Nordea Investment Management AB Buys 127,995 Shares of ServiceNow, Inc. $NOW

Key Points

• Nordea Investment Management AB has increased its stake in ServiceNow, Inc. by 16.7%, owning now 896,122 shares after acquiring an additional 127,995 shares in Q2 2023.
• ServiceNow's recent quarterly earnings surpassed estimates, reporting $4.09 EPS and $3.22 billion in revenue, indicating a 22.4% year-over-year growth.
• ServiceNow currently has an average analyst rating of "Moderate Buy" with a price target of $1,121.37, despite some insiders recently decreasing their positions in the company.

Nordea Investment Management AB increased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 16.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 896,122 shares of the information technology services provider's stock after acquiring an additional 127,995 shares during the quarter. ServiceNow comprises about 0.9% of Nordea Investment Management AB's portfolio, making the stock its 20th largest holding. Nordea Investment Management AB owned approximately 0.43% of ServiceNow worth $918,722,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of NOW. Bogart Wealth LLC raised its stake in ServiceNow by 113.3% during the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 17 shares in the last quarter. Graybill Wealth Management LTD. purchased a new stake in ServiceNow during the first quarter valued at $26,000. WASHINGTON TRUST Co raised its stake in ServiceNow by 620.0% during the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 31 shares in the last quarter. Global X Japan Co. Ltd. purchased a new stake in ServiceNow during the second quarter valued at $30,000. Finally, Dagco Inc. purchased a new stake in ServiceNow during the first quarter valued at $33,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Trading Down 1.0%

NOW stock opened at $894.03 on Friday. The company has a market capitalization of $185.96 billion, a PE ratio of 112.60, a P/E/G ratio of 4.07 and a beta of 0.92. ServiceNow, Inc. has a 12 month low of $678.66 and a 12 month high of $1,198.09. The firm's 50-day moving average is $909.64 and its 200 day moving average is $934.18. 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 (NYSE:NOW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm's revenue was up 22.4% compared to the same quarter last year. During the same quarter last year, the firm posted $3.13 EPS. On average, research analysts anticipate that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Buying and Selling

In related news, CEO William R. Mcdermott sold 5,825 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer owned 6,614 shares of the company's stock, valued at $6,062,590.82. This trade represents a 46.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the completion of the transaction, the insider directly owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% 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 ninety days. 0.38% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on NOW shares. Citigroup upped their price target on shares of ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Jefferies Financial Group increased their target price on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Wall Street Zen downgraded shares of ServiceNow from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Needham & Company LLC increased their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Morgan Stanley raised shares of ServiceNow from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $1,040.00 to $1,250.00 in a research note on Wednesday, September 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, ServiceNow currently has an average rating of "Moderate Buy" and an average price target of $1,121.37.

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.

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