Mmbg Investment Advisors CO. Grows Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Mmbg Investment Advisors increased its ServiceNow stake by 885.3% in the fourth quarter, ending with 24,475 shares worth about $3.75 million.
• Institutional interest in ServiceNow remains strong, with 87.18% of the stock owned by hedge funds and other institutions; several other firms also sharply increased their holdings.
• ServiceNow reported quarterly earnings of $0.97 per share, matching estimates, while revenue rose 22.1% year over year to $3.77 billion. Analysts currently rate the stock a Moderate Buy with a consensus target price of $141.85.

Mmbg Investment Advisors CO. boosted its position in ServiceNow, Inc. (NYSE:NOW - Free Report) by 885.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 24,475 shares of the information technology services provider's stock after acquiring an additional 21,991 shares during the period. Mmbg Investment Advisors CO.'s holdings in ServiceNow were worth $3,749,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cohen Klingenstein LLC increased its position in shares of ServiceNow by 400.0% in the 4th quarter. Cohen Klingenstein LLC now owns 10,000 shares of the information technology services provider's stock worth $1,532,000 after purchasing an additional 8,000 shares during the last quarter. World Investment Advisors increased its position in shares of ServiceNow by 411.7% in the 4th quarter. World Investment Advisors now owns 47,955 shares of the information technology services provider's stock worth $7,218,000 after purchasing an additional 38,583 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of ServiceNow by 385.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,599,397 shares of the information technology services provider's stock worth $398,202,000 after purchasing an additional 2,064,440 shares during the last quarter. Torray Investment Partners LLC increased its position in shares of ServiceNow by 390.5% in the 4th quarter. Torray Investment Partners LLC now owns 40,629 shares of the information technology services provider's stock worth $6,224,000 after purchasing an additional 32,345 shares during the last quarter. Finally, Jennison Associates LLC increased its position in shares of ServiceNow by 280.1% in the 4th quarter. Jennison Associates LLC now owns 8,432,389 shares of the information technology services provider's stock worth $1,291,758,000 after purchasing an additional 6,213,762 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Down 0.0%

NOW stock opened at $102.13 on Tuesday. ServiceNow, Inc. has a 12 month low of $81.24 and a 12 month high of $211.48. The firm has a market cap of $105.29 billion, a PE ratio of 60.86, a P/E/G ratio of 1.85 and a beta of 0.82. The firm has a 50 day simple moving average of $98.53 and a 200 day simple moving average of $125.20. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.84 and a quick ratio of 0.84.

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on NOW shares. Morgan Stanley lowered their price objective on shares of ServiceNow from $210.00 to $180.00 and set an "overweight" rating for the company in a research report on Thursday, April 23rd. Mizuho lowered their price objective on shares of ServiceNow from $150.00 to $140.00 and set an "outperform" rating for the company in a research report on Thursday, April 23rd. BNP Paribas Exane raised shares of ServiceNow from a "neutral" rating to an "outperform" rating and set a $140.00 price objective for the company in a research report on Monday, March 16th. Citigroup boosted their price objective on shares of ServiceNow from $154.00 to $158.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Finally, BMO Capital Markets lowered their price objective on shares of ServiceNow from $120.00 to $115.00 and set an "outperform" rating for the company in a research report on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $141.85.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 8,927 shares of the company's stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $89.60, for a total value of $799,859.20. Following the transaction, the insider owned 29,531 shares in the company, valued at approximately $2,645,977.60. This represents a 23.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Fipps sold 1,048 shares of the company's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $98.51, for a total transaction of $103,238.48. Following the completion of the transaction, the insider owned 12,072 shares in the company, valued at approximately $1,189,212.72. This represents a 7.99% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 28,071 shares of company stock worth $2,529,956 in the last 90 days. 0.34% of the stock is owned by corporate insiders.

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.

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