Privium Fund Management UK Ltd Makes New $5.55 Million Investment in ServiceNow, Inc. $NOW

Key Points

• Privium Fund Management UK Ltd. bought 55,500 ServiceNow shares worth approximately $5.55 million in the second quarter, making NOW about 2.3% of its portfolio and its 12th-largest holding.
• ServiceNow reported stronger-than-expected quarterly results, with $0.90 in earnings per share and $3.99 billion in revenue. Revenue increased 24% year over year.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $143.76, despite some target reductions and one “underweight” rating.

Privium Fund Management UK Ltd purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 55,500 shares of the information technology services provider's stock, valued at approximately $5,548,000. ServiceNow accounts for approximately 2.3% of Privium Fund Management UK Ltd's portfolio, making the stock its 12th largest holding.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in ServiceNow by 1.1% in the 4th quarter. Brighton Jones LLC now owns 2,753 shares of the information technology services provider's stock worth $2,919,000 after buying an additional 30 shares during the period. Sivia Capital Partners LLC boosted its holdings in ServiceNow by 4.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 837 shares of the information technology services provider's stock valued at $861,000 after purchasing an additional 34 shares during the period. United Bank grew its position in ServiceNow by 15.5% in the 2nd quarter. United Bank now owns 1,519 shares of the information technology services provider's stock worth $1,562,000 after purchasing an additional 204 shares during the last quarter. Riggs Asset Managment Co. Inc. raised its position in shares of ServiceNow by 2.2% during the second quarter. Riggs Asset Managment Co. Inc. now owns 1,922 shares of the information technology services provider's stock valued at $1,976,000 after buying an additional 42 shares during the last quarter. Finally, Nebula Research & Development LLC lifted its stake in shares of ServiceNow by 205.1% in the second quarter. Nebula Research & Development LLC now owns 906 shares of the information technology services provider's stock valued at $931,000 after buying an additional 609 shares during the period. Institutional investors own 87.18% of the company's stock.

ServiceNow Price Performance

ServiceNow stock opened at $124.08 on Monday. The business has a 50 day simple moving average of $107.08 and a 200 day simple moving average of $105.59. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $128.29 billion, a PE ratio of 77.55, a price-to-earnings-growth ratio of 2.18 and a beta of 0.94. ServiceNow, Inc. has a one year low of $81.24 and a one year high of $194.73.

ServiceNow (NYSE:NOW - Get Free Report) last announced 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. ServiceNow had a return on equity of 16.45% and a net margin of 11.34%.The firm had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $3.93 billion. During the same period in the prior year, the business posted $0.81 earnings per share. The business's revenue was up 24.0% compared to the same quarter last year. On average, sell-side analysts forecast that ServiceNow, Inc. will post 2.24 EPS for the current fiscal year.

Analysts Set New Price Targets

NOW has been the topic of several research reports. Citic Securities lowered their price target on ServiceNow from $168.00 to $140.00 and set a "buy" rating on the stock in a research note on Thursday, May 21st. Canaccord Genuity Group reduced their target price on ServiceNow from $200.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, April 23rd. Royal Bank Of Canada reiterated an "outperform" rating and set a $130.00 price target on shares of ServiceNow in a research note on Thursday, July 23rd. Morgan Stanley set a $180.00 price target on shares of ServiceNow in a report on Tuesday, July 21st. Finally, KeyCorp restated an "underweight" rating on shares of ServiceNow in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $143.76.

About ServiceNow

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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