KADENSA CAPITAL Ltd Makes New Investment in ServiceNow, Inc. $NOW

Key Points

• KADENSA CAPITAL Ltd has acquired a new stake in ServiceNow, Inc., purchasing 19,070 shares valued at approximately $15.18 million, which represents about 1.9% of its holdings.
• ServiceNow reported impressive earnings of $4.09 per share for the recent quarter, surpassing analysts' expectations, while its revenue increased by 22.4% year-over-year to $3.22 billion.
• The stock has shown a wide trading range over the past year with a low of $678.66 and a high of $1,198.09, currently priced at $898.50.

KADENSA CAPITAL Ltd purchased a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 19,070 shares of the information technology services provider's stock, valued at approximately $15,182,000. ServiceNow makes up 1.9% of KADENSA CAPITAL Ltd's portfolio, making the stock its 25th biggest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bogart Wealth LLC grew its holdings in ServiceNow by 113.3% in the 1st quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock valued at $25,000 after buying an additional 17 shares in the last quarter. Graybill Wealth Management LTD. acquired a new position in shares of ServiceNow during the first quarter worth about $26,000. Heck Capital Advisors LLC acquired a new stake in ServiceNow during the fourth quarter valued at approximately $37,000. 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 buying an additional 31 shares in the last quarter. Finally, Dagco Inc. acquired a new position in ServiceNow during the first quarter valued at $33,000. 87.18% of the stock is currently owned by hedge funds and other institutional investors.

ServiceNow Price Performance

Shares of NOW stock traded up $26.25 on Monday, reaching $940.05. The company's stock had a trading volume of 1,613,497 shares, compared to its average volume of 1,709,234. The stock's 50 day simple moving average is $936.79 and its 200-day simple moving average is $922.19. ServiceNow, Inc. has a 12-month low of $678.66 and a 12-month high of $1,198.09. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $195.53 billion, a P/E ratio of 118.39, a PEG ratio of 4.12 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (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 company had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same period last year, the firm earned $3.13 earnings per share. ServiceNow's quarterly revenue was up 22.4% on a year-over-year basis. As a group, equities analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Paul Fipps sold 1,452 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $895.05, for a total transaction of $1,299,612.60. Following the completion of the sale, the insider owned 457 shares of the company's stock, valued at $409,037.85. This represents a 76.06% 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, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the firm's 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 transaction, the insider directly owned 3,000 shares of the company's stock, valued at approximately $2,599,350. This trade represents a 36.43% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,976 shares of company stock worth $17,049,775. 0.38% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. 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 research report on Thursday, July 24th. Guggenheim restated a "sell" rating and set a $724.00 price target on shares of ServiceNow in a research note on Thursday, July 17th. Erste Group Bank reissued a "hold" rating on shares of ServiceNow in a report on Wednesday, July 23rd. UBS Group cut their price objective on ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating for the company in a research report on Thursday, July 24th. Finally, Jefferies Financial Group lifted their price objective on ServiceNow from $1,025.00 to $1,150.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $1,115.20.

About ServiceNow

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.