Lansforsakringar Fondforvaltning AB publ Has $34.92 Million Holdings in ServiceNow, Inc. $NOW

Key Points

• Lansforsakringar Fondforvaltning AB publ cut its ServiceNow stake by 8.6% in the first quarter, selling 31,599 shares and ending with 334,001 shares worth about $34.92 million.
• ServiceNow’s latest quarterly results showed EPS of $0.97, matching estimates, while revenue of $3.77 billion slightly beat forecasts and rose 22.1% year over year.
• Wall Street sentiment remains constructive, with analysts giving ServiceNow an average rating of Moderate Buy and an average price target of $142.17, even as the stock traded around $99.89.

Lansforsakringar Fondforvaltning AB publ lessened its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 8.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 334,001 shares of the information technology services provider's stock after selling 31,599 shares during the period. Lansforsakringar Fondforvaltning AB publ's holdings in ServiceNow were worth $34,920,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of NOW. Brighton Jones LLC lifted its position in shares of ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock valued at $2,919,000 after acquiring an additional 30 shares during the period. Sivia Capital Partners LLC increased its stake in ServiceNow by 4.2% in the second quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider's stock valued at $861,000 after purchasing an additional 34 shares in the last quarter. United Bank raised its holdings in shares of ServiceNow by 15.5% during the second quarter. United Bank now owns 1,519 shares of the information technology services provider's stock valued at $1,562,000 after purchasing an additional 204 shares during the period. Riggs Asset Managment Co. Inc. raised its holdings in shares of ServiceNow by 2.2% during the second quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider's stock valued at $1,976,000 after purchasing an additional 42 shares during the period. Finally, Nebula Research & Development LLC boosted its position in shares of ServiceNow by 205.1% during the 2nd quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider's stock worth $931,000 after purchasing an additional 609 shares in the last quarter. Institutional investors own 87.18% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NOW. BNP Paribas Exane upgraded ServiceNow from a "neutral" rating to an "outperform" rating and set a $140.00 target price for the company in a research note on Monday, March 16th. Citizens Jmp reiterated a "market outperform" rating and issued a $157.00 price target on shares of ServiceNow in a report on Tuesday, May 5th. Royal Bank Of Canada reissued an "outperform" rating and issued a $121.00 price objective on shares of ServiceNow in a research note on Tuesday, May 5th. Barclays restated an "overweight" rating and set a $134.00 price objective (up from $132.00) on shares of ServiceNow in a report on Tuesday, May 5th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on ServiceNow from $180.00 to $135.00 and set a "buy" rating on the stock in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $142.17.

ServiceNow Price Performance

NOW stock opened at $99.89 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.84 and a current ratio of 0.84. The business has a 50-day simple moving average of $100.17 and a two-hundred day simple moving average of $114.38. The company has a market capitalization of $102.99 billion, a P/E ratio of 59.53, a price-to-earnings-growth ratio of 1.64 and a beta of 0.94. ServiceNow, Inc. has a 52-week low of $81.24 and a 52-week high of $211.48.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share for the quarter, meeting analysts' consensus estimates of $0.97. The company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The company's revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter last year, the company earned $0.81 earnings per share. Research analysts expect that ServiceNow, Inc. will post 2.34 EPS for the current fiscal year.

Insider Activity

In other news, insider Jacqueline P. Canney sold 8,927 shares of the company's stock in a transaction on Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the completion of the sale, the insider owned 29,531 shares in the company, valued at $2,645,977.60. This represents a 23.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $87.23, for a total transaction of $130,845.00. Following the completion of the sale, the director owned 44,930 shares of the company's stock, valued at approximately $3,919,243.90. This represents a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 28,071 shares of company stock valued at $2,529,956 over the last quarter. 0.34% of the stock is owned by insiders.

About ServiceNow

ServiceNow NYSE: NOW is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company's flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.

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