E. Ohman J or Asset Management AB Has $42.48 Million Stake in ServiceNow, Inc. $NOW

E. Ohman J or Asset Management AB boosted its position in shares of ServiceNow, Inc. (NYSE:NOW) by 62.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 427,836 shares of the information technology services provider’s stock after buying an additional 163,729 shares during the quarter. ServiceNow accounts for 1.0% of E. Ohman J or Asset Management AB’s investment portfolio, making the stock its 19th biggest holding. E. Ohman J or Asset Management AB’s holdings in ServiceNow were worth $42,476,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of ServiceNow by 404.5% in the fourth quarter. Vanguard Group Inc. now owns 101,963,384 shares of the information technology services provider’s stock worth $15,619,771,000 after acquiring an additional 81,752,460 shares during the last quarter. State Street Corp boosted its holdings in ServiceNow by 406.6% during the fourth quarter. State Street Corp now owns 47,896,597 shares of the information technology services provider’s stock valued at $7,337,280,000 after acquiring an additional 38,441,898 shares during the period. Price T Rowe Associates Inc. MD increased its position in ServiceNow by 371.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,395,663 shares of the information technology services provider’s stock worth $4,962,692,000 after buying an additional 25,517,218 shares during the period. Geode Capital Management LLC increased its position in ServiceNow by 404.8% during the fourth quarter. Geode Capital Management LLC now owns 23,512,428 shares of the information technology services provider’s stock worth $3,591,425,000 after acquiring an additional 18,854,775 shares during the period. Finally, Morgan Stanley raised its position in shares of ServiceNow by 335.6% during the fourth quarter. Morgan Stanley now owns 22,733,483 shares of the information technology services provider’s stock valued at $3,482,543,000 after buying an additional 17,514,679 shares during the last quarter. Hedge funds and other institutional investors own 87.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NOW shares. Robert W. Baird boosted their price target on ServiceNow from $118.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday, July 23rd. Royal Bank Of Canada reissued an “outperform” rating and set a $130.00 price objective on shares of ServiceNow in a report on Thursday, July 23rd. Weiss Ratings lowered ServiceNow from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, July 10th. Evercore reiterated an “outperform” rating and set a $160.00 price target on shares of ServiceNow in a research note on Thursday, July 23rd. Finally, Citic Securities lowered their price target on shares of ServiceNow from $168.00 to $140.00 and set a “buy” rating on the stock in a report on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $143.39.

Insider Activity

In related news, insider Paul Fipps sold 1,048 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $98.51, for a total transaction of $103,238.48. Following the transaction, the insider owned 12,072 shares in the company, valued at $1,189,212.72. This represents a 7.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Edward Chamberlain sold 1,500 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $87.23, for a total transaction of $130,845.00. Following the sale, the director directly owned 44,930 shares in the company, valued at approximately $3,919,243.90. This represents a 3.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 18,993 shares of company stock worth $1,716,436. 0.34% of the stock is owned by corporate insiders.

ServiceNow Stock Up 2.0%

NYSE NOW opened at $127.33 on Tuesday. The firm has a market cap of $131.66 billion, a PE ratio of 79.58, a price-to-earnings-growth ratio of 2.20 and a beta of 0.94. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $194.73. The stock’s 50 day simple moving average is $106.56 and its 200 day simple moving average is $105.72. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70.

ServiceNow (NYSE:NOW) last released its quarterly earnings results on Wednesday, July 22nd. The information technology services provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $3.93 billion. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The business’s revenue was up 24.0% on a year-over-year basis. During the same period last year, the firm posted $0.81 EPS. As a group, sell-side analysts forecast that ServiceNow, Inc. will post 2.24 earnings per share for the current fiscal year.

ServiceNow Company Profile

ServiceNow (NYSE: NOW) is a cloud computing company that builds enterprise software to manage digital workflows and automate business processes. Its offerings are designed to replace manual work and legacy systems with cloud-based, service-oriented applications that support IT operations, customer service, human resources, security response and other enterprise functions.

The company’s flagship product family is the Now Platform, a suite of subscription software and platform services that includes IT Service Management (ITSM), IT Operations Management (ITOM), IT Business Management (ITBM), Customer Service Management (CSM), HR Service Delivery, Security Operations and Asset Management.