Nykredit A S Purchases New Holdings in ServiceNow, Inc. $NOW

Key Points

• Nykredit A S acquired 537,922 ServiceNow shares during the second quarter, valued at approximately $53.4 million. Institutional investors collectively own 87.18% of the company.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $145.71; several firms recently raised their targets.
• ServiceNow beat quarterly expectations, reporting $0.90 in adjusted EPS and $3.99 billion in revenue, up 24% year over year. Shares opened at $135.21, while insiders have sold about $1.94 million of stock over the past 90 days.

Nykredit A S bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 537,922 shares of the information technology services provider's stock, valued at approximately $53,405,000. Nykredit A S owned about 0.05% of ServiceNow at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Second Line Capital LLC lifted its holdings in shares of ServiceNow by 60.4% in the second quarter. Second Line Capital LLC now owns 30,561 shares of the information technology services provider's stock worth $3,034,000 after buying an additional 11,512 shares in the last quarter. Cornerstone Financial Management LLC raised its position in shares of ServiceNow by 72.8% in the second quarter. Cornerstone Financial Management LLC now owns 254 shares of the information technology services provider's stock worth $25,000 after buying an additional 107 shares in the last quarter. Brown Financial Advisors boosted its stake in ServiceNow by 18.0% during the second quarter. Brown Financial Advisors now owns 11,937 shares of the information technology services provider's stock valued at $1,185,000 after buying an additional 1,821 shares during the period. Advus Financial Partners LLC grew its position in ServiceNow by 71.7% during the second quarter. Advus Financial Partners LLC now owns 3,763 shares of the information technology services provider's stock worth $374,000 after buying an additional 1,572 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in ServiceNow in the 2nd quarter worth about $28,275,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NOW has been the topic of a number of recent analyst reports. Benchmark reaffirmed a "buy" rating on shares of ServiceNow in a research note on Friday, July 17th. Robert W. Baird raised their price objective on ServiceNow from $118.00 to $125.00 and gave the company an "outperform" rating in a report on Thursday, July 23rd. Morgan Stanley set a $180.00 target price on ServiceNow in a research report on Tuesday, July 21st. BTIG Research lifted their price target on shares of ServiceNow from $150.00 to $170.00 and gave the stock a "buy" rating in a research note on Tuesday, September 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of ServiceNow from $145.00 to $150.00 and gave the company an "overweight" rating in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, ServiceNow has a consensus rating of "Moderate Buy" and a consensus target price of $145.71.

ServiceNow Stock Performance

Shares of NOW stock opened at $135.21 on Friday. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $194.73. The company's fifty day moving average price is $123.37 and its 200-day moving average price is $110.13. The stock has a market cap of $139.80 billion, a PE ratio of 84.50, a price-to-earnings-growth ratio of 2.54 and a beta of 0.97. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.43.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.93 billion. During the same period in the previous year, the company posted $0.81 earnings per share. The company's revenue for the quarter was up 24.0% compared to the same quarter last year. On average, equities analysts expect that ServiceNow, Inc. will post 2.22 EPS for the current fiscal year.

Insider Transactions at ServiceNow

In related news, insider Jacqueline P. Canney sold 7,847 shares of the company's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $138.00, for a total value of $1,082,886.00. Following the transaction, the insider directly owned 30,042 shares of the company's stock, valued at approximately $4,145,796. This represents a 20.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 2,034 shares of the company's stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $147.87, for a total transaction of $300,767.58. Following the transaction, the insider owned 18,305 shares in the company, valued at $2,706,760.35. This represents a 10.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 14,081 shares of company stock worth $1,937,904. Corporate insiders own 0.34% of the company's stock.

ServiceNow Profile

ServiceNow, Inc is a cloud-based enterprise software company that provides digital workflow and automation solutions. Its Now Platform enables organizations to manage and connect business processes across information technology, customer service, human resources, finance, legal operations and other departments.

The company's products and services include IT service management, IT operations management, customer service management, human resources service delivery, security operations, risk and compliance management, strategic portfolio management and application development tools.

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