Handelsbanken Fonder AB Grows Stock Holdings in ServiceNow, Inc. (NYSE:NOW)

Handelsbanken Fonder AB lifted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 41.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 186,086 shares of the information technology services provider's stock after buying an additional 54,142 shares during the period. ServiceNow makes up about 0.8% of Handelsbanken Fonder AB's portfolio, making the stock its 19th largest position. Handelsbanken Fonder AB owned approximately 0.09% of ServiceNow worth $197,273,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. World Investment Advisors LLC boosted its position in shares of ServiceNow by 499,668.1% in the 3rd quarter. World Investment Advisors LLC now owns 4,772,785 shares of the information technology services provider's stock worth $4,268,731,000 after purchasing an additional 4,771,830 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in ServiceNow by 89,137.0% in the third quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider's stock worth $1,059,912,000 after acquiring an additional 1,183,739 shares in the last quarter. Bank of Montreal Can grew its stake in shares of ServiceNow by 216.6% during the third quarter. Bank of Montreal Can now owns 1,367,875 shares of the information technology services provider's stock worth $1,206,178,000 after acquiring an additional 935,848 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of 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 valued at $2,834,797,000 after acquiring an additional 615,797 shares in the last quarter. Finally, FMR LLC raised its position in shares of ServiceNow by 9.9% in the 3rd quarter. FMR LLC now owns 5,606,394 shares of the information technology services provider's stock valued at $5,014,302,000 after purchasing an additional 502,845 shares during the last quarter. Institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

Shares of NYSE NOW traded down $31.16 during trading on Friday, hitting $936.82. The company had a trading volume of 1,142,284 shares, compared to its average volume of 1,617,793. The firm has a market capitalization of $192.98 billion, a price-to-earnings ratio of 136.72, a price-to-earnings-growth ratio of 4.60 and a beta of 0.99. The stock has a fifty day simple moving average of $1,058.36 and a two-hundred day simple moving average of $976.01. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.15. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, hitting the consensus estimate of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, research analysts expect that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 29th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

NOW has been the topic of a number of recent analyst reports. KeyCorp lowered shares of ServiceNow from an "overweight" rating to a "sector weight" rating in a research note on Friday, December 13th. Citigroup cut their target price on ServiceNow from $1,432.00 to $1,426.00 and set a "buy" rating on the stock in a research report on Tuesday, February 4th. Oppenheimer boosted their price target on ServiceNow from $1,150.00 to $1,200.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. increased their price objective on ServiceNow from $950.00 to $1,250.00 and gave the company an "overweight" rating in a report on Wednesday, January 29th. Finally, Scotiabank started coverage on ServiceNow in a report on Tuesday, November 19th. They set a "sector outperform" rating and a $1,230.00 target price for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $1,129.72.

Insider Transactions at ServiceNow

In other news, CEO William R. Mcdermott sold 384 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total value of $378,869.76. Following the completion of the sale, the chief executive officer now directly owns 6,614 shares in the company, valued at $6,525,636.96. This represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Russell S. Elmer sold 2,511 shares of the firm's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $1,012.09, for a total value of $2,541,357.99. Following the completion of the sale, the general counsel now directly owns 4,332 shares of the company's stock, valued at $4,384,373.88. This trade represents a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,806 shares of company stock valued at $16,065,122 over the last 90 days. 0.25% of the stock is currently owned by corporate insiders.

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.