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

Forsta AP Fonden reduced its stake in ServiceNow, Inc. (NYSE:NOW) by 8.0% in the 2nd quarter, Holdings Channel reports. The firm owned 56,600 shares of the information technology services provider’s stock after selling 4,900 shares during the quarter. Forsta AP Fonden’s holdings in ServiceNow were worth $44,526,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in NOW. Linscomb Wealth Inc. grew its stake in shares of ServiceNow by 3.3% during the second quarter. Linscomb Wealth Inc. now owns 2,412 shares of the information technology services provider’s stock valued at $1,897,000 after acquiring an additional 78 shares in the last quarter. Hazlett Burt & Watson Inc. grew its stake in ServiceNow by 9.3% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 212 shares of the information technology services provider’s stock valued at $167,000 after purchasing an additional 18 shares in the last quarter. Trifecta Capital Advisors LLC increased its holdings in ServiceNow by 6.6% during the 2nd quarter. Trifecta Capital Advisors LLC now owns 7,061 shares of the information technology services provider’s stock worth $5,555,000 after purchasing an additional 435 shares during the last quarter. SP Asset Management LLC acquired a new position in shares of ServiceNow in the 2nd quarter valued at approximately $229,000. Finally, South Street Advisors LLC boosted its stake in shares of ServiceNow by 1.5% during the 2nd quarter. South Street Advisors LLC now owns 24,590 shares of the information technology services provider’s stock valued at $19,344,000 after buying an additional 370 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. TD Cowen lifted their target price on ServiceNow from $870.00 to $900.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Piper Sandler upped their price objective on ServiceNow from $830.00 to $850.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. JPMorgan Chase & Co. increased their target price on ServiceNow from $780.00 to $820.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Guggenheim restated a “sell” rating and set a $640.00 price target on shares of ServiceNow in a research report on Monday, July 8th. Finally, Stifel Nicolaus increased their price objective on shares of ServiceNow from $820.00 to $900.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $849.62.

Insider Activity

In related news, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total value of $1,485,000.00. Following the transaction, the chief financial officer now owns 11,490 shares in the company, valued at $9,479,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other ServiceNow news, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $825.00, for a total transaction of $1,485,000.00. Following the transaction, the chief financial officer now owns 11,490 shares in the company, valued at $9,479,250. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 804 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $812.00, for a total value of $652,848.00. Following the completion of the sale, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,457,924. The disclosure for this sale can be found here. Insiders sold a total of 6,914 shares of company stock worth $5,608,936 in the last three months. 0.25% of the stock is owned by insiders.

ServiceNow Stock Up 1.7 %

NOW stock opened at $875.17 on Thursday. The company has a 50 day moving average of $803.76 and a two-hundred day moving average of $764.97. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. ServiceNow, Inc. has a 12-month low of $527.24 and a 12-month high of $877.62. The company has a market cap of $179.41 billion, a price-to-earnings ratio of 93.60, a PEG ratio of 4.95 and a beta of 0.98.

ServiceNow (NYSE:NOW) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter last year, the firm earned $0.77 earnings per share. The business’s revenue for the quarter was up 22.2% on a year-over-year basis. On average, equities analysts anticipate that ServiceNow, Inc. will post 6.78 earnings per share for the current fiscal year.

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.