AMF Tjanstepension AB Sells 7,976 Shares of ServiceNow, Inc. (NYSE:NOW)

AMF Tjanstepension AB lowered its stake in shares of ServiceNow, Inc. (NYSE:NOW) by 39.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,247 shares of the information technology services provider’s stock after selling 7,976 shares during the quarter. AMF Tjanstepension AB’s holdings in ServiceNow were worth $12,983,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Avidian Wealth Enterprises LLC increased its position in shares of ServiceNow by 1.8% during the 4th quarter. Avidian Wealth Enterprises LLC now owns 497 shares of the information technology services provider’s stock valued at $527,000 after purchasing an additional 9 shares during the last quarter. Redhawk Wealth Advisors Inc. increased its position in shares of ServiceNow by 2.2% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 459 shares of the information technology services provider’s stock valued at $487,000 after purchasing an additional 10 shares during the last quarter. Institute for Wealth Management LLC. increased its position in shares of ServiceNow by 0.4% during the 4th quarter. Institute for Wealth Management LLC. now owns 2,622 shares of the information technology services provider’s stock valued at $2,779,000 after purchasing an additional 11 shares during the last quarter. TBH Global Asset Management LLC increased its position in shares of ServiceNow by 3.8% during the 4th quarter. TBH Global Asset Management LLC now owns 302 shares of the information technology services provider’s stock valued at $320,000 after purchasing an additional 11 shares during the last quarter. Finally, Onefund LLC increased its position in shares of ServiceNow by 2.0% during the 4th quarter. Onefund LLC now owns 552 shares of the information technology services provider’s stock valued at $585,000 after purchasing an additional 11 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Stock Performance

NYSE:NOW opened at $850.54 on Friday. The stock has a 50-day simple moving average of $1,017.44 and a two-hundred day simple moving average of $983.88. ServiceNow, Inc. has a 52-week low of $637.99 and a 52-week high of $1,198.09. The firm has a market capitalization of $175.21 billion, a PE ratio of 124.53, a P/E/G ratio of 4.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.10 and a current ratio of 1.10.

ServiceNow (NYSE:NOW) last announced 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 return on equity of 17.11% and a net margin of 12.97%. Analysts forecast that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow announced that its board has approved a share repurchase program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently commented on NOW shares. Jefferies Financial Group reduced their price objective on ServiceNow from $1,300.00 to $1,250.00 and set a “buy” rating on the stock in a research report on Thursday, January 30th. The Goldman Sachs Group raised their price target on ServiceNow from $1,050.00 to $1,200.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Piper Sandler raised their price target on ServiceNow from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Redburn Atlantic initiated coverage on ServiceNow in a research report on Wednesday, February 19th. They issued a “buy” rating on the stock. Finally, KeyCorp lowered ServiceNow from an “overweight” rating to a “sector weight” rating in a research report on Friday, December 13th. 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,129.72.

Insider Activity

In related news, insider Jacqueline P. Canney sold 455 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $1,058.54, for a total value of $481,635.70. Following the sale, the insider now directly owns 3,027 shares in the company, valued at approximately $3,204,200.58. The trade was a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William R. Mcdermott sold 1,263 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $1,019.10, for a total value of $1,287,123.30. Following the completion of the sale, the chief executive officer now owns 2,595 shares in the company, valued at $2,644,564.50. This represents a 32.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,351 shares of company stock worth $20,050,076 over the last ninety days. Corporate insiders own 0.25% of the company’s stock.

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.