Handelsbanken Fonder AB Sells 43,249 Shares of ServiceNow, Inc. $NOW

Handelsbanken Fonder AB decreased its stake in ServiceNow, Inc. (NYSE:NOW) by 4.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 871,356 shares of the information technology services provider’s stock after selling 43,249 shares during the quarter. Handelsbanken Fonder AB’s holdings in ServiceNow were worth $86,508,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Millstone Evans Group LLC increased its stake in shares of ServiceNow by 400.0% in the 4th quarter. Millstone Evans Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 132 shares during the last quarter. CBIZ Investment Advisory Services LLC boosted its stake in ServiceNow by 540.0% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 160 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 135 shares during the last quarter. Blueline Advisors LLC bought a new position in ServiceNow during the 4th quarter worth approximately $25,000. Measured Wealth Private Client Group LLC grew its holdings in ServiceNow by 560.0% during the fourth quarter. Measured Wealth Private Client Group LLC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 140 shares during the period. Finally, Wealth Watch Advisors INC grew its holdings in ServiceNow by 432.3% during the fourth quarter. Wealth Watch Advisors INC now owns 165 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 134 shares during the period. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

Shares of ServiceNow stock opened at $127.33 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market cap of $131.66 billion, a price-to-earnings ratio of 79.58, a price-to-earnings-growth ratio of 2.20 and a beta of 0.94. The stock’s 50-day moving average is $106.56 and its 200-day moving average is $105.72. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $194.73.

ServiceNow (NYSE:NOW) last posted its quarterly earnings data on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The business had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $3.93 billion. During the same period last year, the company earned $0.81 earnings per share. ServiceNow’s quarterly revenue was up 24.0% on a year-over-year basis. Equities analysts predict that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Paul Edward Chamberlain sold 1,500 shares of ServiceNow stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $87.23, for a total value of $130,845.00. Following the sale, the director directly owned 44,930 shares in the company, valued at $3,919,243.90. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anita M. Sands sold 16,445 shares of the business’s stock in a transaction 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 completion of the sale, the director directly owned 30,090 shares in the company, valued at approximately $2,712,312.60. This represents a 35.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 18,993 shares of company stock valued at $1,716,436 in the last quarter. 0.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft cut their target price on shares of ServiceNow from $180.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, April 16th. Weiss Ratings cut shares of ServiceNow from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, July 10th. Evercore reaffirmed an “outperform” rating and set a $160.00 price objective on shares of ServiceNow in a research note on Thursday, July 23rd. Sanford C. Bernstein reiterated an “outperform” rating and set a $248.00 target price (up from $236.00) on shares of ServiceNow in a report on Thursday, July 23rd. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $140.00 target price (up from $135.00) 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 assigned a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $143.39.

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.