Lansforsakringar Fondforvaltning AB publ Sells 6,879 Shares of ServiceNow, Inc. $NOW

Key Points

• Lansforsakringar Fondforvaltning AB reduced its holdings in ServiceNow, Inc. by 8.3%, selling 6,879 shares and now owning 75,747 shares worth approximately $60.3 million.
• Several large investors, including Bogart Wealth LLC and WASHINGTON TRUST Co, have significantly adjusted their stakes in ServiceNow, highlighting a broader trend of institutional interest in the stock.
• Research analysts have set various price targets for ServiceNow, with a consensus target price of $1,115.20, reflecting strong buy ratings from the majority of analysts.

Lansforsakringar Fondforvaltning AB publ lowered its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 8.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 75,747 shares of the information technology services provider's stock after selling 6,879 shares during the quarter. Lansforsakringar Fondforvaltning AB publ's holdings in ServiceNow were worth $60,305,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Bogart Wealth LLC increased its position in shares of ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. bought a new stake in shares of ServiceNow in the 1st quarter valued at $26,000. Quarry LP bought a new stake in shares of ServiceNow in the 4th quarter valued at $27,000. WASHINGTON TRUST Co increased its position in shares of ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after buying an additional 31 shares in the last quarter. Finally, Dagco Inc. bought a new stake in shares of ServiceNow in the 1st quarter valued at $33,000. Institutional investors and hedge funds own 87.18% of the company's stock.

Insiders Place Their Bets

In other news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the transaction, the insider owned 3,000 shares in the company, valued at approximately $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jacqueline P. Canney sold 1,562 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the transaction, the insider owned 3,027 shares in the company, valued at $2,622,744.15. This represents a 34.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,302 shares of company stock valued at $10,956,796 over the last quarter. Company insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

NOW has been the subject of a number of research reports. Barclays set a $1,210.00 target price on ServiceNow in a report on Thursday, July 24th. Mizuho increased their target price on ServiceNow from $1,050.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. Raymond James Financial increased their target price on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Guggenheim reiterated a "sell" rating and set a $724.00 target price on shares of ServiceNow in a report on Thursday, July 17th. Finally, Royal Bank Of Canada raised their price objective on ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a report on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and a consensus target price of $1,115.20.

ServiceNow Price Performance

NYSE:NOW traded down $10.12 during mid-day trading on Friday, reaching $918.49. The stock had a trading volume of 1,881,767 shares, compared to its average volume of 1,914,586. The stock has a 50-day simple moving average of $945.88 and a two-hundred day simple moving average of $925.54. The stock has a market capitalization of $191.04 billion, a PE ratio of 115.68, a P/E/G ratio of 4.19 and a beta of 0.93. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, topping analysts' consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The company's revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.13 earnings per share. On average, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.