KLP Kapitalforvaltning AS Purchases 2,320 Shares of ServiceNow, Inc. $NOW

Key Points

• KLP Kapitalforvaltning AS increased its stake in ServiceNow, Inc. by 2.9%, acquiring an additional 2,320 shares during the second quarter, bringing its total holdings to 83,685 shares valued at approximately $86 million.
• ServiceNow's stock has a market cap of $189.96 billion and a current PE ratio of 115.02, with shares trading at around $913.27.
• Analysts have a consensus rating of "Moderate Buy" for ServiceNow, with price targets ranging from $1,122.20 to as high as $1,300.00.

KLP Kapitalforvaltning AS lifted its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 2.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 83,685 shares of the information technology services provider's stock after purchasing an additional 2,320 shares during the period. KLP Kapitalforvaltning AS's holdings in ServiceNow were worth $86,035,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of ServiceNow by 1.6% during the first quarter. Vanguard Group Inc. now owns 19,496,992 shares of the information technology services provider's stock worth $15,522,335,000 after purchasing an additional 297,734 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of ServiceNow by 7.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,843,117 shares of the information technology services provider's stock worth $2,263,519,000 after purchasing an additional 188,292 shares during the period. Nuveen LLC bought a new position in shares of ServiceNow during the first quarter worth approximately $1,817,535,000. Alliancebernstein L.P. increased its stake in ServiceNow by 16.2% during the 1st quarter. Alliancebernstein L.P. now owns 1,732,686 shares of the information technology services provider's stock worth $1,379,461,000 after acquiring an additional 242,132 shares during the period. Finally, Amundi increased its stake in ServiceNow by 61.9% during the 1st quarter. Amundi now owns 1,638,927 shares of the information technology services provider's stock worth $1,269,777,000 after acquiring an additional 626,623 shares during the period. Institutional investors own 87.18% of the company's stock.

ServiceNow Trading Up 0.1%

Shares of NOW stock opened at $913.27 on Tuesday. The stock's fifty day moving average price is $913.22 and its two-hundred day moving average price is $931.27. The company has a market cap of $189.96 billion, a PE ratio of 115.02, a P/E/G ratio of 4.11 and a beta of 0.92. ServiceNow, Inc. has a fifty-two week low of $678.66 and a fifty-two week high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion for 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 revenue was up 22.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.13 EPS. Equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

Insider Activity at ServiceNow

In related news, General Counsel Russell S. Elmer sold 1,698 shares of the firm's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $884.26, for a total transaction of $1,501,473.48. Following the sale, the general counsel owned 4,332 shares of the company's stock, valued at $3,830,614.32. This trade represents a 28.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $916.63, for a total value of $5,339,369.75. Following the sale, the chief executive officer directly 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 disclosure for this sale can be found here. Insiders have sold a total of 18,737 shares of company stock worth $16,798,825 over the last 90 days. 0.38% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on NOW shares. JMP Securities restated a "market outperform" rating and set a $1,300.00 price objective on shares of ServiceNow in a research note on Monday, August 4th. Wells Fargo & Company raised their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Jefferies Financial Group raised their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Piper Sandler raised their price objective on ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, DA Davidson raised their price objective on ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, thirty have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,122.20.

ServiceNow Company 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.

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