ratio of 4.39 and a beta of 0.94. The business's 50 day simple moving average is $1,001.77 and its two-hundred day simple moving average is $953.76. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.12 and a quick ratio of 1.12.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.62% and a net margin of 13.78%. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the firm earned $3.13 earnings per share. The company's revenue was up 22.4% on a year-over-year basis. Analysts forecast 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.