Swedbank AB Sells 214,838 Shares of ServiceNow, Inc. $NOW

Key Points

• Swedbank AB has reduced its stake in ServiceNow by 19.5%, selling 214,838 shares and maintaining 886,805 shares, which accounts for approximately 0.9% of its investment portfolio.
• ServiceNow's recent quarterly earnings exceeded expectations, reporting $4.09 EPS against a consensus estimate of $3.57, with revenue of $3.22 billion, marking a 22.4% increase year-over-year.
• Analysts show a positive outlook on ServiceNow, with multiple firms adjusting their price targets upwards, setting an average target price of $1,115.20 and a "Moderate Buy" consensus rating.

Swedbank AB reduced its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 19.5% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 886,805 shares of the information technology services provider's stock after selling 214,838 shares during the quarter. ServiceNow accounts for about 0.9% of Swedbank AB's investment portfolio, making the stock its 19th biggest holding. Swedbank AB owned 0.43% of ServiceNow worth $706,021,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bogart Wealth LLC increased its stake in ServiceNow by 113.3% during the 1st 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. bought a new stake in ServiceNow during the 1st quarter valued at about $26,000. WASHINGTON TRUST Co increased its stake in ServiceNow by 620.0% during the 1st 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. Dagco Inc. bought a new stake in ServiceNow during the 1st quarter valued at about $33,000. Finally, Heck Capital Advisors LLC bought a new stake in ServiceNow during the 4th quarter valued at about $37,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Stock Performance

NOW opened at $940.23 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market cap of $195.57 billion, a price-to-earnings ratio of 118.42, a PEG ratio of 4.17 and a beta of 0.91. The company's 50 day moving average is $929.66 and its 200 day moving average is $922.41. 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 quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 earnings per share. On average, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

Insider Buying and Selling

In related news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,489,427.55. Following the transaction, the insider owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Gina Mastantuono sold 1,762 shares of the firm's 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 $1,526,684.90. Following the completion of the transaction, the chief financial officer directly owned 12,228 shares in the company, valued at approximately $10,594,950.60. The trade was a 12.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,976 shares of company stock valued at $17,049,775 in the last 90 days. 0.38% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. JMP Securities restated a "market outperform" rating and set a $1,300.00 price objective on shares of ServiceNow in a research note on Monday, August 4th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,200.00 price target on shares of ServiceNow in a research note on Thursday, July 24th. UBS Group reduced their price target on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research note on Thursday, July 24th. Wells Fargo & Company lifted their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Finally, Raymond James Financial lifted their price target on shares of ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. 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. According to data from MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

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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