BLI Banque de Luxembourg Investments Buys New Holdings in ServiceNow, Inc. (NYSE:NOW)

BLI Banque de Luxembourg Investments acquired a new position in ServiceNow, Inc. (NYSE:NOW - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 47,130 shares of the information technology services provider's stock, valued at approximately $50,280,000. ServiceNow makes up about 1.4% of BLI Banque de Luxembourg Investments' investment portfolio, making the stock its 24th largest holding.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP bought a new position in ServiceNow during the fourth quarter valued at $27,000. Atala Financial Inc purchased a new position in shares of ServiceNow during the 4th quarter valued at $28,000. LFA Lugano Financial Advisors SA bought a new position in shares of ServiceNow during the 4th quarter worth $32,000. FPC Investment Advisory Inc. increased its holdings in ServiceNow by 725.0% in the 4th quarter. FPC Investment Advisory Inc. now owns 33 shares of the information technology services provider's stock worth $34,000 after acquiring an additional 29 shares during the last quarter. Finally, Noble Wealth Management PBC bought a new stake in ServiceNow in the 4th quarter valued at about $34,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Up 1.8 %

NYSE:NOW traded up $17.72 on Wednesday, reaching $982.98. 1,729,532 shares of the stock traded hands, compared to its average volume of 1,512,662. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $203.48 billion, a price-to-earnings ratio of 143.92, a PEG ratio of 4.51 and a beta of 0.97. ServiceNow, Inc. has a 12 month low of $637.99 and a 12 month high of $1,198.09. The company's fifty day simple moving average is $840.96 and its 200 day simple moving average is $969.12.

ServiceNow (NYSE:NOW - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, beating the consensus estimate of $3.78 by $0.26. The company had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.09 billion. ServiceNow had a return on equity of 17.11% and a net margin of 12.97%. ServiceNow's revenue was up 18.6% compared to the same quarter last year. During the same period last year, the firm posted $3.41 earnings per share. Equities analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current fiscal year.

ServiceNow announced that its Board of Directors has initiated a share buyback program on Wednesday, January 29th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NOW. BMO Capital Markets cut their target price on shares of ServiceNow from $990.00 to $950.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $1,048.00 price objective on shares of ServiceNow in a report on Thursday, April 24th. Bank of America lowered their target price on shares of ServiceNow from $1,280.00 to $1,025.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Sanford C. Bernstein restated an "outperform" rating and set a $1,003.00 target price on shares of ServiceNow in a research report on Thursday, April 24th. Finally, Barclays set a $1,085.00 price target on ServiceNow in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,048.55.

Insiders Place Their Bets

In other news, Director Deborah Black sold 598 shares of the stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $940.23, for a total value of $562,257.54. Following the transaction, the director now owns 428 shares in the company, valued at $402,418.44. This represents a 58.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey A. Miller sold 2,282 shares of the business's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $1,030.64, for a total transaction of $2,351,920.48. Following the sale, the director now owns 40,638 shares of the company's stock, valued at $41,883,148.32. This trade represents a 5.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,692 shares of company stock valued at $18,173,444. Company insiders own 0.38% of the company's stock.

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.