BLI Banque de Luxembourg Investments Buys 76,920 Shares of ServiceNow, Inc. $NOW

Key Points

• BLI Banque de Luxembourg Investments boosted its ServiceNow stake by 400.9% in the fourth quarter, buying 76,920 additional shares and bringing its total holdings to 96,105 shares worth about $14.8 million.
• Institutional interest in ServiceNow remains strong, with 87.18% of the stock owned by institutions. Several other funds also increased holdings, including Norges Bank, which opened a new position worth about $2.02 billion.
• ServiceNow reported quarterly earnings and revenue that met or slightly beat expectations, but analysts have recently cut price targets; the stock currently carries a Moderate Buy consensus and an average target of $141.85.

BLI Banque de Luxembourg Investments grew its holdings in ServiceNow, Inc. (NYSE:NOW - Free Report) by 400.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 96,105 shares of the information technology services provider's stock after acquiring an additional 76,920 shares during the quarter. BLI Banque de Luxembourg Investments' holdings in ServiceNow were worth $14,821,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of ServiceNow in the fourth quarter valued at $2,020,992,000. Cohen Klingenstein LLC increased its stake in shares of ServiceNow by 400.0% in the fourth quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider's stock valued at $1,532,000 after buying an additional 8,000 shares in the last quarter. World Investment Advisors increased its stake in shares of ServiceNow by 411.7% in the fourth quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider's stock valued at $7,218,000 after buying an additional 38,583 shares in the last quarter. Moors & Cabot Inc. increased its stake in shares of ServiceNow by 387.7% in the fourth quarter. Moors & Cabot Inc. now owns 45,630 shares of the information technology services provider's stock valued at $6,990,000 after buying an additional 36,274 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in shares of ServiceNow by 385.9% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,599,397 shares of the information technology services provider's stock valued at $398,202,000 after buying an additional 2,064,440 shares in the last quarter. 87.18% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Jacqueline P. Canney sold 8,927 shares of ServiceNow stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $89.60, for a total transaction of $799,859.20. Following the transaction, the insider owned 29,531 shares in the company, valued at $2,645,977.60. The trade was a 23.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Anita M. Sands sold 16,445 shares of ServiceNow stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $90.14, for a total value of $1,482,352.30. Following the transaction, the director owned 30,090 shares in the company, valued at $2,712,312.60. This trade represents a 35.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 28,071 shares of company stock worth $2,529,956. Company insiders own 0.34% of the company's stock.

ServiceNow Price Performance

ServiceNow stock opened at $114.43 on Tuesday. The firm has a market capitalization of $117.98 billion, a P/E ratio of 68.20, a PEG ratio of 1.86 and a beta of 0.94. ServiceNow, Inc. has a 1 year low of $81.24 and a 1 year high of $211.48. The business has a 50-day moving average of $99.69 and a 200-day moving average of $121.36. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.13.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The information technology services provider reported $0.97 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.97. The company had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.75 billion. ServiceNow had a return on equity of 18.16% and a net margin of 12.59%.The company's revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.81 EPS. On average, equities analysts anticipate that ServiceNow, Inc. will post 2.35 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NOW. JPMorgan Chase & Co. lowered their target price on ServiceNow from $195.00 to $145.00 and set an "overweight" rating for the company in a research note on Thursday, April 23rd. BMO Capital Markets lowered their target price on ServiceNow from $120.00 to $115.00 and set an "outperform" rating for the company in a research note on Thursday, April 23rd. HSBC lowered their target price on ServiceNow from $226.00 to $171.00 and set a "buy" rating for the company in a research note on Thursday, April 16th. Deutsche Bank Aktiengesellschaft lowered their price objective on ServiceNow from $180.00 to $135.00 and set a "buy" rating for the company in a research report on Thursday, April 16th. Finally, Mizuho lowered their price objective on ServiceNow from $150.00 to $140.00 and set an "outperform" rating for the company in a research report on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, ServiceNow currently has a consensus rating of "Moderate Buy" and an average price target of $141.85.

ServiceNow 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.

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