Swedbank AB Lowers Position in ServiceNow, Inc. $NOW

Key Points

• Swedbank AB reduced its stake in ServiceNow, Inc. by 14.8% during the 2nd quarter, holding a total of 755,853 shares valued at approximately $777 million after selling 130,952 shares.
• Insider selling included CFO Gina Mastantuono selling 1,762 shares worth $1.53 million, which reflects a 12.59% reduction in her position.
• ServiceNow reported quarterly earnings of $4.09 per share, exceeding analysts' expectations, with revenue of $3.22 billion up 22.4% from the previous year.

Swedbank AB trimmed its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 14.8% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 755,853 shares of the information technology services provider's stock after selling 130,952 shares during the period. ServiceNow comprises approximately 0.9% of Swedbank AB's holdings, making the stock its 18th largest holding. Swedbank AB owned about 0.37% of ServiceNow worth $777,077,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Wealth Preservation Advisors LLC bought a new position in shares of ServiceNow in the 1st quarter valued at about $382,000. Corient IA LLC bought a new position in ServiceNow during the first quarter worth about $796,000. Parr Mcknight Wealth Management Group LLC bought a new stake in shares of ServiceNow during the first quarter worth approximately $1,820,000. ASR Vermogensbeheer N.V. bought a new stake in shares of ServiceNow during the first quarter worth approximately $19,278,000. Finally, Goldman Sachs Group Inc. raised its position in shares of ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after buying an additional 840,731 shares in the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Insider Buying and Selling

In related news, Director Anita M. Sands sold 1,097 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $915.11, for a total transaction of $1,003,875.67. Following the completion of the sale, the director owned 9,307 shares of the company's stock, valued at approximately $8,516,928.77. This represents a 10.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction that occurred on 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 sale, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,976 shares of company stock valued at $17,049,775 in the last quarter. Corporate insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on NOW shares. Jefferies Financial Group boosted their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Bank of America upped their price target on shares of ServiceNow from $1,110.00 to $1,200.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. BMO Capital Markets upped their price objective on shares of ServiceNow from $1,150.00 to $1,160.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Piper Sandler increased their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Finally, Morgan Stanley reaffirmed an "equal weight" rating on shares of ServiceNow in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Price Performance

Shares of ServiceNow stock traded up $15.47 during trading hours on Friday, reaching $963.21. 2,806,372 shares of the company's stock were exchanged, compared to its average volume of 1,416,023. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a market capitalization of $200.35 billion, a P/E ratio of 121.31, a price-to-earnings-growth ratio of 4.33 and a beta of 0.91. The business has a fifty day moving average of $922.60 and a two-hundred day moving average of $923.38. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The company 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%. ServiceNow's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.13 earnings per share. As a group, research analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

ServiceNow Company 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.