Livforsakringsbolaget Skandia Omsesidigt Reduces Holdings in ServiceNow, Inc. (NYSE:NOW)

Livforsakringsbolaget Skandia Omsesidigt decreased its position in shares of ServiceNow, Inc. (NYSE:NOW) by 55.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,090 shares of the information technology services provider’s stock after selling 2,650 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in ServiceNow were worth $2,215,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. World Investment Advisors LLC lifted its position in ServiceNow by 499,668.1% in the third 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 during the period. International Assets Investment Management LLC lifted its holdings in shares of ServiceNow by 89,137.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,185,067 shares of the information technology services provider’s stock valued at $1,059,912,000 after acquiring an additional 1,183,739 shares in the last quarter. Bank of Montreal Can lifted its holdings in ServiceNow by 216.6% in the 3rd 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 buying an additional 935,848 shares in the last quarter. Wellington Management Group LLP lifted its holdings in ServiceNow by 24.1% in the 3rd 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 in the last quarter. Finally, FMR LLC increased 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 worth $5,014,302,000 after purchasing an additional 502,845 shares during the last quarter. Institutional investors and hedge funds own 87.18% of the company’s stock.

ServiceNow Price Performance

Shares of NOW opened at $1,022.95 on Friday. The company has a market cap of $210.73 billion, a price-to-earnings ratio of 149.77, a PEG ratio of 4.74 and a beta of 0.99. ServiceNow, Inc. has a 1-year low of $637.99 and a 1-year high of $1,198.09. The company’s fifty day simple moving average is $1,081.55 and its 200 day simple moving average is $961.64. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, January 29th. The information technology services provider reported $3.67 EPS for the quarter, meeting the consensus estimate of $3.67. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. On average, research analysts forecast that ServiceNow, Inc. will post 8.94 earnings per share for the current fiscal year.

ServiceNow declared that its board has initiated a stock repurchase program on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, insider Jacqueline P. Canney sold 66 shares of the 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 of the company’s stock, valued at approximately $3,173,173.83. This represents a 2.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William R. Mcdermott sold 12,271 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $997.67, for a total transaction of $12,242,408.57. Following the completion of the transaction, the chief executive officer now directly owns 2,595 shares of the company’s stock, valued at $2,588,953.65. This trade represents a 82.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,702 shares of company stock valued at $20,965,306. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NOW shares. JPMorgan Chase & Co. boosted their price objective on shares of ServiceNow from $950.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. BMO Capital Markets upped their price target on shares of ServiceNow from $860.00 to $1,025.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. Morgan Stanley lowered shares of ServiceNow from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $900.00 to $960.00 in a research note on Monday, October 21st. TD Cowen increased their target price on shares of ServiceNow from $1,025.00 to $1,300.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, Robert W. Baird reduced their price target on shares of ServiceNow from $1,250.00 to $1,200.00 and set an “outperform” rating for the company in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $1,129.72.

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.