Itau Unibanco Holding S.A. Raises Holdings in ServiceNow, Inc. $NOW

Key Points

• Itau Unibanco Holding S.A. has boosted its stake in ServiceNow, Inc. by 22.3%, owning a total of 20,739 shares worth approximately $16.5 million as of its latest SEC filing.
• ServiceNow's stock has risen by 2.8% and is currently priced at $888.82, with a market cap of $184.87 billion and an anticipated earnings per share of 8.93 for the current fiscal year.
• Several analysts have raised their price targets for ServiceNow, including Wells Fargo, which set a new target of $1,225, reflecting strong confidence in the company's growth potential.

Itau Unibanco Holding S.A. increased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 22.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,739 shares of the information technology services provider's stock after acquiring an additional 3,775 shares during the quarter. ServiceNow makes up 0.6% of Itau Unibanco Holding S.A.'s investment portfolio, making the stock its 29th largest position. Itau Unibanco Holding S.A.'s holdings in ServiceNow were worth $16,511,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of NOW. Bogart Wealth LLC grew its holdings in shares of ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. bought a new stake in ServiceNow during the 1st quarter valued at $26,000. Quarry LP purchased a new stake in ServiceNow during the 4th quarter valued at $27,000. WASHINGTON TRUST Co grew its holdings in ServiceNow by 620.0% in the 1st quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after acquiring an additional 31 shares during the last quarter. Finally, Dagco Inc. purchased a new position in shares of ServiceNow in the first quarter valued at about $33,000. 87.18% of the stock is owned by hedge funds and other institutional investors.

ServiceNow Stock Up 2.8%

Shares of ServiceNow stock opened at $888.82 on Thursday. 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 $184.87 billion, a price-to-earnings ratio of 111.94, a PEG ratio of 3.90 and a beta of 0.93. The company has a 50-day moving average of $947.94 and a 200 day moving average of $926.80. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

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, topping analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the prior year, the company earned $3.13 earnings per share. The business's revenue was up 22.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NOW. Wells Fargo & Company increased their target price on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Royal Bank Of Canada increased their target price on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Piper Sandler increased their target price on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Stifel Nicolaus increased their target price on shares of ServiceNow from $975.00 to $1,050.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Finally, Needham & Company LLC increased their target price on shares of ServiceNow from $1,050.00 to $1,200.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, ServiceNow presently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

Insider Activity at ServiceNow

In other ServiceNow news, CEO William R. Mcdermott sold 2,050 shares of ServiceNow stock in a transaction on Friday, May 30th. The stock was sold at an average price of $1,012.01, for a total transaction of $2,074,620.50. Following the completion of the transaction, the chief executive officer owned 6,614 shares in the company, valued at approximately $6,693,434.14. The trade was a 23.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jacqueline P. Canney sold 1,562 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,353,394.90. Following the transaction, the insider owned 3,027 shares of the company's stock, valued at $2,622,744.15. The trade was a 34.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,668 shares of company stock worth $14,373,737 over the last quarter. 0.38% of the stock is currently owned by company insiders.

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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