Kapitalo Investimentos Ltda Buys Shares of 4,350 ServiceNow, Inc. (NYSE:NOW)

Key Points

• Kapitalo Investimentos Ltda acquired 4,350 shares of ServiceNow, valued at approximately $3.46 million, making it the firm's 28th largest position.
• Recent analyst ratings for ServiceNow show a range of sentiment, with one firm downgrading the stock and several upgrading their price targets, indicating a consensus of "Moderate Buy".
• ServiceNow reported strong earnings results, beating expectations with revenues of $3.22 billion and earnings per share of $4.09, representing a 22.4% year-over-year growth.

Kapitalo Investimentos Ltda bought a new stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,350 shares of the information technology services provider's stock, valued at approximately $3,463,000. ServiceNow comprises approximately 0.7% of Kapitalo Investimentos Ltda's holdings, making the stock its 28th largest position.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Edgemoor Investment Advisors Inc. increased its holdings in ServiceNow by 2.5% during the first quarter. Edgemoor Investment Advisors Inc. now owns 459 shares of the information technology services provider's stock valued at $366,000 after buying an additional 11 shares during the last quarter. Integrated Investment Consultants LLC increased its holdings in ServiceNow by 2.5% during the first quarter. Integrated Investment Consultants LLC now owns 450 shares of the information technology services provider's stock valued at $358,000 after buying an additional 11 shares during the last quarter. Capital Investment Advisory Services LLC increased its holdings in ServiceNow by 2.1% during the first quarter. Capital Investment Advisory Services LLC now owns 577 shares of the information technology services provider's stock valued at $459,000 after buying an additional 12 shares during the last quarter. Kesler Norman & Wride LLC increased its holdings in ServiceNow by 1.2% during the fourth quarter. Kesler Norman & Wride LLC now owns 1,092 shares of the information technology services provider's stock valued at $1,157,000 after buying an additional 13 shares during the last quarter. Finally, Sepio Capital LP increased its holdings in ServiceNow by 3.8% during the fourth quarter. Sepio Capital LP now owns 359 shares of the information technology services provider's stock valued at $381,000 after buying an additional 13 shares during the last quarter. 87.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NOW. Wall Street Zen lowered shares of ServiceNow from a "buy" rating to a "hold" rating in a research report on Monday, July 21st. Truist Financial upgraded shares of ServiceNow from a "hold" rating to a "buy" rating and upped their price target for the stock from $950.00 to $1,200.00 in a research report on Thursday, May 1st. Evercore ISI upped their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Piper Sandler upped their price target 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. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $1,200.00 price target on shares of ServiceNow in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $1,114.87.

Insiders Place Their Bets

In other news, CEO William R. Mcdermott sold 2,050 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $1,012.01, for a total value of $2,074,620.50. Following the sale, the chief executive officer owned 6,614 shares of the company's stock, valued at approximately $6,693,434.14. This represents a 23.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anita M. Sands sold 239 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $1,050.00, for a total transaction of $250,950.00. Following the completion of the sale, the director directly owned 10,404 shares in the company, valued at approximately $10,924,200. This represents a 2.25% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,003 shares of company stock valued at $6,015,106. 0.38% of the stock is currently owned by company insiders.

ServiceNow Trading Down 2.8%

Shares of NOW opened at $968.05 on Friday. ServiceNow, Inc. has a twelve month low of $678.66 and a twelve month high of $1,198.09. The company has a market cap of $200.37 billion, a P/E ratio of 121.92, a P/E/G ratio of 4.43 and a beta of 0.94. The company has a current ratio of 1.09, a quick ratio of 1.12 and a debt-to-equity ratio of 0.14. The company's fifty day simple moving average is $1,000.33 and its 200-day simple moving average is $952.52.

ServiceNow (NYSE:NOW - Get Free Report) last announced its earnings results 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 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 the consensus estimate of $3.12 billion. During the same quarter in the prior year, the firm posted $3.13 earnings per share. The business's revenue for the quarter was up 22.4% on a year-over-year basis. As a group, analysts expect that ServiceNow, Inc. will post 8.93 EPS for the current year.

ServiceNow 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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