Forsta AP Fonden Cuts Holdings in ServiceNow, Inc. (NYSE:NOW)

Forsta AP Fonden lessened its holdings in shares of ServiceNow, Inc. (NYSE:NOW) by 8.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 56,600 shares of the information technology services provider’s stock after selling 4,900 shares during the period. Forsta AP Fonden’s holdings in ServiceNow were worth $44,526,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. M&G Plc acquired a new position in ServiceNow during the first quarter worth $11,030,000. New Mexico Educational Retirement Board lifted its stake in ServiceNow by 9.4% during the first quarter. New Mexico Educational Retirement Board now owns 11,650 shares of the information technology services provider’s stock worth $8,882,000 after purchasing an additional 1,000 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of ServiceNow by 375.6% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 1,365 shares of the information technology services provider’s stock valued at $1,041,000 after buying an additional 1,078 shares in the last quarter. Wealthspire Advisors LLC raised its holdings in shares of ServiceNow by 3.4% in the 1st quarter. Wealthspire Advisors LLC now owns 1,683 shares of the information technology services provider’s stock valued at $1,283,000 after buying an additional 56 shares during the period. Finally, Brookstone Capital Management raised its holdings in shares of ServiceNow by 25.5% in the 2nd quarter. Brookstone Capital Management now owns 14,394 shares of the information technology services provider’s stock valued at $10,595,000 after buying an additional 2,928 shares during the period. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on NOW shares. JPMorgan Chase & Co. boosted their price target on shares of ServiceNow from $780.00 to $820.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Truist Financial raised their price target on shares of ServiceNow from $750.00 to $780.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Piper Sandler increased their price objective on ServiceNow from $830.00 to $850.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Canaccord Genuity Group restated a “buy” rating and set a $835.00 price target on shares of ServiceNow in a report on Tuesday, July 23rd. Finally, BMO Capital Markets boosted their price objective on ServiceNow from $830.00 to $860.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $849.62.

ServiceNow Stock Up 1.7 %

Shares of NYSE NOW opened at $875.17 on Thursday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.12 and a quick ratio of 1.12. The firm’s 50-day moving average is $803.76 and its two-hundred day moving average is $764.97. ServiceNow, Inc. has a 12-month low of $527.24 and a 12-month high of $877.62. The company has a market capitalization of $179.41 billion, a PE ratio of 93.60, a price-to-earnings-growth ratio of 4.95 and a beta of 0.98.

ServiceNow (NYSE:NOW) last posted its earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a return on equity of 14.52% and a net margin of 11.51%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the prior year, the company earned $0.77 EPS. ServiceNow’s revenue was up 22.2% on a year-over-year basis. Equities analysts anticipate that ServiceNow, Inc. will post 6.78 EPS for the current fiscal year.

Insider Buying and Selling at ServiceNow

In other ServiceNow news, insider Nicholas Tzitzon sold 1,857 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $829.68, for a total transaction of $1,540,715.76. Following the transaction, the insider now owns 3,649 shares of the company’s stock, valued at approximately $3,027,502.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Jacqueline P. Canney sold 94 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $825.92, for a total transaction of $77,636.48. Following the completion of the transaction, the insider now owns 4,019 shares of the company’s stock, valued at $3,319,372.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nicholas Tzitzon sold 1,857 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $829.68, for a total value of $1,540,715.76. Following the sale, the insider now owns 3,649 shares of the company’s stock, valued at $3,027,502.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,914 shares of company stock worth $5,608,936. Corporate insiders own 0.25% of the company’s stock.

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.