LGT Group Foundation Decreases Stake in ServiceNow, Inc. (NYSE:NOW)

Key Points

• LGT Group Foundation reduced its stake in ServiceNow, Inc. by 47.6% in the first quarter, selling 28,835 shares and now holding 31,757 shares valued at approximately $25.3 million.
• Several large investors have increased their stakes in ServiceNow, with Russell Investments Group Ltd. raising its holdings by 15.9% and other firms also showing significant increases.
• ServiceNow reported a 22.4% year-over-year revenue growth of $3.22 billion and earnings of $4.09 per share, surpassing the consensus estimate by $0.52.

LGT Group Foundation lowered its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 47.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 31,757 shares of the information technology services provider's stock after selling 28,835 shares during the quarter. LGT Group Foundation's holdings in ServiceNow were worth $25,283,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its holdings in ServiceNow by 15.9% in the 1st quarter. Russell Investments Group Ltd. now owns 369,977 shares of the information technology services provider's stock worth $294,624,000 after acquiring an additional 50,821 shares during the last quarter. Prudential PLC increased its holdings in ServiceNow by 16.7% in the 1st quarter. Prudential PLC now owns 40,657 shares of the information technology services provider's stock worth $32,369,000 after acquiring an additional 5,815 shares during the last quarter. Resona Asset Management Co. Ltd. increased its holdings in ServiceNow by 17.6% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 125,317 shares of the information technology services provider's stock worth $99,816,000 after acquiring an additional 18,736 shares during the last quarter. Rathbones Group PLC boosted its stake in ServiceNow by 6.3% in the 1st quarter. Rathbones Group PLC now owns 142,600 shares of the information technology services provider's stock worth $113,530,000 after purchasing an additional 8,471 shares during the period. Finally, Westpac Banking Corp boosted its stake in ServiceNow by 55.5% in the 1st quarter. Westpac Banking Corp now owns 3,629 shares of the information technology services provider's stock worth $2,889,000 after purchasing an additional 1,295 shares during the period. Hedge funds and other institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

NOW opened at $855.95 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. ServiceNow, Inc. has a 52-week low of $678.66 and a 52-week high of $1,198.09. The stock has a market capitalization of $178.04 billion, a PE ratio of 107.80, a price-to-earnings-growth ratio of 3.93 and a beta of 0.93. The stock's 50 day moving average price is $979.82 and its 200-day moving average price is $940.29.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, topping the consensus estimate of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the previous year, the company posted $3.13 earnings per share. The company's revenue for the quarter was up 22.4% compared to the same quarter last year. On average, equities research analysts predict that ServiceNow, Inc. will post 8.93 EPS for the current year.

Analyst Ratings Changes

Several research analysts have commented on the company. Sanford C. Bernstein restated an "outperform" rating and issued a $1,003.00 target price on shares of ServiceNow in a research note on Thursday, April 24th. Morgan Stanley reiterated an "equal weight" rating on shares of ServiceNow in a research report on Tuesday, July 8th. Guggenheim reiterated a "sell" rating and set a $724.00 price target on shares of ServiceNow in a research report on Thursday, July 17th. FBN Securities upgraded ServiceNow to a "strong-buy" rating in a research report on Wednesday, June 11th. Finally, Piper Sandler lifted their price target on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity

In related news, CFO Gina Mastantuono sold 292 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $878.39, for a total transaction of $256,489.88. Following the completion of the sale, the chief financial officer owned 11,551 shares in the company, valued at approximately $10,146,282.89. This represents a 2.47% 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, Vice Chairman Nicholas Tzitzon sold 1,171 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $1,194,420.00. Following the sale, the insider owned 3,000 shares of the company's stock, valued at approximately $3,060,000. This trade represents a 28.07% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,587 shares of company stock valued at $5,584,027. Corporate insiders own 0.38% 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.

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