Handelsbanken Fonder AB Has $86.51 Million Stock Holdings in ServiceNow, Inc. $NOW

Handelsbanken Fonder AB decreased its position in ServiceNow, Inc. (NYSE:NOW) by 4.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 871,356 shares of the information technology services provider’s stock after selling 43,249 shares during the quarter. Handelsbanken Fonder AB owned 0.08% of ServiceNow worth $86,508,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in ServiceNow by 404.5% in the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock valued at $15,619,771,000 after buying an additional 81,752,460 shares in the last quarter. State Street Corp increased its holdings in shares of ServiceNow by 406.6% during the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock worth $7,337,280,000 after buying an additional 38,441,898 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of ServiceNow by 371.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock valued at $4,962,692,000 after acquiring an additional 25,517,218 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of ServiceNow by 404.8% in the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock valued at $3,591,425,000 after acquiring an additional 18,854,775 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of ServiceNow by 335.6% in the fourth quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock valued at $3,482,543,000 after acquiring an additional 17,514,679 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. FBN Securities decreased their price target on ServiceNow from $160.00 to $120.00 in a research report on Thursday, April 23rd. Truist Financial lifted their price objective on ServiceNow from $120.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. UBS Group set a $248.00 price objective on ServiceNow in a research note on Thursday, July 23rd. Wells Fargo & Company decreased their target price on ServiceNow from $185.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, April 23rd. Finally, Evercore restated an “outperform” rating and issued a $160.00 target price on shares of ServiceNow in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $143.39.

Insider Activity

In other news, Director Paul Edward Chamberlain sold 1,500 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were 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 trade represents a 3.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anita M. Sands sold 16,445 shares of ServiceNow stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $90.14, for a total transaction of $1,482,352.30. Following the sale, the director owned 30,090 shares of the company’s stock, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 18,993 shares of company stock valued at $1,716,436. 0.34% of the stock is currently owned by insiders.

ServiceNow Trading Up 2.0%

Shares of NOW opened at $127.33 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.43. ServiceNow, Inc. has a 12-month low of $81.24 and a 12-month high of $194.73. The firm has a market capitalization 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. The stock’s fifty day simple moving average is $106.56 and its 200-day simple moving average is $105.72.

ServiceNow (NYSE:NOW) last announced its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The firm 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 period last year, the company earned $0.81 earnings per share. As a group, research analysts predict that ServiceNow, Inc. will post 2.24 earnings per share for the current year.

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.