Skandinaviska Enskilda Banken AB publ Decreases Holdings in ServiceNow, Inc. (NYSE:NOW)

Skandinaviska Enskilda Banken AB publ decreased its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 0.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 242,205 shares of the information technology services provider's stock after selling 1,002 shares during the period. ServiceNow comprises approximately 1.2% of Skandinaviska Enskilda Banken AB publ's portfolio, making the stock its 15th biggest holding. Skandinaviska Enskilda Banken AB publ owned about 0.12% of ServiceNow worth $258,602,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Erste Asset Management GmbH increased its holdings in shares of ServiceNow by 11.4% during the fourth quarter. Erste Asset Management GmbH now owns 81,013 shares of the information technology services provider's stock valued at $87,257,000 after acquiring an additional 8,316 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of ServiceNow during the fourth quarter valued at approximately $12,603,000. Rakuten Securities Inc. lifted its holdings in shares of ServiceNow by 131.3% during the 4th quarter. Rakuten Securities Inc. now owns 657 shares of the information technology services provider's stock valued at $696,000 after buying an additional 373 shares during the period. Avantax Advisory Services Inc. boosted its position in ServiceNow by 0.3% in the fourth quarter. Avantax Advisory Services Inc. now owns 10,171 shares of the information technology services provider's stock worth $10,783,000 after purchasing an additional 35 shares during the last quarter. Finally, Jupiter Asset Management Ltd. increased its holdings in ServiceNow by 3.9% during the fourth quarter. Jupiter Asset Management Ltd. now owns 74,881 shares of the information technology services provider's stock valued at $79,383,000 after buying an additional 2,815 shares during the last quarter. 87.18% of the stock is owned by institutional investors.

ServiceNow Stock Performance

NYSE NOW opened at $844.27 on Thursday. The firm has a market capitalization of $173.92 billion, a P/E ratio of 123.61, a PEG ratio of 4.51 and a beta of 1.03. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The stock has a 50-day simple moving average of $1,002.41 and a two-hundred day simple moving average of $984.53. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

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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, meeting analysts' consensus estimates of $3.67. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. On average, equities analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow declared that its Board of Directors has approved a stock repurchase program 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on NOW shares. Truist Financial increased their price target on ServiceNow from $900.00 to $1,100.00 and gave the stock a "hold" rating in a research note on Thursday, December 12th. Canaccord Genuity Group reissued a "buy" rating and set a $1,275.00 price objective on shares of ServiceNow in a research note on Tuesday. TD Cowen raised their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the stock a "buy" rating in a report on Tuesday, December 10th. StockNews.com downgraded ServiceNow from a "buy" rating to a "hold" rating in a research report on Tuesday, February 11th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $1,300.00 price target on shares of ServiceNow in a research note on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,114.24.

Insider Activity at ServiceNow

In other news, CFO Gina Mastantuono sold 4,442 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $964.70, for a total transaction of $4,285,197.40. Following the completion of the sale, the chief financial officer now owns 11,126 shares in the company, valued at $10,733,252.20. This trade represents a 28.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 2,945 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $923.72, for a total value of $2,720,355.40. Following the sale, the insider now directly owns 3,649 shares of the company's stock, valued at approximately $3,370,654.28. This trade represents a 44.66 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,351 shares of company stock valued at $20,050,076. 0.25% of the stock is owned by insiders.

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.

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