Swedbank AB Has $1.02 Billion Stock Position in ServiceNow, Inc. (NYSE:NOW)

Swedbank AB grew its position in ServiceNow, Inc. (NYSE:NOW) by 10.3% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,298,722 shares of the information technology services provider’s stock after acquiring an additional 120,983 shares during the period. ServiceNow comprises approximately 1.4% of Swedbank AB’s portfolio, making the stock its 13th largest position. Swedbank AB’s holdings in ServiceNow were worth $1,021,666,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its holdings in shares of ServiceNow by 1.0% in the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 303,952 shares of the information technology services provider’s stock valued at $231,242,000 after buying an additional 3,145 shares during the period. Physician Wealth Advisors Inc. lifted its position in ServiceNow by 4.4% during the 2nd quarter. Physician Wealth Advisors Inc. now owns 1,172 shares of the information technology services provider’s stock worth $892,000 after buying an additional 49 shares in the last quarter. W.H. Cornerstone Investments Inc. lifted its position in ServiceNow by 6.2% during the 2nd quarter. W.H. Cornerstone Investments Inc. now owns 670 shares of the information technology services provider’s stock worth $527,000 after buying an additional 39 shares in the last quarter. Quantum Private Wealth LLC lifted its position in ServiceNow by 0.8% during the 2nd quarter. Quantum Private Wealth LLC now owns 3,726 shares of the information technology services provider’s stock worth $2,931,000 after buying an additional 29 shares in the last quarter. Finally, Galvin Gaustad & Stein LLC raised its holdings in shares of ServiceNow by 48.7% in the 2nd quarter. Galvin Gaustad & Stein LLC now owns 1,115 shares of the information technology services provider’s stock valued at $877,000 after purchasing an additional 365 shares during the period. Institutional investors and hedge funds own 87.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NOW. BMO Capital Markets upped their price target on shares of ServiceNow from $830.00 to $860.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. William Blair reiterated an “outperform” rating on shares of ServiceNow in a research note on Tuesday, May 7th. Guggenheim reiterated a “sell” rating and issued a $640.00 price target on shares of ServiceNow in a research note on Monday, July 8th. Wells Fargo & Company upped their price target on shares of ServiceNow from $920.00 to $935.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $835.00 price target on shares of ServiceNow in a research note on Tuesday, July 23rd. One equities 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $849.62.

ServiceNow Price Performance

Shares of ServiceNow stock traded down $4.97 on Friday, reaching $827.14. 835,170 shares of the stock were exchanged, compared to its average volume of 1,322,462. The firm’s 50 day moving average is $767.89 and its 200-day moving average is $757.14. ServiceNow, Inc. has a one year low of $527.24 and a one year high of $850.33. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market cap of $169.56 billion, a PE ratio of 88.61, a P/E/G ratio of 4.82 and a beta of 0.99.

ServiceNow (NYSE:NOW) last issued its quarterly earnings results on Wednesday, July 24th. The information technology services provider reported $3.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.28. ServiceNow had a net margin of 11.51% and a return on equity of 14.52%. The company had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter in the prior year, the firm posted $0.77 EPS. The firm’s quarterly revenue was up 22.2% on a year-over-year basis. As a group, analysts anticipate that ServiceNow, Inc. will post 6.84 EPS for the current fiscal year.

Insider Activity at ServiceNow

In related news, CFO Gina Mastantuono sold 1,800 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $738.88, for a total value of $1,329,984.00. Following the completion of the transaction, the chief financial officer now owns 13,290 shares of the company’s stock, valued at approximately $9,819,715.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Gina Mastantuono sold 1,800 shares of ServiceNow stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $738.88, for a total transaction of $1,329,984.00. Following the transaction, the chief financial officer now owns 13,290 shares in the company, valued at $9,819,715.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Nicholas Tzitzon sold 2,000 shares of ServiceNow stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $690.99, for a total transaction of $1,381,980.00. Following the transaction, the insider now owns 3,649 shares in the company, valued at approximately $2,521,422.51. The disclosure for this sale can be found here. Insiders sold a total of 10,178 shares of company stock valued at $7,760,105 in the last quarter. Insiders own 0.25% of the company’s stock.

About ServiceNow

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.