KLP Kapitalforvaltning AS Has $86.04 Million Stake in ServiceNow, Inc. $NOW

KLP Kapitalforvaltning AS boosted its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 2.9% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 83,685 shares of the information technology services provider’s stock after buying an additional 2,320 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in ServiceNow were worth $86,035,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOW. Brighton Jones LLC lifted its holdings in ServiceNow by 1.1% during the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider’s stock worth $2,919,000 after buying an additional 30 shares during the period. Miracle Mile Advisors LLC lifted its holdings in ServiceNow by 1.6% during the 1st quarter. Miracle Mile Advisors LLC now owns 4,344 shares of the information technology services provider’s stock worth $3,459,000 after buying an additional 68 shares during the period. Park Avenue Securities LLC lifted its holdings in ServiceNow by 3.2% during the 1st quarter. Park Avenue Securities LLC now owns 10,177 shares of the information technology services provider’s stock worth $8,102,000 after buying an additional 314 shares during the period. Capital Investment Advisors LLC lifted its holdings in ServiceNow by 42.4% during the 1st quarter. Capital Investment Advisors LLC now owns 4,733 shares of the information technology services provider’s stock worth $3,768,000 after buying an additional 1,409 shares during the period. Finally, NewSquare Capital LLC lifted its holdings in ServiceNow by 2.8% during the 1st quarter. NewSquare Capital LLC now owns 6,362 shares of the information technology services provider’s stock worth $5,065,000 after buying an additional 175 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

ServiceNow Trading Up 0.1%

Shares of ServiceNow stock opened at $913.27 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a 52 week low of $678.66 and a 52 week high of $1,198.09. The stock has a 50 day moving average price of $913.22 and a two-hundred day moving average price of $931.27. The stock has a market capitalization of $189.96 billion, a PE ratio of 115.02, a price-to-earnings-growth ratio of 4.11 and a beta of 0.92.

ServiceNow (NYSE:NOW) last issued its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.52. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.12 billion. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the previous year, the company posted $3.13 EPS. As a group, equities analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NOW has been the topic of several recent research reports. Wall Street Zen downgraded ServiceNow from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. UBS Group dropped their price objective on ServiceNow from $1,125.00 to $1,100.00 and set a “buy” rating on the stock in a research note on Thursday, July 24th. Needham & Company LLC boosted their price objective on ServiceNow from $1,050.00 to $1,200.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Wells Fargo & Company boosted their price objective on ServiceNow from $1,150.00 to $1,225.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. Finally, Citigroup boosted their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the company a “buy” rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, ServiceNow has a consensus rating of “Moderate Buy” and an average price target of $1,122.20.

Insider Activity

In other ServiceNow news, insider Paul Fipps sold 1,452 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider directly owned 457 shares of the company’s stock, valued at approximately $409,037.85. The trade was a 76.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 5,825 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $916.63, for a total value of $5,339,369.75. Following the sale, the chief executive officer directly owned 6,614 shares of the company’s stock, valued at $6,062,590.82. This represents a 46.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,737 shares of company stock worth $16,798,825. Company insiders own 0.38% 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.