ServiceNow, Inc. $NOW Holdings Boosted by E. Ohman J or Asset Management AB

Key Points

• E. Ohman J or Asset Management AB increased its ServiceNow stake by 62% in the second quarter, acquiring 163,729 additional shares for a total holding valued at approximately $42.5 million. Institutional investors collectively own 87.18% of the company.
• ServiceNow reported quarterly earnings of $0.90 per share, exceeding estimates of $0.86, while revenue reached $3.99 billion and rose 24% year over year.
• Analysts maintain a generally positive view, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $143.39; shares recently opened at $127.33.

E. Ohman J or Asset Management AB grew its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 62.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 427,836 shares of the information technology services provider's stock after purchasing an additional 163,729 shares during the quarter. ServiceNow makes up 1.0% of E. Ohman J or Asset Management AB's portfolio, making the stock its 19th largest holding. E. Ohman J or Asset Management AB's holdings in ServiceNow were worth $42,476,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Marquette Asset Management LLC grew its position in shares of ServiceNow by 75.0% during the second quarter. Marquette Asset Management LLC now owns 301 shares of the information technology services provider's stock worth $30,000 after acquiring an additional 129 shares during the last quarter. Sage Capital Advisors llc bought a new stake in ServiceNow in the 2nd quarter valued at about $281,000. Wealthcare Advisory Partners LLC lifted its position in ServiceNow by 24.9% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 38,198 shares of the information technology services provider's stock valued at $3,792,000 after purchasing an additional 7,616 shares during the last quarter. Paladin Wealth LLC boosted its stake in ServiceNow by 47.2% during the 2nd quarter. Paladin Wealth LLC now owns 6,581 shares of the information technology services provider's stock valued at $653,000 after purchasing an additional 2,111 shares during the period. Finally, Revolve Wealth Partners LLC boosted its stake in ServiceNow by 15.3% during the 2nd quarter. Revolve Wealth Partners LLC now owns 4,971 shares of the information technology services provider's stock valued at $494,000 after purchasing an additional 658 shares during the period. Institutional investors own 87.18% of the company's stock.

ServiceNow Stock Up 2.0%

Shares of NOW stock opened at $127.33 on Tuesday. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $194.73. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. The business's fifty day moving average is $106.56 and its 200-day moving average is $105.72. The stock has a market cap of $131.66 billion, a PE ratio of 79.58, a price-to-earnings-growth ratio of 2.20 and a beta of 0.94.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.04. The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The company's revenue was up 24.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. Equities analysts expect that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, Director Paul Edward Chamberlain sold 1,500 shares of the company's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $87.23, for a total value of $130,845.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Fipps sold 1,048 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $98.51, for a total value of $103,238.48. Following the sale, the insider owned 12,072 shares of the company's stock, valued at $1,189,212.72. This trade represents a 7.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 18,993 shares of company stock valued at $1,716,436. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

NOW has been the topic of several analyst reports. Sanford C. Bernstein restated an "outperform" rating and issued a $248.00 price target (up from $236.00) on shares of ServiceNow in a research note on Thursday, July 23rd. Wolfe Research set a $125.00 target price on ServiceNow in a research report on Thursday, April 23rd. Benchmark reaffirmed a "buy" rating on shares of ServiceNow in a research note on Friday, July 17th. HSBC reduced their price target on ServiceNow from $226.00 to $171.00 and set a "buy" rating for the company in a research report on Thursday, April 16th. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of ServiceNow in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $143.39.

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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