Geo Capital Gestora de Recursos Ltd Acquires 1,510 Shares of ServiceNow, Inc. $NOW

Key Points

• Geo Capital Gestora de Recursos Ltd dramatically increased its stake in ServiceNow, Inc. by 6,863.6%, acquiring an additional 1,510 shares during the first quarter, now holding a total of 1,532 shares worth $1,220,000.
• Analyst ratings for ServiceNow are bullish, with firms like Cantor Fitzgerald and Bank of America setting price targets as high as $1,200.00, contributing to a current average price target of $1,115.20.
• In recent insider trading news, Vice Chairman Nicholas Tzitzon sold 1,719 shares and Jacqueline P. Canney sold 1,562 shares of ServiceNow stock, marking significant decreases in their ownership positions.

Geo Capital Gestora de Recursos Ltd increased its position in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 6,863.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,532 shares of the information technology services provider's stock after buying an additional 1,510 shares during the quarter. ServiceNow comprises about 1.7% of Geo Capital Gestora de Recursos Ltd's portfolio, making the stock its 22nd biggest position. Geo Capital Gestora de Recursos Ltd's holdings in ServiceNow were worth $1,220,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in ServiceNow by 1.5% during the 4th quarter. Janus Henderson Group PLC now owns 824,725 shares of the information technology services provider's stock worth $874,258,000 after buying an additional 12,533 shares during the period. Parr Mcknight Wealth Management Group LLC acquired a new position in ServiceNow during the 1st quarter worth approximately $1,820,000. Corient IA LLC acquired a new position in ServiceNow during the 1st quarter worth approximately $796,000. ASR Vermogensbeheer N.V. acquired a new position in ServiceNow during the 1st quarter worth approximately $19,278,000. Finally, Nicholas Investment Partners LP raised its stake in ServiceNow by 223.5% during the 4th quarter. Nicholas Investment Partners LP now owns 2,805 shares of the information technology services provider's stock worth $2,974,000 after buying an additional 1,938 shares during the period. 87.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on NOW. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $1,200.00 price target on shares of ServiceNow in a research note on Thursday, July 24th. Scotiabank set a $1,100.00 price objective on ServiceNow and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. Bank of America increased their price objective on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Truist Financial raised ServiceNow from a "hold" rating to a "buy" rating and increased their price objective for the stock from $950.00 to $1,200.00 in a research note on Thursday, May 1st. Finally, Wall Street Zen raised ServiceNow from a "hold" rating to a "buy" rating in a research note on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

Insider Activity

In other ServiceNow news, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,489,427.55. Following the sale, the insider owned 3,000 shares in the company, valued at $2,599,350. This represents a 36.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jacqueline P. Canney sold 1,562 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $866.45, for a total value of $1,353,394.90. Following the sale, the insider owned 3,027 shares in the company, valued at approximately $2,622,744.15. This represents a 34.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,361 shares of company stock valued at $10,579,976. 0.38% of the stock is currently owned by corporate insiders.

ServiceNow Price Performance

Shares of NYSE NOW opened at $887.4020 on Wednesday. The stock has a fifty day simple moving average of $961.85 and a two-hundred day simple moving average of $931.84. ServiceNow, Inc. has a 1-year low of $678.66 and a 1-year high of $1,198.09. The firm has a market cap of $184.58 billion, a price-to-earnings ratio of 111.76, a price-to-earnings-growth ratio of 4.02 and a beta of 0.93. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

ServiceNow (NYSE:NOW - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the company earned $3.13 earnings per share. ServiceNow's revenue was up 22.4% compared to the same quarter last year. Analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

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.

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