Avanza Fonder AB Takes $14.85 Million Position in ServiceNow, Inc. (NYSE:NOW)

Avanza Fonder AB acquired a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 14,011 shares of the information technology services provider's stock, valued at approximately $14,853,000.

Several other large investors have also recently added to or reduced their stakes in NOW. State Street Corp increased its holdings in ServiceNow by 2.6% in the third quarter. State Street Corp now owns 9,077,547 shares of the information technology services provider's stock worth $8,118,867,000 after buying an additional 226,023 shares during the last quarter. FMR LLC grew its position in ServiceNow by 9.9% in the third quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider's stock worth $5,014,302,000 after acquiring an additional 502,845 shares in the last quarter. World Investment Advisors LLC raised its holdings in shares of ServiceNow by 499,668.1% during the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider's stock valued at $4,268,731,000 after purchasing an additional 4,771,830 shares in the last quarter. Geode Capital Management LLC boosted its holdings in ServiceNow by 1.9% in the third quarter. Geode Capital Management LLC now owns 4,211,901 shares of the information technology services provider's stock worth $3,753,828,000 after purchasing an additional 78,378 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in ServiceNow by 24.1% during the third quarter. Wellington Management Group LLP now owns 3,169,531 shares of the information technology services provider's stock worth $2,834,797,000 after buying an additional 615,797 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company's stock.

Wall Street Analyst Weigh In

NOW has been the topic of a number of analyst reports. JMP Securities increased their price objective on ServiceNow from $850.00 to $1,000.00 and gave the company a "market outperform" rating in a report on Thursday, October 17th. TD Cowen lifted their price target on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a "buy" rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. upped their price objective on shares of ServiceNow from $820.00 to $950.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. Wells Fargo & Company boosted their target price on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an "overweight" rating in a research report on Thursday, December 5th. Finally, Piper Sandler raised their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the company an "overweight" rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, ServiceNow has a consensus rating of "Moderate Buy" and an average price target of $1,080.38.

ServiceNow Price Performance

ServiceNow stock traded up $14.86 during trading hours on Friday, hitting $1,072.02. 1,079,535 shares of the stock were exchanged, compared to its average volume of 944,889. The stock has a market capitalization of $220.84 billion, a P/E ratio of 166.72, a P/E/G ratio of 4.65 and a beta of 0.99. The business's 50-day moving average is $1,069.67 and its two-hundred day moving average is $931.27. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.13 and a current ratio of 1.13. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,157.90.

ServiceNow (NYSE:NOW - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.46 by $0.26. ServiceNow had a return on equity of 16.03% and a net margin of 12.77%. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.75 billion. During the same quarter in the previous year, the company posted $1.21 EPS. The business's revenue for the quarter was up 22.2% compared to the same quarter last year. Equities research analysts expect that ServiceNow, Inc. will post 7.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Nicholas Tzitzon sold 313 shares of the business's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $333,219.80. Following the completion of the sale, the insider now owns 3,649 shares in the company, valued at $3,884,725.40. The trade was a 7.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jacqueline P. Canney sold 66 shares of the firm's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $1,048.29, for a total value of $69,187.14. Following the completion of the transaction, the insider now owns 3,027 shares in the company, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,731 shares of company stock valued at $21,016,751 in the last 90 days. 0.25% of the stock is currently owned by insiders.

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.