Kapitalo Investimentos Ltda Trims Position in ServiceNow, Inc. $NOW

Key Points

• Kapitalo Investimentos Ltda reduced its holdings in ServiceNow, Inc. by 59.8% during the second quarter, selling 2,600 shares and retaining 1,750 shares valued at around $1.8 million.
• Additionally, various institutional investors increased their positions in ServiceNow, with 87.18% of the stock owned by hedge funds and institutional investors.
• ServiceNow reported strong earnings on July 23rd, with an EPS of $4.09, surpassing estimates, and a revenue increase of 22.4% year-over-year, totaling $3.22 billion.

Kapitalo Investimentos Ltda lessened its stake in ServiceNow, Inc. (NYSE:NOW - Free Report) by 59.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,750 shares of the information technology services provider's stock after selling 2,600 shares during the period. Kapitalo Investimentos Ltda's holdings in ServiceNow were worth $1,799,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. GAMMA Investing LLC increased its position in shares of ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Nuveen LLC acquired a new stake in ServiceNow during the 1st quarter worth approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in ServiceNow by 1,586.5% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock worth $742,965,000 after purchasing an additional 877,875 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of ServiceNow by 131.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after purchasing an additional 840,731 shares during the period. Finally, Parnassus Investments LLC purchased a new stake in shares of ServiceNow during the first quarter valued at $519,806,000. 87.18% of the stock is currently owned by institutional investors.

ServiceNow Trading Down 1.3%

NOW traded down $12.66 on Monday, hitting $948.49. The company had a trading volume of 1,207,801 shares, compared to its average volume of 1,502,164. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market cap of $197.29 billion, a P/E ratio of 119.46, a PEG ratio of 4.33 and a beta of 0.91. The company's fifty day moving average price is $922.33 and its 200 day moving average price is $924.52. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09.

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on NOW shares. DA Davidson increased their price objective on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Bank of America raised their price target on ServiceNow from $1,110.00 to $1,200.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Wells Fargo & Company boosted their price target on shares of ServiceNow from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Guggenheim reaffirmed a "sell" rating and issued a $724.00 price objective on shares of ServiceNow in a research report on Thursday, July 17th. Finally, Raymond James Financial boosted their price objective on ServiceNow from $1,000.00 to $1,100.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Activity

In related news, insider Paul Fipps sold 1,452 shares of the firm's stock in a transaction 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 sale, the insider directly owned 457 shares in the company, valued at $409,037.85. This trade represents a 76.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Nicholas Tzitzon sold 1,719 shares of the stock in a transaction that occurred 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 owned 3,000 shares in the company, valued at approximately $2,599,350. The trade was a 36.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,976 shares of company stock worth $17,049,775. Corporate insiders own 0.38% of the company's stock.

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.